Irving H. Picard v. Saul B. Katz et al
Filing
173
DECLARATION of DANA M. SESHENS in Support re: 164 Memorandum of Law in Opposition to Motion,,,,,,,,,. Document filed by Charles 15 Associates, Charles 15 LLC, Charles Sterling LLC, Charles Sterling Sub LLC, College Place Enterprises LLC, Coney Island Baseball Holding Company LLC, Estate of Leonard Schreier, FFB Aviation LLC, FS Company LLC, Fred Wilpon Family Trust, Arthur Friedman, Ruth Friedman, Iris J. Katz and Saul B. Katz Family Foundation, Inc., Judy and Fred Wilpon Family Foundation, Inc., Amy Beth Katz, David Katz, Dayle Katz, Gregory Katz, Howard Katz, Iris Katz, 157 J.E.S. LLC, Air Sterling LLC, BAS Aircraft LLC, Jason Bacher, Bon Mick Family Partners LP, Bon-Mick, Inc., Brooklyn Baseball Company LLC, C.D.S. Corp., Michael Katz, Saul B. Katz, Todd Katz, Katz 2002 Descendants' Trust, Heather Katz Knopf, Natalie Katz O'Brien, Mets II LLC, Mets Limited Partnership, Mets One LLC, Mets Partners, Inc., Minor 1 (REDACTED), Minor 2 (REDACTED), L. Thomas Osterman, Phyllis Rebell Osterman, Realty Associates Madoff II, Red Valley Partners, Robbinsville Park LLC, Ruskin Garden Apartments LLC, Saul B. Katz Family Trust, Michael Schreier, Deyva Schreier Arthur, See Holdco LLC, See Holdings I, See Holdings II, Sterling 10 LLC, Sterling 15C LLC, Sterling 20 LLC, Sterling Acquisitions LLC, Sterling American Advisors II LP, Sterling American Property III LP, Sterling American Property IV LP, Sterling American Property V LP, Sterling Brunswick Corporation, Sterling Brunswick Seven LLC, Sterling Dist Properties LLC, Sterling Equities, Sterling Equities Associates, Sterling Equities Investors, Sterling Heritage LLC, Sterling Internal V LLC, Sterling Jet II Ltd., Sterling Jet Ltd., Sterling Mets Associates, Sterling Mets Associates II, Sterling Mets LP, Sterling Pathogenesis Company, Sterling Third Associates, Sterling Thirty Venture LLC, Sterling Tracing LLC, Sterling Twenty Five LLC, Sterling VC IV LLC, Sterling VC V LLC, Edward M. Tepper, Elise C. Tepper, Jacqueline G. Tepper, Marvin B. Tepper, Valley Harbor Associates, Kimberly Wachtler, Philip Wachtler, Bruce N. Wilpon, Daniel Wilpon, Debra Wilpon, Fred Wilpon, Jeffrey Wilpon, Jessica Wilpon, Judith Wilpon, Richard Wilpon, Scott Wilpon, Valerie Wilpon, Wilpon 2002 Descendants' Trust, Robin Wilpon Wachtler. (Attachments: # 1 Exhibit A, # 2 Exhibit B, # 3 Exhibit C, # 4 Exhibit D, # 5 Exhibit E, # 6 Exhibit F, # 7 Exhibit G)(Seshens, Dana)
EXHIBIT C
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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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v.
Plaintiff,
Videotaped
Deposition of:
DAVID M. KATZ
SAUL B. KATZ, et al.,
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 Wednesday,
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December 28, 2011, commencing at 9:32 a.m.
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PICARD v. KATZ, et al.
CONFIDENTIAL
DAVID M. KATZ 12/28/11
221
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A.
Advice from counsel?
Q.
Yes.
A.
Not that I know of.
Q.
So, yes or no, did you ever ask any
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lawyer to determine whether Madoff should be
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registered as an IA?
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A.
David Katz?
Q.
Yes.
A.
Q.
No.
Did any Sterling partner ever reach
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out to an attorney to determine whether Madoff
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should be registered as an IA?
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MS. SESHENS:
A.
Q.
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Objection to the form.
I don't know.
You don't know.
At that time, in -- back in 2004 time
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frame we're talking about, what was your
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understanding as to whether Madoff was registered or
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not with the SEC?
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A.
I always assumed he was.
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Q.
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was registered?
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A.
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Q.
So you always believed that Madoff
Um-hum.
And what did you base that
understanding on?
BENDISH REPORTING, INC.
877.404.2193
PICARD v. KATZ, et al.
CONFIDENTIAL
DAVID M. KATZ 12/28/11
369
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you understood that Madoff was registered?
A.
Q.
A.
Q.
A.
Q.
Correct.
You recall -Yes.
-- testifying to that generally?
Yes.
And you testified that it was your
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understanding, in sum and substance, that Madoff was
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always registered; is that correct?
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A.
Q.
Correct, yes.
And did you have an understanding at
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the time as to the capacity in which Madoff was
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registered?
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A.
Q.
A.
Q.
What type of registration?
Yes.
No.
Did you distinguish in your mind
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between registration as an investment adviser as
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opposed to registration in some other capacity?
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A.
Q.
No.
Did you understand Madoff to be
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registered in some capacity during the entire time
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that you were invested with Madoff?
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A.
Q.
Absolutely.
And what did you understand Madoff
BENDISH REPORTING, INC.
877.404.2193
PICARD v. KATZ, et al.
CONFIDENTIAL
DAVID M. KATZ 12/28/11
370
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being registered to mean?
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A.
That there was somebody or some --
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some organization that would overlook what he's
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doing and, you know, give him the once-over.
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Q.
Now, do you recall that Mr. Bohorquez
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asked you some questions about Sterling Stamos
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documents that listed some individuals as,
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quote/unquote, investment professionals?
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A.
Q.
Yes.
Do you -- at any point -- at any
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point in time, did you ever consider Saul Katz, your
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father, to be an investment professional at Sterling
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Stamos?
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A.
Q.
No.
At any point in time did you ever
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consider yourself to be an investment professional
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at Sterling Stamos?
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A.
Q.
No.
At any point in time did you ever
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consider Fred Wilpon to be an investment
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professional at Sterling Stamos?
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A.
Q.
No.
At any point in time, Mr. Katz, did
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you become familiar with Sterling Stamos' due
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diligence process?
BENDISH REPORTING, INC.
877.404.2193