Martin Shkreli's Second Circuit Brief Runs 250+ Pages... Reading Now.

Feel free to read along. This is a very finely-argued bolus of first rate, high-end lawyering, to be sure. I just don't think. . . it will be enough. . . to change the outcome in any meaningful way. Not the lawyers' fault -- that's all on Mr. Shkreli's pattern course of conduct.

Probably the only part that will matter (and be more than summarily discussed, should oral argument be granted) is the portion of the brief that argues the injunction exceeded the able Judge Denise Cote's authority, or was too vague. [Do use wi-fi to download it, as it is huge.]

But again, on appeal, courts usually trust the trial judge who saw the evidence come in, to decide what is needed. . . by way of remedy -- where all agree (even his appeals lawyers, apparently) that willful, pattern violations of the Sherman and Clayton Acts occurred.

One small update, after reading all of it: the cases are legion, and stretch back over two thirds of a century (but unsurprisingly are nowhere mentioned here!) that establish the SEC may ban bad actors for life from the entire securities industry.  And, a longer line of cases holds convicted felons' First Amendment rights (regarding free association, and free expressions) may also be cut off, for life. Consider the lifetime bans on internet communications with any underage person, imposed on convicted child sexual predators. Nowhere are such cases addressed.

Again, not bad lawyering -- just very bad facts, here on Shkreli's side. You may count on the FTC to point all this out, in reply. After stealing from state governments, and individual people for years -- with a blatantly unlawful monopoly, it is not unusual to see permanent bans across entire vertical industries. In fact, there is a well-known "pay-day lender" case holding just that -- on federal law. End, updated portion.

I will have more, if anything astonishing leaps out at me, but I still firmly expect Mr. Shkreli will end up banned for life, from pharma (broadly defined). And there is no challenge to his life-time ban from the securities industry. So that too. . . is. . . telling.

Travel well; but travel light. The winds are. . . howlin' now.

नमस्ते