Preview
FILED: NEW YORK COUNTY CLERK 01/20/2022 01:05 PM INDEX NO. 652343/2018
NYSCEF DOC. NO. 616 RECEIVED NYSCEF: 01/20/2022
Exhibit H(1)
Transcript Excerpts From The Deposition of Cresco CEO Charles Bachtell
Index No. 652343/2018 Motion Seq. No. 12
FILED: NEW YORK COUNTY CLERK 01/20/2022 01:05 PM INDEX NO. 652343/2018
NYSCEF DOC. NO. 616 RECEIVED NYSCEF: 01/20/2022
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · · · SUPREME COURT OF THE STATE OF NEW YORK
· · · · · · · · · · · COUNTY OF NEW YORK
·3
· · CRESCO LABS, NEW YORK, LLC a· ·)
·4· New York limited company, and· )
· · CRESCO LABS, LLC, an Illinois· )
·5· limited liability company,· · ·)
· · · · · · · · · · · · · · · · · ·)
·6· · · · · Plaintiff,· · · · · · ·)Index No.
· · · · · · · · · · · · · · · · · ·)
·7· · · ·- against -· · · · · · · ·)652343/2018
· · · · · · · · · · · · · · · · · ·)
·8· · · · · · · · · · · · · · · · ·)
· · FIORELLO PHARMACEUTICALS, INC.,)
·9· a New York corporation, ERIC· ·)
· · SIROTA, an individual, SUSAN· ·)
10· YOSS, an individual, and· · · ·)
· · JOHN DOES 1-10,· · · · · · · · )
11· · · · · · · · · · · · · · · · ·)
· · · · · · Defendants.· · · · · · )
12
· · --------------------------------
13
14· · · · · · · · · · · ·CONFIDENTIAL
15· · · · · · · · · ·ATTORNEYS' EYES ONLY
16· · · · ·VIDEOTAPED DEPOSITION OF CHARLES BACHTELL
17· · · · · · · · Thursday, January 30, 2020
18· · · · · · · · · · Chicago, Illinois
19
20
21
22
23· Reported By:
24· TRICIA J. LATHOURIS, CSR, RPR
25· JOB NO. 174109
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· negotiating the LOI?
·3· · · A· ·Yes.
·4· · · Q· ·In terms of the negotiations between -- you
·5· were the lead negotiator for Cresco, you've
·6· testified.
·7· · · · · Was there a lead negotiator on the side of
·8· Fiorello?
·9· · · MR. VAIL:· Objection.· Foundation.
10· · · A· ·I'm not sure.· You know, from my
11· perspective, it was Eric and Susan.
12· BY MS. IZOWER-FADDE:
13· · · Q· ·They were both pretty much equally
14· involved, from your perspective?
15· · · MR. VAIL:· Objection.· Form.· Foundation.
16· · · A· ·From what I recall, yes.
17· BY MS. IZOWER-FADDE:
18· · · Q· ·What -- what terms did you spend the most
19· time negotiating with them?
20· · · A· ·I don't -- I don't recall.
21· · · Q· ·Do you recall there being any LOI terms
22· that -- withdrawn.
23· · · · · Do you recall negotiations related to the
24· confidentiality provisions of the LOI?
25· · · A· ·To a limited extent, yes.
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · Q· ·What do you recall about them?
·3· · · A· ·I remember them being a part of the
·4· negotiation.
·5· · · Q· ·Was the confidentiality portion of the LOI
·6· important to Cresco?
·7· · · A· ·I think all -- all terms of an LOI are
·8· important.
·9· · · Q· ·So confidentiality portion was a material
10· part of the LOI to Cresco?
11· · · MR. VAIL:· Objection.· Asked and answered.
12· · · A· ·Yes.
13· BY MS. IZOWER-FADDE:
14· · · Q· ·Why?
15· · · MR. VAIL:· Objection to the extent it calls for
16· a legal conclusion.
17· BY MS. IZOWER-FADDE:
18· · · Q· ·I'm asking from a business perspective, why
19· was confidentiality provisions of the LOI important
20· to Cresco?
21· · · A· ·Again, I -- I go back to the last question.
