Sorry, Joe Nacchio, you’re just not that special.
The Supreme Court this week refused to hear an appeal on behalf of the disgraced ex-CEO of Qwest Communications International Inc. (Q) In fact, the justices – including new addition Sonia Sotamayor – issued their decision without any comment. Talk about the brush-off.
Nacchio, who’s serving time in luxury prison for 19 counts of felony insider trading, had hoped the nation’s highest court would take pity on him and give him the chance to start overturning his conviction. But no.
And a number of Qwest shareholders are thrilled. Retiree Kathy Ticha, for one, told the Denver Post the Supreme Court’s denial is “fantastic.”
“He doesn’t deserve a new trial,” she said of Nacchio. “Every time I look at my 401(k), it just makes me angry.”
Nacchio’s $52 million insider trading spree cost Ticha about $60,000, the Denver Post reported.
Meanwhile, the high-court’s ruling puts a big crimp in Nacchio’s attempts to toss his six-year prison sentence. He’s now set for a resentencing and motion for a new trial. The Supreme Court’s refusal to hear Nacchio’s appeal, however, means Qwest itself can try to get back some of the legal fees it had to fork out for Nacchio’s legal defense. The company’s corporate bylaws and contract with Nacchio required it to pay Nacchio’s court costs.
Still, Nacchio’s attorney is not happy, according to the Denver Post.
“I am convinced that he is innocent and did not receive a fair trial,” said Maureen Mahoney.
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