According to a news release, David J. Stern has been replaced! OH NO! How can the company that bears one’s name function without the man behind the name? Whoever will be in charge of performing the “non legal functions” of the enterprise? What can this mean?
On the conference call just a few short weeks ago, Stern reassured investors that all was fine in China Town. (Nothing to see here folks, just move right along.) Why I even heard him reassure investors that they had only discovered “problems” with 21 assignments of mortgage. (Or something to that affect.) If I were an investor in DJSP and I based my decisions solely on the statements made in that conference call, I’d think everything was just fine. Now did these depositions and AG investigations just materialize overnight after that conference call? Did no one making those statements on that conference call have any knowledge of the severity of the Category 5 Hurricane of investigations and allegations swirling around?