Joaquin Altenberg finally has his day in court

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THE WITNESS: I just want to make sure I understand it before I say no. Sorry.

THE COURT: I am asking you whether there was any similar condition on your 1 cent per month such that, for example, if you never got a project to NTP, you actually wouldn’t get paid?

THE WITNESS: That’s correct, there wasn’t.

 

The court’s questions illuminated the business practices of Altenberg and how he felt justified to sign up transactions allegedly without the consent of the Members of the Fund, then allegedly put the deals into the name of his company and then allegedly pay himself this riskless fee which amounted to nearly $3mm. Evidence suggested that the other funds were spent by Altenberg buying faulty solar panels and settling legal disputes related to VERT Solar Finance.

Other notable moments in the VERT trial included testimony related to Altenberg’s company Vert Solar Finance that filed for bankruptcy in Harris County, Texas on June 14, 2019. A stay was requested by VERT and Altenberg, however, instead of staying the case in Delaware Judge Jeffery P. Norman granted the bankruptcy trustee’s Emergency Motion to Compromise Controversy Pursuant to FRBP 9019 and Application to Employ Special Litigation Counsel on September 19, 2019. Mr. Liebesman was appointed as attorney in charge for the representation of the Trustee.