First leg played by RCS / Cairo at home and lost in a big way (arbitration) and now return match in New York
June 30th came and went and everything went as I had hypothesized in a recent piece, which I titled “Towards the grand finale”: first leg match played by RCS / Cairo at home and lost in a big way (arbitration) and now return match in New York. Strengthened by the overwhelming victory in the arbitration award against RCS and Urbano Cairo, where their defensive castle collapsed miserably based on a fanciful hypothesis of usury, which would have seen Blackstone (one of the largest financial groups in the world) in the role of the usurer and RCS in the role of the victim, at the time of the transfer by this second to the American fund, of the Via Solferino building which took place in 2013, Blackstone, through its lawyers and by the deadline of 30 June, formally requested the resumption of the trial against RCS and Urbano Cairo before the Supreme Court of New York, previously suspended pending the Italian arbitration award; in football jargon the return match has officially begun.
A formal request for resumption of the judgment with full confirmation by the Americans, even if Milanese voices gave for certain a reduction in the amounts and a conciliatory hypothesis, of the quantum of damages already activated previously, or 300 million dollars charged to RCS , for the contractual damage deriving from the failure to sell the aforementioned artifact to the Alianz group, and 300 million dollars due to Urbano Cairo, for the damage to image suffered as a result of the behavior held by him and translated in the deed filed before to the Supreme Court of New York in a “Defamatory and malicious interference” con connected “brazen blackmail”.
Therefore, a total of 600 million dollars or 506 million euros, which however it is wrong to indicate as a whole, as I read in many newspapers. In fact, one half of this amount has its own right in the contractual damage and is the sole responsibility of RCS, while the other half has its own exclusive right in the personal behavior of Urbano Cairo; conduct with even criminal relevance (defamation and, in my opinion, also slander having supported the hypothesis of usury) with relapse for compensation exclusively on the latter. In Italy it would be in the classic non-contractual liability or better said by an unlawful fact, referred to in Article 2043 et seq. of the Italian Civil Code, and the distinction, now made, between the two claims for compensation by Blackstone is certainly not a trivial matter, since, given the non-contractual nature of the claim formulated by Blackstone against Urbano Cairo, whose ratio lies in the unlawful action of the natural person, I believe the indemnity from the same made by the BoD (appointed by him as majority shareholder) of RCS can be considered null and / or ineffective; an indemnity which, in addition to being clearly to the detriment of shareholders and savers, goes, according to the writer, well beyond the competences and powers of a Board of Directors.
Returning to the deed filed by Blackstone yesterday before the Supreme Court of New York, information obtained from overseas tells me that it is a an act that borders on legal perfection, in its more than 40 pages in which 139 exceptions (disputes) on the work of Cairo in the affair are pointed out and explained with surgical precision. And that this deed, the cornerstone of the process now broken down, borders on legal perfection, however, there was no doubt, since it was studied, prepared and drafted by one of the largest law firms on the planet: the law firm KIRKLAND & ELLIS LLP . An international law firm, founded in 1909 in Chicago, which is today the law firm with the highest turnover in the world: 4.83 billion dollars in the year 2020 (yes, you read that right: almost 5 billion dollars a year!), generated by the activity of 15 firms spread across the USA, Europe and Asia, with over 2100 non-lawyers employees and 2310 operative lawyers.
And when we say operative lawyers, it is enough to scroll through the names of those who have recently occupied the desks of the firm to be astonished by the very high level expressed by his lawyer staff; just to name a few: Supreme Court Justice Brett Kavanaugh, former Obama Administration Advisor Neil Eggleston, former Federal Appeals Court Judge Robert Bork, Clinton Administration Special Advisor Ken Starr, former national security adviser to the Trump presidency John Bolton, the former attorney general of the United States of America William Barr, the former secretaries of labor and health of the White House Alexander Acosta and Alex Azar … Names to make anyone tremble even when playing at home, if then the game is to be going to play at their home (Supreme Court of New York), after having lost the first leg at home (arbitration), you can no longer even tremble … Just to make a comparison, the Bonelli Erede Pappalardo studio, which assists Urbano Cairo and RCS and came out defeated by the Italian arbitration, had a turnover, in 2019, of 230 million dollars.
The only novelty, with respect to the original rootedness of the judgment then suspended following the said arbitration, is that Blackstone requested the meeting of the two proceedings in place, Blaackston / RCS and Blacksone / Cairo, an obvious and ordinary meeting by connection that in any case nothing makes respect to the two claims for damages.
Dear Brothers of Faith, for now I will stop here, but it will be my concern to give you immediate information on this story, at the moment in full progress, as soon as something it will boil again in the pot… And I will do so shortly, also with reference to the all-Italian affair of the front opened by Professor Paolo Savona, CONSOB president, on RCS / Cairo, of which for now we have news of the opening of a file, with a request for payment of sums to budget for the case of judicial defeat against Blackstone.
Lastly, two lines to clarify what is the connection path between RCS and Torino FC: RCS is controlled by Cairo Communication spa which, in turn, is controlled by UT Communication, a company which also owns (sole shareholder) Torino FC , which boasts a net worth of € 164.75 million.