The Association of U S West Retirees


Retirees cheer Nacchio decision
By Alex McCarthy and Andy Vuong

Denver Post
Thursday, July 31, 2008

Qwest retirees rejoiced over Wednesday's decision that a full panel of appellate judges will reconsider former Qwest chief executive Joe Nacchio's insider-trading conviction.

"We were very pessimistic that this was going to happen, so we're delighted," said Mimi Hull, president of the Association of U S West Retirees.  "We were very upset when the appeals court ordered a new trial and felt that they (the judges who ruled) really did not represent the views of the full appeals court."

Nacchio served as Qwest's CEO from 1997 until he was ousted in June 2002.  Under his watch, Qwest acquired U S West in June 2000, and the combined company nearly crumbled into bankruptcy two years later.

"This will be something that will come back to uplift our retirees," Nelson Phelps said of Wednesday's decision.  "Hopefully, we'll get support for the original conviction.  I think the worst thing in the world would be that there's a retrial;  that just takes years."  Denver-based Qwest has footed Nacchio's legal bill during the legal proceedings.  He also faces civil charges.  Curtis Kennedy, an attorney for the retirees association, estimated that Nacchio probably has racked up more than $25 million in legal bills.