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Jeffrey Gundlach
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legal
Jury Rules Jeffrey Gundlach Used Trade Secrets Snuck Out Of TCW In Secretary’s Bra, Though Not In A ‘Malicious’ Way
By Bess Levin
“Gundlach was found today to have breached his fiduciary duty to TCW and misappropriated its trade secrets.The Los Angeles jury awarded the company no damages on the breach claim…The jury found that Gundlach and DoubleLine didn’t act willfully and maliciously in misappropriating trade secrets.” [BW, earlier]
The rivalry between two of the biggest names in the multi-trillion dollar global bond market, Bill Gross and Jeffrey Gundlach, has gotten more than just personal – after one appears to have claimed he was asked to take the other’s job…”PIMCO wants me to succeed Gross,” consultant Roger Brossy, in court testimony, recalled Gundlach saying in early 2009. And in a similar vein, Michael Conn, the executive assistant to TCW CEO Marc Stern, said in August 2009 that Gundlach remarked “that PIMCO would love to have him as a replacement for Bill Gross.” [Reuters]
“His team stole 9 million pages of documents. If you stacked them up, that’s 2.5 Empire State buildings…we’ve got forensic experts, people who examined the computers, people who will testify to some of this. That 9 million pages is based on our examinations of the computers, of the downloads, of the printings. And they snuck it out the building. They told secretaries, ‘sneak this out.’ They had a young woman putting it in her bra.”– TCW attorney Susan Estrich [CNBC, earlier]
In December 2009, bond guru and self-described “genius” Jeffrey Gundlach quit TCW to start his own firm, DoubleLine LLC. When he left, his former employer alleges, he took with him TCW staff, client information, and technology, which form the basis of their suit against JG (who prefers to be called “The Pope”) that is set to go to trial July 25. What Gundlach did not take with him and instead left in his office for TCW to find was a cornucopia of drugs, paraphernalia, toys and porn that gave the impression he was operating a online wholesale sex shop distributor and keeping the inventory at work. The stash included: Continue reading »
Okay, back to the live-blog.
This year’s conference will not include David Tepper’s balls but the show must go on. Scheduled speakers, in order of appearance: Erez Kalir, Dinakar Singh, Jeff Aronson, Robert Howard, Phil Falcone, Jim Chanos, winner of the inaugural Ira Sohn investment contest, Steve Feinberg, Peter May, Steve Esiman, Jeff Gundlach, Marc Faber, Bill Ackman, Joel Greenblatt, Mark Hart III, David Einhorn, Eike Batista, Carl Icahn.
12:20 Speaker 1: Erez Kalir, founder and CEO of Sabretooth Capital, presenting: “Economic Death As A Special Situation”
12:21 The last time he spoke in front of this many people “was at my bar mitzvah”
12:22 You don’t have to make money the Warren Buffett way.
12:25 Holding MBIA stock is “favorably asymmetric” Continue reading »
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