Here's something you might be interested in.
Padres' majority owner John Moores, who dumped $650 million of Peregrine System stock -- almost all he controlled -- before the company collapsed in fraud, was granted a motion for summary adjudication in a San Diego case, Bains vs. Moores. Judge Jeffrey B. Barton stated that Moores and his fellow defendants showed that they had no actual knowledge of the financial fraud. Moores and two colleagues "present direct evidence that they did not prepare the financial statements or press releases and did not know of the employee fraud at the time they signed the financial statements and prospectuses," wrote Barton, who conceded that Moores, who was chairman most of the time, had his close associates as top officials. Some have admitted to criminal complicity. I could not learn immediately if Barton's decision will be appealed. The pattern has been similar in other cases. Superior Court Judge Joan Lewis in 2005 said one suit had to be heard in fraud-friendly Delaware, where Peregrine was incorporated. The appellate court and subsequently the Supreme Court overruled that. Then she said that state courts couldn't hear cases with more than 50 plaintiffs, although that ruling goes againt long-standing bankruptcy court precedents. It is being appealed. Another case basically exonerating Moores in federal court is also being appealed.
Padres' majority owner John Moores, who dumped $650 million of Peregrine System stock -- almost all he controlled -- before the company collapsed in fraud, was granted a motion for summary adjudication in a San Diego case, Bains vs. Moores. Judge Jeffrey B. Barton stated that Moores and his fellow defendants showed that they had no actual knowledge of the financial fraud. Moores and two colleagues "present direct evidence that they did not prepare the financial statements or press releases and did not know of the employee fraud at the time they signed the financial statements and prospectuses," wrote Barton, who conceded that Moores, who was chairman most of the time, had his close associates as top officials. Some have admitted to criminal complicity. I could not learn immediately if Barton's decision will be appealed. The pattern has been similar in other cases. Superior Court Judge Joan Lewis in 2005 said one suit had to be heard in fraud-friendly Delaware, where Peregrine was incorporated. The appellate court and subsequently the Supreme Court overruled that. Then she said that state courts couldn't hear cases with more than 50 plaintiffs, although that ruling goes againt long-standing bankruptcy court precedents. It is being appealed. Another case basically exonerating Moores in federal court is also being appealed.