Bill Allen’s Millions Focus of Cross ExaminationWith the juicy audio recordings between Sen. Ted Stevens and former VECO CEO Bill Allen concluding Allen’s direct testimony, the once-close-friend of the 84-year-old senator took the stand for cross examination.
From Roll Call:
Under cross-examination by Stevens’ attorney Brendan Sullivan, Allen acknowledged that the week after he was first contacted by the FBI, he sold VECO for about $380 million to contracting giant CH2M Hill. He also acknowledged that his plea agreement with the government suggested that prosecutors would view his cooperation as VECO’s cooperation.
About $70 million of the sale price was held back because of concerns about legal liability the company might have faced because of the ongoing investigation, as well as potential tax and environmental issues that are more routine in such sales, Allen said.
We already knew that the defense would be making this argument. Just a few weeks ago, they claimed that Allen’s government cooperation would mean he received a windfall of $40 million from the company that bought Allen’s oil pipeline company, VECO. The claim was disputed by the company itself in subsequent filings.
But, in general, Allen’s soft fall from grace, despite guilty pleas on conspiracy and bribery have been well documented.
