Inner City Press

In Other Media-eg New Statesman, AJE, FP, Georgia, NYTAzerbaijan, CSM Click here to contact us     .

These reports are usually available through Google News and on Lexis-Nexis

Share |   

Follow on TWITTER

Home -

These reports are usually available through Google News and on Lexis-Nexis


(FP Twitterati 100, 2013)

ICP on YouTube

More: InnerCityPro
Sept 24, 2013

UN: Sri Lanka


FOIA Finds  

Google, Asked at UN About Censorship, Moved to Censor the Questioner, Sources Say, Blaming UN - Update - Editorial

Support this work by buying this book

Click on cover for secure site orders

also includes "Toxic Credit in the Global Inner City"




Bank Beat

Freedom of Information

How to Contact Us

Nikola Trial Pushed to Oct 11 by Covid Positive For Trevor Milton Lead Counsel Mukasey

By Matthew Russell Lee, Patreon Maxwell book
BBC - Honduras - CIA Trial book - NY Mag

SDNY COURTHOUSE, Oct 3 – The trial of Nikola founder Trevor Milton for wire and securities fraud moved, on October 3 through the direct to the cross examination of the Harvard defense witness, at $1250 an hour. Inner City Press was there, and live tweeted - until, after the end of the tiral day, it emerged that Trevor Milton's lead counsel Marc Mukasey has tested positive for COVID and "cannot enter the courthouse."

Then, past 5 pm, this:

Judge Ramos: Unfortunately one of the members of the defense team has had a medical issue which will require us to in some fashion postpone the presentation of evidence and summations. I have spoke with both sides and we agree is to adjourn trial until next Tuesday.

Earlier thread:

Milton's lawyer Brad Bondi: Here are some tweets about hydrogen.

Ferrell: The movement of the stock is not related to them. It's simply general market forces.

Bondi: Here's another podcast, Fox Business. What does it demonstrate? Ferrell: More of the same.

Bondi: Here's "This Week in Start-Ups." What does this show? Ferrell: The statements were midday, but stock price was basically flat. The market did not view the statements as important.

Bondi: Trevor went on a lot of podcasts. Do you consider them cumulatively?

 Ferrell: Yes. I think one day is the right way to view it. But even looking at two days, it does not change. Bondi: Let's talk about the US' expert Mayzlin.

Ferrell: Her analysis tells me zero about what is important.

 Bondi: No further questions.

Judge Ramos sends the jurors out on a break, and here's argument on whether AUSA Roos can cross examine Prof Ferrell about Nikola's "corrective disclosures." Judge Ramos: We'll deal with those in the regular course

 AUSA Roos: Some of Professor Farrell's colleagues are here in the courtroom. They should not tell him what we have just discussed. Judge Ramos: I assume that they will not.

 It emerges that Ferrell did - and was presumably paid $1250 an hour for - event studies into 2021, but they were not turned over as part of the discovery process. Judge Ramos: I'm going to take a break.

 Jury entering! AUSA Roos: Professor Ferrell, good morning. It's hard to tell in here sometimes what time it is. Did you know that Trevor Milton emailed that the stock price went up after his media appearance?

Ferrell: Yes. AUSA: And Trevor Milton's statements don't go into your model? Ferrell: They do not. AUSA: And you're aware Mark Russell the CEO said Milton in a board meeting was talking about how he could move the stock price. Bondi: Objection!

Judge Ramos: Overruled.

AUSA: Did you speak to any actual investors who invested in Nikola in 2020? Ferrell: Not to my knowledge. AUSA: Are you aware that interviews with over 50 retail investors was provided to defense counsel? Ferrell: I did not know that.

AUSA: You know that Mark Schomberger said he invested in Nikola because of Trevor Milton's statements? Ferrell: Yes. AUSA: But that type of information is not in your model, right? Ferrell: It is not.

AUSA: In preparing your dissertation you concluded that SEC filings important, right? Ferrell: Yes.  AUSA: But after your dissertation, are you aware that YouTube was founded in 2005, Twitter in 2006? Ferrell: Not off-hand.

AUSA: You were hired after Mr. Milton was indicted, right? Ferrell: Yes. AUSA: How many times have you spoken with defense counsel since then? Ferrell: I can't remember. We did a lot of Zoom. AUSA: Your billing rate is $1250 an hour, for half a million dollars, right? Ferrell: Yes.

AUSA: So if I cut this cross examination short, it would save some money, right? Ferrell: It's up to you.

AUSA: You've testified for depositions 70 or 80 times? Ferrell: In the 20 years I've been doing this. AUSA: Did it go down during the pandemic? Ferrell: People are more comfortable with Zoom now.

AUSA Roos: Are you aware that Mr. Babiarz testified about the impact of the Badger announcement? Ferrell: I recall that. AUSA: And the line, "This is setting up for a massive dive, one for the history books"? Ferrell: That does refresh my recollection.

 AUSA Roos: So when Milton replied to criticism by saying, They're lying, it might have delayed response in the stock price? Ferrell: That misstates my view. 

AUSA: So the additional study you did, did you tell defense counsel about it? And can we have a sidebar?

Now re-direct of Milton's expert by his lawyer Bondi. Bondi: Professor Farrell, please turn to page 77 of Nikola's filing, starting "recently we announced..."

Farrell: ..."the Nikola Badger. At this time we do no expect to adopt production plans unless" OEM.

Bondi: Your research finds that SEC filings are key for investors. Does that remain true in the era of Twitter and "Tesla Charts" podcast, whatever that is?

Farrell: It does.

Judge Ramos: This brings us to the end of the day.

The case is US v. Milton, 21-cr-478 (Ramos)


Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.


Feedback: Editorial [at]
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA

Mail: Box 20047, Dag Hammarskjold Station NY NY 10017

Reporter's mobile (and weekends): 718-716-3540

Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.

 Copyright 2006-2022 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at]