Friday, January 6th, 2006

Martha Stewart Conviction Upheld

United States v. Martha Stewart and Peter Bacanovic, Docket Nos. 04-3953(L) (2d Cir. Jan. 6, 2005): Yet another reminder of the White Album’s timelessness:

Don’t forget me martha my dear
Hold your head up you silly girl look what you’ve done
When you find yourself in the thick of it
Help yourself to a bit of what is all around you
Silly girl.

Martha Stewart’s troubles began when she helped herself to a bit too much information regarding Sam Waksal’s sale of his ImClone stock. And when she found herself in the thick of an SEC investigation into the questionable timing of her sale of that stock, she (allegedly) concocted a ridiculous story instead of just telling the truth. We all know the end result.

The Circuit today affirms her conviction in a 74-page opinion rejecting each argument raised by Stewart and co-defendant Peter Bacanovic. Having labored through the well-reasoned opinion, we now know why EIGHT attorneys were required for Martha’s appeal (poor Peter could only manage five for his): No stone was left unturned by these zealous advocates, alas to no good end.

The flood of commentary on the opinion has already began (see White Collar Prof’s discussion here and Professor Berman’s comment here) and more are sure to follow. For that reasons, and because it is now near quittin’ time on friday, we will say no more.

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