22· I'm not sure that there's an unimportant term in an
23· LOI.
24· · · Q· ·But I'm asking about the importance of the
25· confidentiality provision.
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · · · What was important about that?
·3· · · A· ·Again, the -- the specifics contained in
·4· that document are the confidential --
·5· confidentiality is very important with regard to the
·6· terms associated with the potential transaction.
·7· · · Q· ·In your last answer, were the -- what do
·8· you consider the terms of the potential transaction?
·9· · · MR. VAIL:· Objection.· Form.· And to the extent
10· it calls for a legal conclusion.
11· · · A· ·I think every -- every line item in a LOI.
12· BY MS. IZOWER-FADDE:
13· · · Q· ·So the confidentiality of every portion of
14· the LOI was equally important?
15· · · MR. VAIL:· Objection.
16· · · A· ·Yes.
17· BY MS. IZOWER-FADDE:
18· · · Q· ·Did Eric or Susan ever express to you the
19· importance of the confidentiality of the LOI from
20· Fiorello's perspective?
21· · · A· ·Yeah, likely.· Yes.
22· · · Q· ·Do you recall Susan or Eric ever making any
23· changes to the confidentiality provisions in the
24· LOI?
25· · · A· ·There were -- there were several drafts of
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · MR. VAIL:· I suggest that you take a look at
·3· the document before you answer that question.
·4· · · A· ·It appears to be so.
·5· BY MS. IZOWER-FADDE:
·6· · · Q· ·And the cover email is dated December 19th,
·7· 2017.
·8· · · · · Do you see that?
·9· · · A· ·I do.
10· · · Q· ·If you turn to the second-to-last page of
11· the exhibit -- actually, you probably need to start
12· on the page before that in the section of the draft
13· LOI -- you see there's a section entitled
14· Confidentiality?
15· · · A· ·Yes.
16· · · Q· ·I would direct you to -- so it says, "The
17· parties confirm that all future negotiations and
18· disclosures will be subject to the following
19· confidentiality provisions."
20· · · · · You see that?
21· · · A· ·Yes.
22· · · Q· ·And then if you skip down to number 5, "The
23· execution of this LOI and the contemplated
24· completion of this transaction will be kept strictly
25· confidential and will not be disclosed to," and it
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· has lists of people including other persons.
·3· · · · · Do you see that?
·4· · · MR. VAIL:· Objection.· Incomplete.
·5· · · A· ·Yes.
·6· BY MS. IZOWER-FADDE:
·7· · · Q· ·Okay.· And then after a semicolon, it says,
·8· "This provision shall not apply to disclosure to
·9· professional advisors, potential financiers or
10· appraisers, provided they agree to maintain the same
11· level of confidentiality required by parties."
12· · · · · Do you see that?
13· · · A· ·I do.
14· · · Q· ·Do you recall that -- any discussions about
15· the inclusion of the phrase "potential financiers"
16· in this provision?
17· · · MR. VAIL:· Objection.· Form.
18· · · A· ·I do not.
19· BY MS. IZOWER-FADDE:
20· · · Q· ·Do you recall whether that phrase,
21· "potential financiers," remains in the final version
22· of this document?
23· · · A· ·I do not.
24· · · Q· ·After -- after the execution of the LOI,
25· did you have an understanding as to whether you --
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· The time is 1:28 p.m.
·3· BY MS. IZOWER-FADDE:
·4· · · Q· ·Mr. Bachtell, where did you go during the
·5· break?
·6· · · A· ·I had to run to the bank.
·7· · · Q· ·It was something that could not wait until
·8· tomorrow?
·9· · · A· ·It -- we're closing a really large debt
10· transaction today for the organization.· I needed to
11· go take care of some paperwork.· It closes today.
12· Sorry.
13· · · Q· ·Okay.· So the -- during the negotiation of
14· the LOI, were there discussions about Fiorello's
15· need to become operational or to continue moving
16· forward with becoming operational?
17· · · A· ·Yes.
18· · · Q· ·And that's something that you discussed
19· with Susan and Eric?
20· · · A· ·Yes.
21· · · Q· ·Did you understand that that was an
22· important consideration for them?
