ÿWPC½3 ù@ò? úÊ2¨$þ6RgÖ¬ÑÜgåâS'¨üzÖÔú_Cð¶ŠaTç¯O ö×ÚÀbÜ÷ëHƒÆ…2Ö$8ß=¬òѯ&âÙ`\uÜÔ,ȯÅb;µÔ©*§•XàÆÒQ*ຠÅ%g­ÿûãÏÕü%‰o_‡_Š_}sÿyÄ9€\õS×…è²yT|îÑŽV72éQmu%^Y¿+©ó ‡„/”0”ÑÂÑWì,$†éÏêBê”.Øßµ2™ö£ŽÈ0úü3'Ü(Q_h¨Ò€N 5AÞÜéêSñ#¬-ˆæ¹)±“D¿{º[nGµw…#ÁF U> %E 0(K U:s ·­ ­ ^ d wp 4t ˆ — 0D™ bÝ 0Då å b) E1 m3 J NR ØT \,MˆJ ŒrÖÖÍH#H#H#H#H#H#H#()))))))))))))))))))))))))))))))))))))))))))Ü=)‡*í ,%----------s².%1%1%1%1%1ë(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2(2 B33333333333 003˜HP LaserJet 4,ü,,,,,ü0<èÀ( 9Z+&Courier RegularX($¡¡,°À`   "CG Times Bold ­Ý ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú*Ú  Úóó€€Ý  ÝÔ_ÔOf€the€District€of€Massachusetts,€sitting€by€designation.Q™Ü,s ¶YÆ,‚ ‚ÐHŠ3|x (3¯$©©Ý ƒ!ÝÝ  Ý- ù-(Ã$òòÚ  Ú*Ú  Úóó- ù-ÿU‹ÿÀÀÀ  ÎÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú10Ú  Úóó€€Ý  ÝÔ_ÔÔ€XFXXXFÔTo€the€extent€Antilla's€forfeited€claim€of€inconsistency€mightÐ ° Ðstill€be€reviewed€for€"plain€error,"€òòseeóó€òòSmithóó€v.€òòÔ_ÔKMartÔ_Ô€Corp.óó,€177Ð xÈ ÐF.3d€19,€28-29€(1st€Cir.€1999),€we€find€that€the€circumstancesÐ @ Ðpresented€by€this€case€are€a€far€cry€from€satisfying€that€miserlyÐ X Ðstandard.€€òòSeeóó€òòMerchantóó,€740€F.2d€at€89„90€(reasoning€that€"aÐ Ð  Ðnumber€considerations"€point€to€some€tolerance€of€inconsistency€inÐ ˜è Ðcivil€verdicts);€òòcf.óó€òòDavisóó€v.€òòÔ_ÔRennieÔ_Ôóó,€264€F.3d€86,€100„01€(1st€Cir.Ð ` ° Ð2001)€(noting€that€no€known€decision€of€this€circuit€has€foundÐ ( x Ðplain€error€in€a€civil€case)òòóó. RÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú6Ú  Úóó€€Ý  ÝÔ_ÔNor€did€Antilla€object€to€the€use€of€a€verdict€form€that€wouldÐ ° Ðallow€the€jury€find€in€favor€of€one€party€on€the€defamation€claim,Ð xÈ Ðyet€find€in€favor€of€the€other€party€on€false€light. @ Ý ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú12Ú  Úóó€€Ý  ÝÔ_ÔAlthough€we€decide€this€case€on€actual€malice€grounds,€we€thinkÐ ° Ðit€is€important€to€note€that€the€article€might€also€beÐ xÈ ÐÔ_ÔnonactionableÔ_Ô€for€the€reasons€set€out€in€our€recent€decision€inÐ @ ÐòòRileyóó€v.€òòÔ_ÔHarrÔ_Ôóó,€No.€01„1648,€slip€op.€at€8„12€(1st€Cir.€June€11,Ð X Ð2002),€even€if€it€could€reasonably€be€read€to€constitute€an€impliedÐ Ð  Ðassertion€that€Howard€is€Ô_ÔFinkelsteinÔ_Ô.€€To€the€extent€that€Ô_ÔAntillaÔ_ÔÐ ˜è Ðoffers€a€balanced€account€of€the€Howard/Ô_ÔFinkelsteinÔ_Ô€controversy€„„€Ð ` ° Ðreporting€evidence€consistent€with€the€hypothesis€that€Howard€isÐ ( x ÐÔ_ÔFinkelsteinÔ_Ô€but€also€evidence€tending€to€negate€that€hypothesis€„„Ð ð @ Ðand€does€not€imply€that€she€is€in€possession€of€undisclosed€factsÐ ¸   Ðindicating€that€Howard€is€Ô_ÔFinkelsteinÔ_Ô,€the€article€would€probablyÐ € Ð  Ðqualify€as€protected€expression€under€the€First€Amendment€even€ifÐ H ˜  Ðit€did€not€remain€agnostic€as€to€Howard's€true€identity.€€òòSeeóó€òòid.