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

Filing 90

DECLARATION of DANA M. SESHENS in Support re: 79 MOTION for Summary Judgment.. 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 PART 1, # 4 Exhibit C PART 2, # 5 Exhibit D, # 6 Exhibit E, # 7 Exhibit F, # 8 Exhibit G, # 9 Exhibit H, # 10 Exhibit I, # 11 Exhibit J, # 12 Exhibit K, # 13 Exhibit L, # 14 Exhibit M, # 15 Exhibit N, # 16 Exhibit O, # 17 Exhibit P, # 18 Exhibit Q, # 19 Exhibit R, # 20 Exhibit S, # 21 Exhibit T, # 22 Exhibit U, # 23 Exhibit V, # 24 Exhibit W, # 25 Exhibit X, # 26 Exhibit Y, # 27 Exhibit Z, # 28 Exhibit AA)(Seshens, Dana)

EXHIBIT G

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Copyright 1999 The New York Times Company
The New York Times
June 8, 1999, Tuesday, Late Edition - Final
SECTION: Section C; Page 8; Column 6; Business/Financial Desk
LENGTH: 461 words
HEADLINE: 3 Firms Plan To Develop New System For Trading
BODY:
In a deal indicating that even the largest Wall Street firms are unsure how or where stocks will be traded in the not
so distant future, Goldman Sachs Group Inc. and Merrill Lynch & Company announced yesterday that they had joined
with Bernard L. Madoff Investment Securities, a large stock trading firm, to form Primex Trading N.A., an alternative
stock trading system.
The company will offer electronic access to investors interested in trading stocks listed on the New York Stock
Exchange, the American Stock Exchange and Nasdaq. Primex is expected to begin operations a year from now, at
roughly the same time stocks begin being priced in decimals rather than fractions.
"What we are hoping to do is create an electronic extension of a pure auction securities market trading on a
physical floor by expanding participation to a broad-based electronic crowd," said Peter Madoff, a senior managing
director at Madoff Investment Securities. In an auction market, like the Big Board, all orders for a particular stock are
handled by one trader, known as a specialist, who must execute the trades as well as maintain a fair and orderly market
in the shares. A dealer market, like Nasdaq, has multiple traders, known as market makers, executing customer orders in
many places.
Spokesmen for Primex said it would differ from other alternative systems, known as electronic communications
networks, or E.C.N.'s, because Primex would be more than just a place for investors to meet to execute trades at prices
they have specified. Rather it will allow investors to receive prices on their trades that are superior to the current best
bid or offer made by specialists or market makers. Primex will do this by guaranteeing that its customers get the best
current price for their trades while allowing them to state how much more they would ideally like to receive for the
stock they are selling or how much less they would like to pay if they could. If another Primex customer were willing to
pay more for the trade or sell the stock for less, the client initiating the trade would benefit.
Primex will be accessible to brokerage firms, institutional investors, market makers and exchange specialists. The
entry of orders will be anonymous; the cost of participation in the system has not yet been disclosed. But if the system
attracts a sizable clientele, it will be likely to reduce the difference between the bid and asked prices on stocks, known
as the spread.

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3 Firms Plan To Develop New System For Trading The New York Times June 8, 1999, Tuesday, Late Edition - Final

"There's an element of uncertainty in the marketplace," said Jonathan Humphreys, a Merrill Lynch spokesman.
"And we're looking at those innovations that we believe can achieve a critical mass and will position us better to serve
our clients." Terms of the deal were not disclosed.
http://www.nytimes.com
LOAD-DATE: June 8, 1999