Thursday, February 19, 2004

The Devil's in the Details

On the worksheet, Bacanovic made circles, check marks and other notations in blue ink on the document. The “(at)60” mark, also in blue ink, is underlined, and appears next to an entry for Stewart’s 3,928 shares of ImClone.

Bacanovic claims he and Stewart struck the $60 agreement days before she sold her stock on Dec. 27, 2001. The next day, the government declined to review an ImClone cancer-fighting drug, sending the stock price into a sharp decline.

Lawyers for Bacanovic and Stewart are expected to argue that Bacanovic simply picked up a different pen to make the “(at)60” notation — not that he filled it in later to back up a cover story.

The ink expert’s testimony gave a detective-novel aspect to trial that, for four weeks, has dealt heavily in stock charts and arcane financial terms.

Jurors saw photographs of infrared testing of Bacanovic’s worksheet. Most marks on the sheet appeared black under infrared light, but the “(at)60” notation glowed white.

Larry Stewart testified that ultraviolet-light and chromatography testing had confirmed the inks were distinct.[Nitpicker emphasis]
It's always the little things. Of course, Stewart's attorneys will argue that Bacanovic merely picked up another pen from his desk and it doesn't mean that the entry was added at a later date but... Personally, I think prosecuting Martha is a crock and a waste of taxpayers' dollars; she's a prominent scapegoat -period. I believe she did what any sane person would do when "receiving" information on status of ImClone stock- so fine, prosecute Waksal and Bacanovic for insider trading and Stewart for being human. However, I can't help thinking that if she had just come clean from the start, she'd have received little more than a slap on the wrist.


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