Facts

Claimant BTIG LLC sued respondents in connection with an order placed by respondent Floyd Associates to purchase 426 million shares of Gading Development Tbk (GAMA: IJ), an Indonesian company traded on the Indonesian Stock Exchange.

CLAIMANT'S CONTENTIONS:
Claimant contended that respondent Floyd Associates breached its written agreement with it primarily in its failure to pay for the GAMA shares, and that all respondents failed to disclose material facts regarding the purchase and the underlying stock, leading to claimant's damages. Claimant asserted causes of action against Floyd Associates, Tizabi, Montazeri and Moussavi for breach of contract, promissory fraud, fraud in the account opening, and free-riding fraud. Claimant additionally asserted causes of action against all respondents for fraud, negligent misrepresentation, conspiracy, and aiding and abetting.

RESPONDENTS' CONTENTIONS:
Respondents denied claimant's assertions and raised various counterclaims, cross claims, and affirmative defenses.

Damages

Claimant sought $18,339,000 in damages, plus interest, fees, costs, and punitive damages.

Result

The arbitration panel found that Floyd Associates had breached its written agreement with claimant, and that Floyd Associates, BHP, Silver Leaf Partners, Chapler, Connors, Dorey, Tizabi, Valentine, and Wade failed to disclose material facts and made other material misrepresentations and/or omissions, which led to BTIG's damages. The panel also found the aforementioned respondents to be joint tortfeasors who were jointly and severally liable to BTIG for its damages. The panel awarded BTIG $16,155,451 in compensatory damages, $3,328,321 in prejudgment interest, $541,001 in fees and costs, and ruled that BTIG was entitled to retain the 354,123,000 shares of GAMA stock still in its possession. Respondent Sam Halim was found not liable to claimant and concluded that claimant shall recover nothing against him.

Other Information

Mark E. Valentine proceeded pro se. ARBITRATORS: Robert D. Sussin, Alan Bert Nishimura, Michael W. Burnett.