Day: August 18, 2009

Rigsby sisters add to qui tam legal team – hmmm…

Applications to appear as counsel pro hac vice are a dime a dozen in Katrina litigation.  Even then, “lawyering up” is something I usually see from a party on the downside of an issue – and clearly the Rigsby sisters were on the up side after Judge Senter ruled in their favor.

Scot GilbertThe addition of Scott Gilbert could be nothing more than the chairman and co-founder of Gilbert Oshinsky making his association official.

Based in Washington, DC, with offices in Los Angeles and Austin, Gilbert Oshinsky LLP is a law firm representing a wide range of clients, including corporations, partnerships, non-profit organizations and individuals in complex disputes, including  high-stakes litigation, bankruptcy matters, class actions and ADRs.  Best known for representing policyholder interests in insurance coverage matters, Gilbert Oshinsky LLP also has an active public interest practice that specializes in complex multi-plaintiff actions involving cutting-edge issues.

Then, again, a look at his biography suggests the addition of Scott Gilbert sends a message.

An internationally recognized innovator in the field of strategic ADR, Scott has crafted creative and workable solutions to some of the most complex legal challenges in mass torts.

Over the course of his career, Scott has helped elevate the prominence of ADR in legal and public venues as a valuable strategic option in negotiating and settling contentious multiparty disputes.

The message, however, could simply be he’s ready for the challenge of working in a place where strategic ADR means meet me out back and anything other than whup a$$ is sissy stuff like the MID mediation that shielded so much of the fraudulent billing of wind damage to the NFIP.

We’ll know for certain, I suppose, if he rides in on a Harley.

Why Mose Jefferson will be convicted

Beyond the evidence presented in the case there is no greater reason than his lawyer with whom I am personally familar. He enjoys a reputation on par with his equally puffed up ego. Puffery does not equate to results however.

Nonetheless we are amused Ms. Brooks-Simms evidently secured other services from ol Mose beyond the public corruption variety he is better known for.

sop

Another rea$on corporate governance is important. Not every company has greedy pigs at the helm

Mr. Bailey then added, “When I agreed to accept the position of CEO of EDCI on July 1(st), 2009, I knew there were many challenges that lie ahead. The continued minimization of cash burn at the EDCI level continues to be a top priority and many difficult decisions have been made to facilitate this initiative, including cutting overall EDCI corporate salaries by an average 19% as of July 1, 2009. As part of this initiative, I voluntarily reduced my salary by 33% and Matthew K. Behrent, EDCI’s VP of Corporate Development and Legal Counsel, agreed to reduce his salary by a like percentage. In regards to the EDC business, we continue to pursue negotiations with the unions representing our Hannover, Germany workforce with the goal of securing wage concessions in order to right-size our overall cost structure.”

Mr Bailey earlier cancelled his entire option gun in response to deteriorating business conditions.  You don’t take half your bonus when your employees are being laid off, rather you take NO BONUS.  It is called LEADERSHIP. It is a core concept in the world of small business. It exists in the world of publicly traded stocks. The trick is finding them.

Point of disclosure: I am long this company. My posting to Greenbackd on EDCIs breakup value is not a recommendation for others to take a position in this company’s stock. Investing in individual issues is a risky endeavor.

[youtube=http://www.youtube.com/watch?v=jwRxZZJG3dU]

sop

Juriscribe checks in with a great post on executive pay. Lesson of the financial crisis #1: Why good corporate governance matters to everyone.

FORGET HEALTH CARE, IF THE CRAZIES WANNA LOCK AND LOAD LET ‘EM TAKE A BEAD ON CORPORATE EXECUTIVE PAY

Ever wonder why you just paid $2.75 a gallon at the discount Kroger pump? Oil went from $145.00 a barrel in July 2008, down to $34.00 in December. And, when the recession hit, domestic consumption went way, way down. So . . . how does this supply and demand thing work anyway . . . shouldn’t the price be really cheap right now?

Well, here’s a possible answer that the feds are saying they’re gonna look into. There are these super rich corporations, investment bankers and hedge funds that manipulate the commodities markets, and make money from us by keeping the prices of things we gotta have, like gasoline, artificially high. In other words, they flip the supply and demand rule upside down, and hijack the market. A Los Angeles Times Business column Money and Company reported about 30 days ago that a report was coming out soon that will show oil traders, aka “speculators” are to blame for the oil prices’ spike ups in 2008.  Imagine the profits – let’s say you and buy all the oil contracts we can get our hands on at $50.00 p/b and by the time we sell, we’ve spiked the market to $145.00.

So who are these traders or “speculators?” If you ever saw the documentary film “Enron: the Smartest Guys in the Room” you’d know. Watch this You Tube clip, or if you’re really intrigued, watch the whole film some time. (Personally, I think it ought to be part of the core curriculum in every high school). There’s a scene in the You Tube clip where some Enron energy traders are laughing about manipulating California’s electricity grids to jack prices up. If you wanna cut straight to the chase, start watching at about the 2 minute mark.

[youtube=http://www.youtube.com/watch?v=dvLZBv8HsO4]

Right now there’s a lot of grousing by corporate execs over this Citigroup oil trader, and his bonus pay for the fine work he did for Citigroup in 2008-2009.  The execs claim the government is unlawfully tampering with his pay package, and illegally taking away his “earnings.”   This Continue reading “Juriscribe checks in with a great post on executive pay. Lesson of the financial crisis #1: Why good corporate governance matters to everyone.”