JEA Trial: Bankers say they felt pressured to fast-track JEA utility sale

JACKSONVILLE, Fla. — Action News Jax’s Ben Becker pressed one of the attorneys for former JEA CFO Ryan Wannamacher about the testimony of 2 bankers on Monday following Day 9 of testimony in the JEA federal fraud trial.

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“You can keep asking, but we’re just going to do our talking in the courtroom. We don’t try our cases with the media,” the attorney responded when asked why bankers felt pressured to close a deal.

Former CEO Aaron Zahn and Wannamacher are accused of trying to steal tens of millions of dollars during the failed sale of the utility.

Here’s some of the testimony from Monday: Jason Gredell, a banker with JP Morgan said JEA tried to fast-track the deal, but it was a “complex transaction the equivalent of landing a 747 on an aircraft carrier during a hurricane.”

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Eddie Manheimer and Morgan Stanley said their firm offered advice to JEA to help change the negative perception of the sales process by saying the focus should be on how the proceeds could “revitalize downtown.”

Mark Hickson, Executive Vice President at Nextera, a parent company of FPL, said, “JEA was on top of the list” as an acquisition target because of its location. Eventually, Nextera bid $11 million for the utility, which was the same day the JEA Board voted to terminate Wannamacher.

Read: JEA Trial: JEA VP of financial services testifies, said bonus plan was ‘untoward,’ ‘unseemly’

Former Jacksonville General Counsel Jason Gabriel was supposed to testify about his involvement in renewing the JEA bonus plan, but the other testimonies ran long. Becker spoke with him leaving the courthouse.

“I’m doing my duty to the government,” Gabriel said. “It’s important to fill this duty. I’ll just have to testify and do my part.”

Action News Jax will continue to be there. The trial is expected to last another 2 weeks.

Read: JEA Trial: Bombshell testimony reveals that former JEA COO promised higher position after sale

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