Subject: [NEXTEL-1] Uzans fail to delay Motorola judgment Company to seek family's assets

From: [email-masked]
Date: Sat, 09 Aug 2003 16:01:24 -0400

Uzans fail to delay Motorola judgment Company to seek family's assets

>From Tribune news services
August 9, 2003

U.S. District Court Judge Jed S. Rakoff on Friday denied a motion by the
Uzan family of Turkey to stay his $4.26 billion judgment against them
pending an appeal of a case involving Motorola Inc.

"Today's ruling is another important decision by a court that looked at all
of the facts concerning the massive global fraud that has been perpetrated
against Motorola by the Uzans," said Jeff Johnson, senior corporate counsel
for Schaumburg-based Motorola.

"This is the latest in a series of court judgments throughout the world
against the Uzans," Johnson said.

In the ruling, Rakoff said: "The degree to which defendants have misled this
court is, frankly, unparalleled in the court's experience. Nor is this
conclusion limited to this court. Magistrate Judge Maas, to whom much of the
discovery in this case was referred, ultimately concluded that the
defendants had been `lying to the court since I got involved in this case.'
The English court that imposed criminal contempt terms of imprisonment on
two of the defendants reached similar conclusions."

Rakoff had agreed to stay execution of the judgment pending appeal only if
the Uzans posted a $1 billion bond, which they have refused to do.

The Uzans, according to Rakoff, are "pleading a billionaire's poverty" and
"claim this is beyond their means. With virtually no explanation, defendants
declined to post such a bond, in any amount, preferring to continue their
contempt of court."

Motorola noted that according to evidence presented by the Uzans in their
court papers seeking a stay without any bond, they are reported to have a
net worth of at least $1.3 billion.

On July 31, Rakoff ordered the members of the Uzan family and the companies
they control to pay Motorola $2.13 billion in compensatory damages and
another $2.13 billion in punitive damages as a result of fraudulently
inducing Motorola to lend $1.8 billion to Telsim, the Turkish wireless
company the family controls.

Motorola will start collecting on the judgment if the Uzans don't post the
bond and if the appeals court refuses to intervene, lawyer Howard Stahl
said.

"If they have bank accounts we've attached, they're ours," he said. "Cem
Uzan's palace in Mayfair, in London, we're going to sell it."

A telephone call to Uzan lawyer Robert Serio wasn't returned.

http://www.chicagotribune.com/business/chi-0308090078aug09,1,5731237.story

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