Nacchio Live Blogging: Day 3, Part IV

March 21 2007, 3:04 PM

[Note: This is not a transcript. It is my notes of the testimony and proceedings, typed as fast I can. Spelling errors will be fixed later. I will update every 15 minutes or so -- you can either bookmark and check back or refresh your screen periodically.] We're still on cross-examination of Lee Wolfe. He's been the sole witness today. I am back in the main courtroom, seated behind the Nacchio family and next to the courtroom sketch artist and Charlie Brennan, former Rocky Mountain News reporter. He's just moved to Fox News 31 to be in their investigative unit. Al Lewis, business columnist for the Denver Post is here too. 3:45 pm. Richilano reviews with Wolfe exhibit 709 which is a chart of a series of investor relation meetings at which various Qwest officials were present but Nacchio wasn't. The point: Nacchio wasn't at all of these meetings as he had said during direct examination. Nacchio didn't tell Wolfe or anyone else what not to say at these meetings. .

Richilano has Wolfe identify all the Qwest officials at these meetings by their job position. This is taking a long time, as he's going through them one by one, to establish Nacchio wasn't present at them. 4:15 pm Still going through lists of meetings that Nachhio was not at. This is incredibly boring and it's not clear what the point is of identifying the job position of each official at the meeting. Attention is waning in the courtroom and it seems to me in the jury box. Oh, we're done now! Wolfe agrees he misspoke on direct if he said Nacchio conducted almost all the meetings. Nacchio gave the presentation for Qwest in which they announced the five year plan after the merger had been announced. That five year plan was the product of an investment company's assessment of how the company would do during that period. The idea was to try and give some reasonable projection of how this new company which didn't exist yet, because this was 1999, was going to perform five years later. Richilano asks if the projection took into account other information such as government statistics. Wolfe says he doesn't know how that process worked. U.S. West and Qwest made sure that people knew that these projections are subject to several assumptions. Nobody can see into the future. They are also subject to many risks. Wolfe acknowledges he knows this because whenever he led an investor conference, he led off with forward looking investor warnings. 4:30 pm. Time to go to the gym. Let us know in the comments if you've found the live blogging helpful. Spelling and grammar corrections will be made tonight.

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