23· · · MR. VAIL:· Objection.· Form.
24· · · A· ·For -- for them or for us?
25· BY MS. IZOWER-FADDE:
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · A· ·Certainly.
·3· · · Q· ·The next sentence, "As the April closing
·4· date is based on outside factors (not the deal terms
·5· themselves), we can create a management services
·6· agreement that will allow us to assume oversight and
·7· fund the project prior to the closing date."
·8· · · · · Do you see that?
·9· · · A· ·I do.
10· · · Q· ·The management oversight agreement that
11· would allow Cresco to fund the project prior to the
12· closing date, that -- the intent of that was to
13· allow Fiorello to continue moving towards becoming
14· an operational entity?
15· · · MR. VAIL:· Objection.· Form.
16· · · A· ·I would describe it differently.· I would
17· -- it would be to have Cresco come in and operate --
18· Eric and Susan and Fiorello were not operational.
19· So the managed service agreement, what this says is
20· basically we'll come in and we'll move the ball
21· forward and we'll fund it, but not -- not -- you
22· know, what was proposed and what was stricken was
23· providing a loan to them to control.
24· BY MS. IZOWER-FADDE:
25· · · Q· ·So both provisions are an attempt to
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· address the need for the Fiorello entity to continue
·3· making headway towards becoming operational; is that
·4· fair?
·5· · · A· ·I think that's fair.
·6· · · Q· ·Right.· And then the provision as when it
·7· was structured as a loan would have given the funds
·8· to Fiorello's current management to -- to help move
·9· forward towards operational -- becoming operational;
10· is that right?
11· · · MR. VAIL:· Objection.· Misstates.· The use of
12· the word "current."
13· BY MS. IZOWER-FADDE:
14· · · Q· ·Sorry.· Then current.
15· · · A· ·Yes.
16· · · Q· ·And Cresco's comment is an effort to --
17· would -- Cresco's position was, yes, there may need
18· to be -- there's financing that needs to happen and
19· things need to move forward, but we want it to be
20· under our control?
21· · · MR. VAIL:· Objection to the form.
22· BY MS. IZOWER-FADDE:
23· · · Q· ·Is that, in affect, what Cresco's comment
24· was intended to achieve?
25· · · MR. VAIL:· Same objection.
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · Q· ·And the effective date on the first page of
·3· the LOI portion of the document, it's February 14th,
·4· 2018.
·5· · · · · Do you see that?
·6· · · MR. VAIL:· Objection.· Document speaks for
·7· itself.
·8· · · A· ·I do see that.
·9· BY MS. IZOWER-FADDE:
10· · · Q· ·You don't recall, as you sit here today,
11· who filled in that as the effective date, do you?
12· · · A· ·I don't recall.
13· · · Q· ·At the time that the LOI was executed, did
14· Fiorello have funding sources that were designated
15· to the Fiorello deal -- did Cresco have funding
16· sources that were designated to be able to pay for
17· the Fiorello deal?
18· · · MR. VAIL:· Objection.· Form.
19· · · A· ·I don't recall.
20· BY MS. IZOWER-FADDE:
21· · · Q· ·Do you recall that being a focus at all?
22· · · MR. VAIL:· Objection.· Form.
23· · · A· ·I don't recall.
24· BY MS. IZOWER-FADDE:
25· · · Q· ·If you look at the second-to-last page --
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· or, actually, let me just give you the number --
·3· CRESCO123 (sic).· The section titled Due Diligence.
·4· The second sentence -- the second sentence, "Buyer
·5· will provide its due diligence list once this LOI is
·6· executed," and it continues on after that.
·7· · · · · Do you see?
·8· · · A· ·I see.
·9· · · Q· ·Did -- so buyer here is Cresco; is that
10· correct?
11· · · MR. VAIL:· Document speaks for itself.
12· · · A· ·I believe so.
13· BY MS. IZOWER-FADDE:
14· · · Q· ·And that was your understanding when you
15· signed this document, that the buyer was Cresco?· Or
16· Cresco and Cresco Labs together?
17· · · A· ·Cresco Labs and Cresco Labs New York
18· together?
19· · · Q· ·Yes.
