Because Tom Koestler Had Some "History" -- As Chief Science Officer -- At Legacy Schering-Plough (We Covered Here Over 12 Years Ago) -- More Later Breaking Trivia Appears.

No Surprise. USDC Judge Cote Has Properly Ruled Against Akkadian. And In Favor Of Thomas Koestler's Partial Payout, From Receiver, Now (On Former Martin Shkreli Shares).

So, he is finally getting some of his money back -- part of about $6 million Shkreli has owed him, under various arbitrations and federal judgments, since about 2014. It's a little shy of a sixth of what he's owed -- but it is. . . something.

The Akkadian boys. . . are dumped on their collective ears.

More in a minute -- but the opinion ("denied -- the escrow agent's work... is over"), and orders, were just published in Manhattan's federal courthouse, this noontime:

. . .IT IS ORDERED, that the Receiver's application is granted as follows: 1. The Receiver is authorized to distribute the Sale Proceeds as follows:

a. payment of Court approved legal fees through January 31, 2024 from the Receiver's lead counsel Halperin Battaglia Benzija, LLP in the amount of $109,344.22; b. payment of Court approved legal fees to date from the Receiver's tax counsel Richards, Layton & Finger, PA in the amount of $1,972.00;

c. payment of Court approved legal fees to date from the Receiver's Swiss counsel Baker McKenzie Switzerland AG in the amount of $59,328.24;

d. payment of the Receiver's "necessary expenses for the work" performed in connection with the receivership in the amount of $6,970.22;

e. payment to the Judgment [sic -- should be "Creditor"] Debtor [Thomas Koestler] in the amount of $724,885.32; and

f. a commission of five percent (5%) of the $950,000.00 amount he will disburse in accordance with this Order and the Receivership Order [ECF Doc. No. 120 at Paragraph 6], in the amount of $47,500.00.

2. The Receiver is authorized to retain $50,000.00 of the Sale Proceeds and the $50,000.00 received from the Brafman Firm, for a total of $100,000.00, to cover potential future receivership expenses.

3. The Receiver, in both his official and personal capacities, along with his employees, agents, attorneys, or other parties authorized to act on his behalf, shall have no liability whatsoever to Akkadian Stock Partners SA, as well as its members, officers, partners, shareholders, parents, subsidiaries, affiliates, employees, agents, attorney, administrators, successors or assigns, in each case solely in such capacities, regarding any claims, damages, actions, suits, causes of action, rights, liens, demands, obligations and/or liabilities of any kind or nature, in law or equity, known or unknown or hereinafter becoming known, liquidate or unliquidated, contingent or fixed, direct of indirect, arising from the sale of the Phoenixus Shares, the SPA, and the distribution of the Sale Proceeds.

(Signed by Judge Denise L. Cote on 4/17/2024). . . .

Just as we long said. [In fact, the opinion recites almost verbatim what we said the reasoning would turn out to be.]

So Akkadian may appeal -- but it will lose.

And the PDF of the as published USDC opinion makes clear that the electronic text only version order (at sub-e. above), is a typo -- the money goes to Thomas Koestler (from the law firm fiduciary account of the Receiver, Mr. Abbott -- to him) -- not ever back to Martin Shkreli. This is short of $1 million, and Koestler still holds a judgment for nearly six times that.

Hilarious!

Onward.

नमस्ते