The Morning After Filing of "Cheri Pierson v Leon Black, et al." - Shorting Reputational Comeback of Leon Black

Last evening some caught the news of the filing of a second lawsuit against Apollo co-founder Leon Black alleging rape.

That was “Cheri Pierson v Leon Black.”

Here is my analysis of that litigation.

Here is a copy of the 30-page complaint. As you will note, the defendants include the estate of Jeffrey Epstein. The alleged sexual misconduct took place at Epstein’s mansion on Manhattan’s UES.

That was last night.

This morning all the influential media outlets ranging from Financial Times to Bloomberg have covered this latest development in Black’s legal challenges. The first lawsuit claiming rape had been filed by his former mistress Guzel Ganieva. In an amendment she added the contention that Black attempt at sex trafficking her on behalf of Epstein.

So, this morning the court of public opinion might have shifted into overdrive. The impact could be to short the possibility of Black’s ever recovering his reputational capital. Prior to the media and his own former company’s focus on the Epstein connection he had even been board chairman of the prestigious Museum of Modern Art. Like his role as CEO of Apollo and that of chairman of the board at Apollo that went poof.

Also shorted could be the brand of the lawyers who represent him. As with David Boies’ defense role for Harvey Weinstein, their being in the loop could damage their legal reputation. Among those lawyers is Susan Estrich.

As a litigator Boies has been able to bounce back. However, the law firm he co-founded – Boies Schiller – still hasn’t been able to undo the damage of Weinstein (along with Theranos) to its branding and ability to attract and retain talent.

Litigation is a slow-moving process. That means that even a vindication of Black will not happen quickly. So, there he is out there with the shorts not projecting a happy ending in terms of the reputational whatevers.

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