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Tuesday, September 13, 2011

Gundlach Talks About His Goldman Meeting

News summary by MFWire's editors

DoubleLine CEO Jeffrey Gundlach yesterday returned to the stand as the final witness in the trial between TCW and DoubleLine. Closing arguments are set for today.

According to Reuters, "Gundlach himself seemed to be surprised to be called to the witness stand on Monday, after arriving in a yellow dress shirt and brown slacks without coat or tie."

Gundlach's trip back to the witness stand came after Todd Owens, a Goldman Sachs mergers and acquisitions executive, testified on Monday that Gundlach in November 2009 met with Goldman Sachs officials and told them he might depart TCW without advance notice to launch his own company and also told them that he does not have a contract with TCW, Pensions & Investments reports.

Gundlach was then called by DoubleLine's lawyers to refute Owens' testimony. Gundlach told the court that Goldman Sachs advised him to arrange for better corporate governance terms so he could remain with TCW, try to do managment buyout of TCW or negotiate his departure, Bloomberg reports. The wire service also reported that Gundlach testified that he had not made up his mind on whether to leave TCW when he last spoke with Goldman Sachs on December 1, 2009.

TCW outsed Gundlach three days later, on December 4, and shortly after that, Gundlach launched DoubleLine.  

Edited by: Armie Margaret Lee

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