óóÐ `  Ðat€8„9€(a€statement€is€Ô_ÔnonactionableÔ_Ô€if€"'it€is€plain€that€theÐ Ø(  Ðspeaker€is€expressing€a€subjective€view,€an€interpretation,€aÐ  ð  Ðtheory,€conjecture,€or€surmise,€rather€than€claiming€to€be€inÐ h¸  Ðpossession€of€objectively€verifiable€facts€.€.€.€."€(quoting€òòGrayóóÐ 0€  Ðv.€òòSt.€Martin's€Press,€Inc.óó,€221€F.3d€243,€248€(1st€Cir.€2000));Ð øH  ÐòòPhantom€Touring,€Inc.óó€v.€òòAffiliated€Publicationsóó,€953€F.2d€724,€729Ð À Ð(1st€Cir.€1992)€(a€statement€is€Ô_ÔnonactionableÔ_Ô€if€"[Ô_Ôt]heÔ_Ô€sum€effectÐ ˆØ Ðof€the€format,€tone€and€entire€content€of€the€article[]€is€to€makeÐ P  Ðit€unmistakably€clear€that€[the€author]€was€expressing€a€point€ofÐ h Ðview€only"). hÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú11Ú  Úóó€€Ý  ÝÔ_ÔÔ‡XFXXXFÔThe€only€suggestion€that€the€false€light€claim€could€be€premisedÐ ° Ðon€the€implication€that€Howard€òòmightóó€be€Ô_ÔFinkelsteinÔ_Ô€can€be€found€inÐ xÈ Ðthe€general€allegations€of€Howard's€amended€complaint.€€Therein,Ð @ ÐHoward€alleges€the€following:€"The€story€meant€and€intended€toÐ X Ðconvey€that€òòsubstantial€questions€are€raisedóó€as€to€whetherÐ Ð  ÐÔ_ÔPresstekÔ_Ô's€chairman€was€in€fact€a€convicted€felon€.€.€.€thusÐ ˜è Ðcreating€a€clear€impression€that€money€rides€on€the€question€whichÐ ` ° ÐÔ_ÔAntillaÔ_Ô€is€unable€to€answer€in€Howard's€favor."€(emphasis€added).€Ð ( x ÐHowever,€the€more€specific€allegations€in€Howard's€complaint€tendÐ ð @ Ðto€characterize€his€false€light€claim€as€riding€on€the€article'sÐ ¸   Ðimplication€that€Howard€òòisóó€Ô_ÔFinkelsteinÔ_Ô.€€In€particular,€HowardÐ € Ð  Ðalleged€that€the€article€"created€a€false€implication€that€[Howard]Ð H ˜  Ðand€his€company€were€to€be€avoided€because€of€his€sordid€andÐ `  Ðdisgusting€past,"€and€that€the€article€"depicted€[Howard]€asÐ Ø(  Ðsomeone€or€something€which€he€is€not."€€More€importantly,€even€ifÐ  ð  Ðthe€complaint€flagged€a€theory€of€liability€based€on€theÐ h¸  Ðimplication€that€Howard€òòmightóó€be€Ô_ÔFinkelsteinÔ_Ô€at€the€earlier€stagesÐ 0€  Ðof€litigation,€the€plaintiff€simply€failed€to€carry€the€theoryÐ øH  Ðthrough€to€trial.Ô#†XFXXXFu#Ô ÃÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú9Ú  Úóó€€Ý  ÝÔ_ÔÔ€XFXXXFÔGenerally€understood,€a€"false€light€privacy€action€differs€fromÐ ° Ða€defamation€action€in€that€the€injury€in€privacy€actions€is€mentalÐ xÈ Ðdistress€from€having€been€exposed€to€public€view,€while€the€injuryÐ @ Ðin€defamation€actions€is€damage€to€reputation."€€òòÔ_ÔRinsleyÔ_Ôóó€v.€òòBrandtóó,Ð X Ð700€F.2d€1304,€1307€(10th€Cir.€1983);€òòaccordóó€òòóóRobert€D.€Sack,€òòLibel,Ð Ð  ÐSlander,€and€Related€Problemsóó€òòóóðð€10.3,€at€561„62€(2d€ed.€1994);Ð ˜è ÐBruce€W.€Sanford,€òòLibel€and€Privacyóó€ðð€11.4.4,€at€579€(2d€ed.€Supp.Ð ` ° Ð1999);€William€Prosser€&€Robert€E.€Ô_ÔKeetonÔ_Ô,€òòÔ_ÔProsserÔ_Ô€and€Ô_ÔKeetonÔ_Ô€onÐ ( x ÐTortsóó€ðð€117,€at€864€(5th€ed.€1984).