p2pnet view Music | P2P:- “Edgar Bronfman Jr. is famous for two things”, says Jeff Baker in his review for The Oregonian of Fred Goodman’s Fortune’s Fool: Edgar Bronfman Jr., Warner Music, and an Industry in Crisis.
“The annoying thing is that though he was born rich as Croesus, he has opted to work hard every day. The unforgivable thing is that he managed to lose $3 billion while doing so.”
He was accused of insider trading.
Bronfman runs Warner Music, one of the Big 4 labels which believe the way to win the hearts and wallets of customers is to call them criminals and thieves, and then sue them.
Also charged was Jean-Marie Messier, “who transformed a stodgy water company into media giant Vivendi Universal”, said the CBC.
In January,2009, “a jury in New York found Vivendi liable in a securities class action suit but exonerated Messier of any responsibility”, said France 24, going on:
“Among the defendants is businessman Edgar Bronfman Jr., the heir to one of Canada’s best-known corporate dynasties, the Seagram group. Bronfman stands accused of insider trading in connection with his role as a Vivendi vice chairman, a post he acquired following the media conglomerate’s 2000 purchase of Seagram’s entertainment division.”
“The trial is scheduled to end June 25, with a verdict later this year”, said Bloomberg Businessweek last summer.
Bronfman’s lawyer asked a Paris court to drop insider trading charges at a Paris trial over whether Vivendi SA executives misled investors, it said, adding Bronfman was cleared by investigators “and the case should never have been sent to tria”l, his lawyer, Georges Kiejman, said on the first day of the trial.
“Mr. Bronfman should not be before this court,” Kiejman said. The investigating judge was wrong to send Mr. Bronfman to trial ‘without any explanation’.”
Fair enough. But it’s not only later this year, it’s the beginning of 2011, so what was the court’s verdict?
They must have come to a decision by now, but we haven’t been able to find it.
Does anyone know?
The Oregonian – Nonfiction review: ‘Fortune’s Fool’ by Fred Goodman, July 31, 2010
Choruss music licensing – Choruss, unbound, March 26, 2010
CBC – Bronfman’s Vivendi insider trading trial begins, June 2, 2010
insider trading – Edgar Bronfman jr ‘insider trading’ charge, June 2, 2010
France 24 – Former Vivendi chief Messier goes on trial in Paris, February 6, 2010
Bloomberg Businessweek – Bronfman Asks Paris Court to Drop Charge at Vivendi Fraud Trial, June 2, 2010
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