NYTimes: Judge Samuel J. Sferrazza of State Superior Court said Connecticut’s lawyers had not proved that Forstmann Little of New York deceived pension executives in making $2.5 billion of investments from 1999 to 2001. He cannot deny the charge of stupidity against one of the smartest investors in the business. The man invested in McLeod USA and XO, and kept investing in them even after the bubble burst! “Judge Sferrazza let stand the larger part of the case, Connecticut’s accusation that Forstmann Little bought stakes in companies that did not conform with the investment contract,” NYTimes adds.