DC

DC

Thursday, May 8, 2014

Who Wants to Settle?




Having still yet to recover from a couple of long flights over the weekend, and walking in the door at nearly 3:00 am Sunday night (Monday morning), it was back out on the "road" yesterday morning.  I awoke at 4:30 am to catch an early flight down to Miami for a settlement conference.  Of course, the flight was delayed 2+ hours, which meant I did not land until 12:30, and had to rush to make the 1:30 meeting downtown.  Who needs lunch, right?

We're trying to settle a case "pre-litigation."  In short, our client is a big public company.  They were sued years ago in a series of putative class action securities fraud and ERISA claims.  To date, they've incurred excess of $15 million in attorneys' fees defending against these underlying claims.  Our client purchased D&O insurance, as well as Fiduciary Liability Insurance, to cover this very scenario (i.e., pay the company's defense costs and potential settlements/judgments for these types of lawsuits).  But, of course, while insurers are quick to collect premiums, they rarely pay claims.  And that's where we come in ... 

So, after literally years of letter writing, conference calls and the like, we all finally sat down in  room together to see if we could resolve our difference without going to court.  We had the assistant general counsel of our client present, along with our client's lead underlying securities lawyer.  The bad guys had its (three) lawyers and corporate representative, who had flown in from London.  We all sat across the table from each other and spent several hours explaining why the other guy was full of shit.  Then, when it reached the point where tempers overcame the ability to reason, we spat out some numbers to see whether we were in a ballpark where a deal might get done.  Nothing was reached yesterday; but I'm hopefully we'll resolve this in the next few weeks.  I love our case; and I love suing insurers.  I'm not afraid to litigate this one.  But if you can reach a good settlement, and eliminate litigation risk, why not?  Also, as this is a full contingency case, a quick result with a good number would be sweet.

Anyhow, before we left, I got to stare out the conference room window for a brief moment . . . wishing I was in board shorts on South Beach (in the background), rather than in a suit on the 42nd floor of a high-rise . . .



The meeting broke about 6:00, and I made it to my 7:30 flight just as the gate was closing.  In fact, the dude at the gate was paging me ("Last call for Pete P. Peters . . . .") as I scrambled through the airport.  Who needs dinner . . . I rolled in the front door around 11:00 and went right to sleep.

And now I'm ready for some degeneracy.  I briefly thought about flying to Vegas tomorrow night.  But the connections on the remaining available flights were all very tight, and I didn't feel like stressing over it.  So, instead, I'm heading down to the Jersey Shore tomorrow afternoon for 3-days of monkey mashing at Harrah's.  I may even get in a little poker this trip.  I'm still looking to play the Saturday night tournament at the new poker room at Bally's. . . . Maybe this will be the week. 

-P3

17 comments:

  1. sounds like first world 1% problems. LOL. what no time for some kick azz cuban or seafood . oh the humanity.killer view. if i had to guess .i would say yr meeting was at the marriott building. man,i should work 4 the CIA or FBI. have fun it jersey MASH DEM GOOD MACHINES

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    1. Did you say hi to Michael Weston???

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    2. in the famous words of JACK BAUER "THERE WAS NO TIME"

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    3. No. But I had drinks with Fiona

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  2. NFL draft tonite. so depressing. what 1st round BUST will my raiduhs pick? glad i only drank and partake in the herb or i would b in trouble.

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    1. Jets are in a pretty shitty spot, given their needs (wideout/corner). At 18th, seems like the class of those spots will be off the board. At least Evans and Watkins

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    2. very true,counselor. i wish my boys would trade down. i want quantity like the CONEHEADS. mass quantity.the talking heads have them taking evans thou.BUST.IF AL was alive ,i am sure we would b drafting johnny FOOOOOSBALL.i guess that is 1 thing to b thankful 4. lol

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  3. What is this NFL Draft that you speak of???

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    1. LOL.what r u going to do too much stimulus,coach?yr remote better have fresh batteries

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  4. also,the rumor is that WAFFLE'S attorney is HOT. so P3 look into that. i am thinking like the movie LEGAL EAGLE.P3 can b robert redford and WAFFLE'S attorney can b darryl hannah. it must b summer love is in the air

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    1. he writes the blog "ramblings of a mad man". it is on Rob's(FUCK LA)Vegas and poker blog.i just started reading it

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    2. In know. I was just being . . . "obtuse" as they say . . .

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    3. who is the THEY that use the word "obtuse". LOL. i dont think i have EVER hear some1 use that word in conversation,counselor. i had to google it.eeeeeeeeeeeeeeeeeeek.

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    4. A math teacher in High School once called me obtuse. The context was something like, "you can't really be that stupid . . . I assume you are just trying to be obtuse .. . ." or some shit like that . . .

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    5. EEEEEEEEEEEEEEEK. high school. flashbacks.

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  5. WHEW.hope this LB is better than the linebacker,we drafted from alabama a couple years ago with the 1st round pick

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