Tech Topics - Spring 2008 - (Page 19)

TheHill Supreme Court Victory Alumnus Oscar Persons key force in groundbreaking securities ruling By Gary Goettling STANLEY LEARY I n what has been called one of the most important cases of its kind in a generation, the U.S. Supreme Court ruled Jan. 15 that companies cannot be held liable for violations of securities law committed by the companies with which they do business. The decision also established a personal milestone in Oscar Persons’ career. “This is clearly the very, very, very top,” said Persons, IE 60, who earned an Emory law degree in 1967. “It’s so rare that a lawyer gets a case that’s heard by the Supreme Court.” The case was also significant in terms of the attention it received in the business community, particularly because of the ramifications in the securities litigation area, Persons said. A partner with the firm of Alston & Bird, Persons was the lead attorney for the team representing Scientific Atlanta in Stoneridge Investment Partners v. Scientific Atlanta and Motorola. He was the counsel of record in the Supreme Court, where a specialist was retained to do the oral argument. The case came about after Charter Communications, a cable TV company, was charged with inflating its earnings reports and thereby misstating its financial position to investors. After settling their claim against Charter, unhappy investors went after Scientific Atlanta, alleging that the company participated in the scheme by selling digital cable converter boxes to Charter at higher-than-usual prices, then used the extra markup to purchase advertising on Charter’s system. From a legal standpoint, the issue boiled down to whether third-party suppliers with no disclosure or reporting obligations to investors could be held liable for the actions of the primary violator of the law. The litigation, which started in 2003, worked its way up with wins by Persons in the federal court in St. Louis and the U.S. 8th Circuit Court of Appeals and involved disparate rulings by the Circuit Court of Appeals in the 5th and 9th districts. “We got a 5-to-3 winning opinion, and there’s no wiggle room in terms of its impact,” Persons said. Oscar Persons, a partner in the firm of Alston & Bird in Atlanta, says winning a case heard by the U.S. Supreme Court is “clearly the very, very, very top” for a lawyer in his career. Car Enthusiasts Gearing Up for Fifth Annual Show A developer of a high-performance sports car hailed as an “electric dream” will be the keynote speaker at the fifth annual Georgia Tech Auto Show on campus March 29. Paul Lomangino, ME 90, MS ME 92, PhD ME 95, will discuss his role in the development of the electric Tesla roadster, called a dream sports car by Newsweek. Despite its price tag of nearly $100,000, the Tesla also won Wired magazine’s Autopia Car of the Year honors in December. Wired said the Tesla is “easily the coolest alternative fuel vehicle ever made, one that proves electric cars can be every bit as breathtaking as the finest fossil-fuel-guzzling super cars. … More importantly, the Tesla best represents the direction the auto industry must go.” Entries in the Georgia Tech Auto Show will be wheeled into place beginning at 10 a.m. March 29 in the Instructional Center parking lot. Judging will take place from 11 a.m. to 1 p.m., followed by an awards ceremony and the speech by Lomangino. Cars, trucks and motorcycles owned by Tech students, faculty, staff, alumni, fans and corporate sponsors may be entered. Awards will be presented in 10 categories, including unmodified automobiles manufactured before 1947; alternative fuel, electric or otherwise “green” vehicles; race cars or experimental vehicles; and students’ “beaters.” Registration is under way at www.gatechautoshow.com. A taxdeductible donation to the Georgia Tech Foundation is encouraged. Suggested donations for car and truck entries are $15 for students, $35 for faculty and staff and $75 for alumni. The donation breakdown for motorcycles is $7, $17 and $37. Funds raised above the operating expense of the show will be deposited into the Georgia Tech Foundation account for the support and renovation of the facility used by such student design teams as GT Motorsports, GT Off-Road, RoboJackets and Wreck Racing. Registration deadline for showing vehicles at the Georgia Tech Auto Show is March 26. There is no spectator fee to get up close to the 400 cars, trucks and motorcycles expected. TECHTOPICS | SPRING 2008 19 http://www.gatechautoshow.com

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Tech Topics - Spring 2008 Contents Mail Call Gold & White Honors Alumni House Sweet Spring Centennial Buzz Supreme Court Victory The Hill ‘Treasure Trove’ of Stories Living History Forget-me-not Fashion Student Life Investing in Graduates Giving Back Training the Next Generation Burdell & Friends Ingredients for Success Yellow Jackets Hockey Club Ices Georgia Tech Job Hunters Fare Well Real World

Tech Topics - Spring 2008

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