Most of the would-be spectators were sent to another courtroom to watch the proceedings on video. But the Litigation Daily made it in for the live version. Good thing. The stars did not disappoint. Both Wells, of Paul, Weiss, Rifkind, Wharton & Garrison, and Boies, of Boies, Schiller & Flexner, spoke to the jury without notes–each had 90 minutes–and both were equally eloquent and convincing. (Boies will finish the rest of his opening statement Tuesday morning.) But that’s about where the similarities end. Where Wells was dramatic, Boies came off more cerebral, and where Wells used catchy phrases to make his points, Boies opted for more straightforward language.
For those new to the case, AIG is alleging that a trust was established in 1970 as part of a reorganization plan involving AIG-affiliated companies. As part of that transaction, Starr acquired more than $100 million worth of AIG shares in exchange for selling its insurance companies to AIG. Although AIG admits there was no trust made in writing, it argues that SICO was obligated to hold the stock to compensate AIG employees. Starr argues that no such trust for AIG ever existed.