20· · · A· ·Yes.
21· · · Q· ·When did Cresco or Cresco Labs -- Cresco
22· Labs or Cresco Labs New York provide its due
23· diligence list to Fiorello?
24· · · A· ·I don't recall.
25· · · Q· ·Did you take any steps prior to the
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· execution of the LOI to be in a position to provide
·3· the due diligence list to Fiorello whence -- once
·4· the LOI was executed?
·5· · · A· ·I don't recall.
·6· · · Q· ·Are there any documents that you could look
·7· at that would refresh your recollection as to
·8· whether you did take any steps to be in a position
·9· to provide the due diligence list once the LOI was
10· executed?
11· · · A· ·Are there any documents that would refresh
12· my recollection?
13· · · Q· ·Yes.
14· · · A· ·I don't know.
15· · · Q· ·If you look at the next section, Definitive
16· Agreement.
17· · · · · Do you see that?
18· · · A· ·I see that.
19· · · Q· ·The first clause there, "Promptly following
20· the execution of this LOI, the parties together with
21· their authorized representatives will, in good
22· faith, prepare and execute Definitive Agreements
23· that include, but are not limited to, certain
24· operating agreements, investment agreements, as well
25· as any ancillary agreements as contemplated by the
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· paragraph entitled Further Acts below, elaborating
·3· on the binding provisions hereof, collectively, the
·4· Definitive Agreement."
·5· · · · · Do you see that?
·6· · · A· ·I see that.
·7· · · Q· ·Prior to the execution of the LOI, did
·8· Cresco take any steps to be in a position to prepare
·9· -- prepare Definitive Agreements as reflected in
10· this paragraph?
11· · · MR. VAIL:· Objection to the form.
12· Characterization.
13· · · A· ·I don't recall, but that paragraph says,
14· "The parties will."
15· BY MS. IZOWER-FADDE:
16· · · Q· ·And Cresco is one of the parties, right?
17· · · A· ·Certainly.
18· · · Q· ·You don't recall Cresco taking any steps at
19· that time?
20· · · A· ·I don't recall if we did or if we did not.
21· · · Q· ·When did Cresco hire counsel to assist it
22· with preparing Definitive Agreements?
23· · · A· ·I don't recall.
24· · · Q· ·Did Cresco hire counsel prior to the
25· execution of the LOI?
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · MR. VAIL:· Objection.· Asked and answered.
·3· · · A· ·I don't recall.
·4· BY MS. IZOWER-FADDE:
·5· · · Q· ·Okay.
·6· · · A· ·Just to clarify, outside counsel?
·7· · · Q· ·I'm -- yes.· Outside counsel.
·8· · · A· ·I don't recall.
·9· · · Q· ·But, ultimately, Cresco did utilize outside
10· counsel to assist it with drafting the contemplated
11· Definitive Agreements in connection with this LOI?
12· · · A· ·Yes.
13· · · Q· ·And that outside counsel was Much Shelist,
14· right?
15· · · A· ·Much Shelist was involved.· I don't know if
16· that was the only one.· Again, there's -- it's a
17· while back and there's been a lot since, so I
18· believe it was Much Shelist.· Might have been others
19· as well.
20· · · Q· ·Turning to the prior page, 122.· Looking at
21· the bottom, the financing provision.· You can see in
22· that provision that the language currently has that
23· we explored earlier, it was included in the final
24· draft -- the final version of the LOI; is that
25· correct?
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · MR. VAIL:· Objection to form.
·3· · · A· ·Yes.
·4· · · MR. VAIL:· Document speaks for itself.
·5· · · THE WITNESS:· Sorry.
·6· BY MS. IZOWER-FADDE:
·7· · · Q· ·Prior to executing the LOI, did you take
·8· steps to make sure that this statement, "Buyer
·9· currently has and -- and will represent and warrant
10· -- but buyer currently has" -- comma, and then
11· jumping to the end of the comma -- "adequate funding
12· to make each and all installments of the funding
13· amount as each comes due in accordance with the
14· Definitive Agreement."
15· · · · · Did you take any steps prior to executing
16· the LOI to ensure that when you signed this
17· document, it was an accurate statement that buyer
18· currently has adequate funding?
