Irving H. Picard v. Saul B. Katz et al

Filing 167

DECLARATION of Regina Griffin in Support re: 162 FIFTH MOTION in Limine To Deem Statements By Sterling Stamos Employees In The Course Of And In Connection With Their Employment By Sterling Stamos As Admissions of The Sterling Defendants.. Document filed by Irving H. Picard. (Attachments: # 1 Exhibit 1, # 2 Exhibit 2 - Filed Under Seal Pursuant to Protective Order, # 3 Exhibit 3, # 4 Exhibit 4, # 5 Exhibit 5, # 6 Exhibit 6, # 7 Exhibit 7, # 8 Exhibit 8, # 9 Exhibit 9, # 10 Exhibit 10, # 11 Exhibit 11, # 12 Exhibit 12, # 13 Exhibit 13, # 14 Exhibit 14, # 15 Exhibit 15 -1, # 16 Exhibit 15 - 2)(Sheehan, David)

Exhibit 7

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C O N F I D E N T I A L

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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
11-CV-03605(JSR)(HBP)

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IRVING H. PICARD, Trustee for
the Liquidation of Bernard L.
Madoff Investment Securities LLC,

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Videotaped
Deposition of:

Plaintiff,
v.

SAUL B. KATZ

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SAUL B. KATZ, et al.,
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Defendants.
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TRANSCRIPT of testimony as taken by and before

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NANCY C. BENDISH, Certified Court Reporter, RMR, CRR

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and Notary Public of the States of New York and New

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Jersey, at the offices of Baker & Hostetler, 45

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Rockefeller Plaza, New York, New York on Friday,

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January 13, 2012, commencing at

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9:32 a.m.

PICARD v. KATZ, et al.

CONFIDENTIAL

SAUL B. KATZ 1/13/12
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A P P E A R A N C E S:

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BAKER & HOSTETLER, LLP
45 Rockefeller Plaza
New York, New York 10111
BY: DAVID J. SHEEHAN, ESQ.
KATHRYN M. ZUNNO, ESQ.
For Plaintiff, Irving Picard, Trustee

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DAVIS POLK & WARDWELL, LLP
450 Lexington Avenue
New York, NY 10017
BY: ROBERT F. WISE, JR., ESQ.
KAREN E. WAGNER, ESQ.
DANA M. SESHENS, ESQ.
ROBERT B. FISKE, JR., ESQ.
For Sterling Equities, certain
affiliated entities, and the Witness

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ALSO PRESENT:
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GREGORY P. NERO, ESQ., Sterling Equities
DANIEL McCLUTCHY, Videographer

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BENDISH REPORTING, INC.
877.404.2193

PICARD v. KATZ, et al.

CONFIDENTIAL

SAUL B. KATZ 1/13/12
125

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A.

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Q.

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A.

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Q.

I don't think so.
Okay.
I don't think so.
Bear with me one minute and then

we'll move on here.

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I just want to ask...

(Comments off the record.)

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Q.

Just a general question to finish up

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with this line here and move off of this document if

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we could, Mr. Katz.

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Did you ever have involvement in

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setting the fees that would be received, it talks

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about, you know, by the partners in Sterling Stamos?

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A.

You mean -- I'm not sure what you

mean.
Q.

Well, let me -- let me, I hate to

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keep coming back to this document, but if we go back

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to the phrase, the one in 0027, it talks about

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"Incentive Percentages."

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A.
Q.

That's the title of that.

Right.
It's where -- you know, and it talks

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about the special class B, special class A.

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general question is, did you have involvement in

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setting incentive percentages for the partners?

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A.

Yes.

The board did.

My more

Recommendations

were made by Peter Stamos to the board for bonuses.
BENDISH REPORTING, INC.
877.404.2193

PICARD v. KATZ, et al.

CONFIDENTIAL

SAUL B. KATZ 1/13/12
126

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I don't know if it's incentives or anything, but

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certainly bonus time at the end of year, based upon

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how the group did, he would come to the board and

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make a recommendation as to bonuses to be given.

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And so that took place.

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Q.

for recommending that somebody get a bonus?

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You okay?

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A.

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Q.

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Do you know what the basis would be

A.
okay.

Yeah.

It's just the back went.

Okay.
The chair's back went, but that's

Try again?
Q.

Sure.

Do you know the basis that

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Mr. Stamos would use for recommending that someone

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get a bonus?

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A.
Q.
A.

Their performance.
What does that mean?
Whether it was a secretary, she

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brought the coffee right, or one of his investment

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people found a good manager and they did a good job.

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He ran the business.

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to the board for approval.

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Q.

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And he brought recommendations

Okay.
MR. SHEEHAN:

Let's go to the next

one, 168.
BENDISH REPORTING, INC.
877.404.2193