Closing arguments concluded this afternoon in Joe Nacchio's trial. Tomorrow morning, the jury will receive instructions from the Judge. You can read them here and here (pdf.) The transcript of yesterday's closing arguments is here. Colleen Conry's portion begins on page 28, and Herb Stern's on page 103. The jury has its work cut out for it. It must now sift through the voluminous exhibits and consider the testimony of each witness. As has been said all along, the case against Nacchio is circumstantial and turns on his state of mind. Legal analyst Scott Robinson says the probability of acquittal is greater than that for conviction. In the end, the jury's task is to decide whether Joe Nacchio sold his stock based on material, non-public information. "Based on" means that he actually used material, non-public information in deciding to sell his stock. It's not enough that he just possessed it. The material, non-public information didn't have to be the sole reason Nacchio sold the stock, but it had to be a significant factor in his decision. The jury will receive a "good faith" instruction. If he sold his stock upon opinions honestly held, without an intent to defraud, the jury must acquit him. From what I've seen of the jury, I think they will do their utmost to fairly evaluate the evidence and apply the Judge's instructions. Did the prosecution carry its burden? I know what I think, but what do you think?