Back in 1998, Universal Express and Packaging Plus filed a lawsuit against: Select Capital Advisors, Ronald Williams, Walter Kolker, Sheldon Taiger, and South Beach Financial.
In 2001, the judge issued a default judgment against the first three defendants because they didn't conduct discovery or put on any defense. They had no attorneys and represented themselves pro se. The jury trial was only to decide the issue of damages to award not whether these guys were guilty. Taiger and South Beach were represented by an attorney at this time.
Somewhere along the way, the latter two seem to have lost their attorney. In 2003, the judge issued a default judgment against South Beach Financial. The second jury trial was to decide the issues of liability and damages against Taiger and damages only against South Beach Financial.
-----
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
-- Warren Buffett
