When the Conrad Black trial gets under way in March, the argument will be similar to the case against Tyco’s Dennis Kozlowski rather than the cases against Ken Lay or Bernard Ebbers, says Samuel W. Buell, J.D., associate professor of law at Washington University in St. Louis.
“This is a case about whether an executive looted his own company, not whether he committed accounting fraud,” says Buell, a former Enron prosecutor.
“In a looting case, the battle is often over the testimony and credibility of the members of the board of directors.”
The Black case involves allegedly improper non-compete payments in corporate asset sales.
Buell notes that the case may turn on whether Black testifies and, if he does, how that goes for him.
“It’s important to remember that this is ultimately his call, not his lawyers’,” he says.
“If Black is intent on speaking his peace, his lawyers must help him do that even if they might fear that, as has happened in some other cases, an arrogant turn on the witness stand could fatally alienate the jury in an otherwise close case.”
Editor’s note: Professor Buell is available for phone, e-mail and broadcast interviews. Washington University has VYVX and ISDN lines available free for news interviews.