| In Citibank
Wire Transfer Case Talk of Fat Finger
Screw Up Then Revlon Warren
By Matthew
Russell Lee, Patreon Song
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
Dec 14 – As Citibank tries to
recoup the money it wired out
on August 11, 2020, the
virtual / Zoom trial began on
December 9 before U.S.
District Court for the
Southern District of New York.
Inner City Press is covering
it.
Here
for now some of the Day 1 blow
by blow.
And Day 2
documents / Defendants
exhibits zipped on Patreon here, one on
DocumentCloud here,
saying "Please retain the
funds received 8/11 into
Battalion CLO VIII Ltd. on
account of the Revlon Term
Loan 2016 pending further
instruction. Please do not
book, and carry the funds as a
cash break for the time
being."
Hear, for
now, this song.
And here's
a document from Day 3, stating
"It looks like
they erroneously released
paydown payment and are asking
for it back. Do you agree?" Here
on DocumentCloud, full Zip on
Patreon here.
From Day
4: Continued cross,
delayed by tech issues: Q: Did
he make any comment about the
Revlon payments after 9 am Aug
12?
"Objection-
leading." Judge Furman: I'll
allow it. But watch out, with
your questions. "Let's turn to
Defendants' exhibits"
Judge Furman:
What is the relationship
between Mr. Davis saying to
book it, then telling US
Bancorp to apply it? And where
are the books and records on
the outstanding principal on
the loan? Citibank follows up:
You were unaware on Aug 12
that Mr. Davis did that?
This
witness who only appeared by
phone due to technology
problems is excused.
Defendants call Mr. Scott
Crocombe. "Flip to page 6 of
your declaration - is that
your signature?" Yes.
Judge Furman: The
objection with respect to para
12 is sustained, para 17 too.
"May I
publish this exhibit, a
Bloomberg chat message?" Judge
Furman: There's no jury, so
you can put it on the screen.
"This chat is dated Aug 12 --"
Objection. Not a
business record kept in the
ordinary course. Judge Furman:
Sustained, for the moment.
Q: Do you
see the message, "I feel bad
for the person who
fat-fingered a $900 million
payment... Not a good career
move." Do you see, "How was
work today honey? Fine, except
I sent $900 million to people
who weren't supposed to get
it."
OK - now up for
cross examination is Catherine
McCoy of Allstate. She's not
sure what the parent is. She
has been sent the exhibits
she'll be asked about in a zip
file. Citibank lawyer is on
mute. "You'd think by Day 4,
I'd know how it works," he
says. Disarming
Michael
Josephson has been testifying
from an empty room. Judge
Furman asks him about CLO
4. Now Jeremy Phipps.
Judge Furman: "Can you turn
your camera on?" Defense
counsel's name is lagging,
amid transition. #TrialByZoom
Now up, Eric
Warren, purple suit, purple
tie, trees in side yard behind
him. Topic is, once again,
springing maturity of Revlon
loan.
Judge Furman: Can
you give me the gave of the
August re-purchases? Inner
City Press @innercitypress ·
1h Still on the stand: Eric
Warren of Revlon, being asked
about cross-defaults and
bankruptcy. Q: Was Revlon
prepared to defend the lawsuit
on the merits if necessary?
Warren: Yes.
Now at 4:57
pm, witness John Vaughan takes
the stand. Lawyer asks, How
much longer will we be going?
Judge Furman: 3 minutes.
Vaughan signed his declaration
on Nov 12 in SF.
Judge
Furman asks about
exhibits. Inner City
Press is awaiting the exhibits
since Friday. Judge Furman:
Mr. Vaughan, I'm going to ask
you to be in the Zoom room
tomorrow morning. Lawyer: Is
he under cross examination?
Judge Furman: Any objection I
tell him not to speak with
you? Lawyer: no objection - as
much as he might want to.
Judge Furman: Are
you going to use all of your
time? Citi: I think so.
Defendants: Much of the time
will be used. Judge Furman:
Defendants have only 4 more
witnesses. Maybe a rebuttal
case? Now it arises: Mister
Vinella must be rebutted
Judge Furman: The
letters due at 7 pm, you can
have until tomorrow morning if
both sides want. Lawyer: At
the collective groan of our
associates, we'll take you up
on that. So closing arguments
/ summations will be
Wednesday.
The case is
In re Citibank August 11, 2020 Wire
Transfers, 20-cv-6539 (Furman)
***
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