4: Paragraph 16 Then the federal judge in D.C. ordered Hutton to
show cause why it shouldn't be removed as trustee in light of the
check-kiting. Despite my strenuous objections to Abbes and Hutton's
inside lawyers in New York, Hutton represented to the judge that no one
at Hutton Trust was involved in the check-kiting, and the two companies
were entirely separate. That was enough for the judge, but it didn't
happen to be true: The one person who was removed from most of his
corporate offices at Hutton Group and Hutton & Co. for his involvement
in the check-kiting was Thomas Lynch, who was chairman of Hutton Trust's
board of directors. There was also the fact that Commissioner Malarkey
had reported that an employee of Hutton & Co. was improperly running the
Orphans' Trust. During that summer of 1985, I lay awake a lot of nights
looking for a way to keep Hutton Trust out of legal trouble and keep
myself from being dragged down, too.
4: Paragraph 17 I'd applied for admission to the Delaware bar and
taken the bar exam the end of July, and Rod Ward was my preceptor, so I
was frequently discussing with him and with Dave Garrett both Hutton's
situation and my own, especially the ethical aspects.
4: Paragraph 18 By the end of September, Hutton Trust was operating
with a siege mentality: Hutton Group was interviewing people to replace
Abbes and Hitchcock as CEO and president, and several of us vp's,
especially Ron Hatton and I, were maneuvering to move up in the shuffle.
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