19· · · MR. VAIL:· Objection to the form.
20· · · A· ·To the best of my knowledge, we did not
21· sign a document with misrepresentations in it.
22· BY MS. IZOWER-FADDE:
23· · · Q· ·Do you recall actually checking to make
24· sure that you had adequate funding at the time this
25· document was signed?
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · MR. VAIL:· Objection.· Asked and answered.
·3· · · A· ·I don't recall if I actively checked. I
·4· don't recall.
·5· BY MS. IZOWER-FADDE:
·6· · · Q· ·Do you recall whether you asked anybody
·7· else to check?
·8· · · A· ·I -- I guess I'll just -- I don't recall.
·9· · · Q· ·The next provision up, management oversight
10· agreement.· "The parties shall enter into a
11· management oversight agreement by which buyer will
12· oversee the management operations of Fiorello for
13· that period of time running from the date the LOI is
14· executed until the closing date in exchange for
15· providing to-be-determined funding to Fiorello
16· during such period."
17· · · · · Do you see that?
18· · · A· ·I do see that.
19· · · Q· ·And the following sentence indicates that
20· it should be entered into as soon as practicable.
21· · · · · Do you --
22· · · MR. VAIL:· Objection.· Document --
23· BY MS. IZOWER-FADDE:
24· · · Q· ·-- see that?
25· · · MR. VAIL:· Document speaks for itself.
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · A· ·I think my answer to the prior question was
·3· we constantly discussed the appropriate funding of
·4· Cresco Labs in our objectives as it relates --
·5· · · THE REPORTER:· "Constantly discussed"?
·6· · · THE WITNESS:· Yeah.
·7· · · A· ·-- the appropriate capitalization and
·8· funding of Cresco objectives.· As it relates to
·9· Fiorello specifically, I don't recall the specifics
10· of it.· I don't.
11· BY MS. IZOWER-FADDE:
12· · · Q· ·Did you set any money aside to be used for
13· the purpose of funding Fiorello's operations
14· following the execution of the LOI?
15· · · MR. VAIL:· Objection.· Form.
16· · · A· ·I don't recall.
17· BY MS. IZOWER-FADDE:
18· · · Q· ·The -- going up another heading, Good-Faith
19· Payment.
20· · · · · Do you see that?
21· · · A· ·I do.
22· · · Q· ·Does seeing this in the final version
23· refresh your recollection as to whether the document
24· that you executed called for a good-faith deposit or
25· a good-faith payment?
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· payment would not be returned to the buyer.· Yes. I
·3· see that.
·4· BY MS. IZOWER-FADDE:
·5· · · Q· ·That's correct, right?
·6· · · A· ·Correct.
·7· · · Q· ·The first sentence provides that the
·8· good-faith payment -- "Buyer shall pay Fiorello
·9· $500,000 as a good-faith payment due and payable
10· upon the execution and delivery of this LOI."
11· · · · · Do you see that?
12· · · A· ·I do see that.
13· · · Q· ·Did you take any steps prior to the
14· execution of the LOI to ensure that Cresco was in a
15· position to make the $500,000 good-faith payment
16· upon execution and delivery of the LOI?
17· · · A· ·I don't recall if we took steps prior to
18· the executing of the LOI to ensure that that would
19· happen.
20· · · Q· ·Upon execution of the LOI, did you take any
21· steps to make the good-faith payment to Fiorello?
22· · · A· ·I know that we made the good-faith payment
23· to Fiorello.· So, yes.
24· · · Q· ·Do you know when you made the good-faith
25· payment to Fiorello?
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·1· · · · · · · · · · ·CHARLES BACHTELL
·2· · · A· ·I don't recall.
·3· · · Q· ·Do you recall that it was not within the
·4· first several days after the execution of the LOI?
·5· · · MR. VAIL:· Objection.· Asked and answered.
·6· · · A· ·It -- it might not have been.· I -- I don't
·7· recall the exact date that it was made.
·8· BY MS. IZOWER-FADDE:
·9· · · Q· ·Would it surprise you if it took Cresco two
10· weeks to make the $500,000 good-faith payment?
11· ·