Friday, October 18, 2013

The Perpetual Litigation Machine, Part II



That would be BankAtlantic and its Chairman Alan Levan, who is not afraid to take things all the way.

Put it this way:  forget bringing a gun to a knife fight, Alan does that one better -- he brings Gene Stearns!

Here BankAtlantic loses one in its battle with the SEC, with Judge Scola denying defense summary judgment motions and granting partial summary judgment to the SEC:
Defendants move for summary judgment on all of the SEC’s claims.  The SEC moves for partial summary judgment on (1) the falsity of certain statements made by Levan during an earnings conference call in July 2007 and (2) Defendants’ first affirmative defense that they relied on the professional advice of their accountants. The SEC’s allegations arose principally from the wide gulf between the Defendants’ internal assessments of the status of certain loans—a “PILE of ticking time bombs”; “explosive piles of crap”; and “the music has stopped”—and its public disclosures, which significantly downplayed these concerns—“we’re not really seeing any difference in those characteristics as we’ve seen over the last 10 or 15 years”; “the portfolio . . . continues to perform extremely well.” For the reasons set forth below, the Court DENIES each Defendants’ summary-judgment motion (DE 82; DE 88) and GRANTS both of the SEC’s motions for partial summary judgment. . . .
11th Circuit here we come!

6 comments:

  1. Explosive Piles of Crap!!! Oh my God - please, somebody remove all of the e-mail machines from Bank Atlantic and replace them with cups tied together with paper strings. The real question is why is nobody going to jail

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  2. Happy Friday, SFL. :)

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  3. Amazing machine in that video.

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  4. Needless to say, machines can be very dangerous.

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  5. Most everyone reading this blog is probably too young to remember, but Gene Stearns told The Wall Street Journal back around 1982 that he had never lost a motion. People would stop him on Flagler Street and say, "But Gene, you lost a motion to me last week."

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  6. Genes a loud mouth

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