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Universal Express Boss Loses Appeal

June 2, 2009, 11:03 am
http://norris.blogs.nytimes.com/2009/06/02/universal-express-boss-loses-appeal/

Universal Express Boss Loses Appeal

Richard Altomare, the former chief executive of Universal Express, has lost his appeal to the Supreme Court. On Monday, the court turned down his request to hear his case.

Universal Express was a company whose bosses lived well by selling stock in violation of securities laws, while blaming naked short sellers for all the company's problems. The appeal brief argued that because the company had been through bankruptcy, it could issue all the shares it wanted without regard to securities laws.
It is a measure of something that there were people who were sure Mr. Altomare would prevail on appeal.

After I wrote a column about the company, it took out a full page ad in The Times to denounce me and the S.E.C. and those dastardly short sellers. Unfortunately, our advertising department did not require the ad be paid for before it ran. It never was paid, and never will be.

http://norris.blogs.nytimes.com/2009/06/02/universal-express-boss-loses-appeal/