€€We€have€recognized€other,€lessÐ ð @ Ðfundamental,€distinctions€as€well.€€òòSeeóó€òòVeilleuxóó,€206€F.3d€at€134„Ð ¸   Ð35€(noting€that€false€light€does€not€distinguish€between€oral€andÐ € Ð  Ðwritten€words€or€between€slander€per€se€and€slander€per€Ô_ÔquodÔ_Ô,€andÐ H ˜  Ðthat€false€light€contains€an€expanded€publicity€requirement). ÒÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú1Ú  Úóó€€Ý  ÝÔ_ÔThe€full€text€of€the€article€is€set€forth€in€the€appendix€toÐ ° Ðthis€opinion. }Ý ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú3Ú  Úóó€€Ý  ÝÔ_ÔAntilla's€article€recounted€the€story€of€another€lawyer€who€hadÐ ° Ðrepresented€Finkelstein.€€When€supplied€with€a€photograph€ofÐ xÈ ÐHoward,€the€lawyer€said€that,€although€he€"couldn't€swear€to€it,"Ð @ Ðhe€thought€the€photograph€depicted€his€former€client.€€Yet€anotherÐ X e Ðlawyer€who€had€previously€represented€Finkelstein€was€reported€inÐ ° Ðthe€article€as€being€unable€to€recall€what€his€former€client€lookedÐ xÈ Ðlike. ãÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú4Ú  Úóó€€Ý  ÝÔ_ÔThe€full€text€of€the€correction€is€also€set€forth€in€theÐ ° Ðappendix€attached€to€this€opinion. Ý ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú5Ú  Úóó€€Ý  ÝÔ_ÔThe€parties€stipulated€at€trial€that€Howard's€damages€wereÐ ° Ðlimited€to€the€66€days€that€followed€the€publication€of€theÐ xÈ Ðarticle. iÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú8Ú  Úóó€€Ý  ÝÔ_ÔTo€be€sure,€independent€review€is€subject€to€limitations€and€isÐ ° Ðnot€equivalent€to€de€novo€review€of€the€entire€record.€€ForÐ xÈ Ðinstance,€"[Ô_Ôp]urelyÔ_Ô€factual€determinations,€particularly€thoseÐ @ Ðinvolving€the€credibility€of€witnesses,€remain€best€addressed€byÐ X Ðthe€factfinder,€and€are€subject€to€the€usual,€more€deferentialÐ Ð  Ðstandard€of€review."€€òòVeilleuxóó,€206€F.3d€at€107. ùÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú7Ú  Úóó€€Ý  ÝÔ_ÔHoward€does€not€challenge€on€appeal€the€district€court'sÐ ° Ðconclusion€that€he€qualifies€as€a€limited€public€figure. áÝ ƒ„_$ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú2Ú  Úóó€€Ý  ÝÔ_ÔThe€full€text€of€the€side€bar€is€also€set€forth€in€the€appendixÐ ° Ðattached€to€this€opinion. d(J2_$¤¤Ý ƒ!ÝÝ  ÝÔ€XFXXXÔÓ  ÓòòÚ  Ú0Ú  Úóó€€Ý ƒ!ÝÝ  ÝÔ_ÔÔ€XÍ‚XXXÔÔ€°Öa°XXÍ‚ÔÑ€ÑÑ8€FXXdÈdÈ8ÑÑ  ÑÙ*ƒ!Ùà@l l ìàUnited€States€Court€of€AppealsˆÐ ° ÐÔ€„-2„°°ÖaÔà@ÀÀ ìàFor€the€First€CircuitˆÐ à ÐÔ€„åî„„„-2ÔÔ€XFX„„åîÔßA€y) °°` dE<÷` AßÐ øH ÐÌNo.€01„1643Ð Ï ÐÌà@¤¤#ìàROBERT€HOWARD,ˆÐ _ ¯ ÐÌà@<< ìàPlaintiff,€Appellee,ˆÐ ï ? ÐÌà@tt)ìàv.ˆÐ  Ï  ÐÌà@¤¤#ìàSUSAN€Ô_ÔANTILLAÔ_Ô,ˆÐ _  ÐÌà@ ìàDefendant,€Appellant.ˆÐ Ÿï  ÐÌÌßA€y) °°` d³E<ö` AßÐ ÷G ÐÌà@œ œ ìàAPPEAL€FROM€THE€UNITED€STATES€DISTRICT€COURTˆÐ Î ÐÌà@0 0 ìàFOR€THE€DISTRICT€OF€NEW€HAMPSHIREˆÐ ^® ÐÌà@èèìà[Hon.€Steven€J.€Ô_ÔMcAuliffeÔ_Ô,€òòU.S.€District€Judgeóó]ˆÐ î> ÐÌÌßA€y) °°` d³E<E` AßÐ F– ÐÌà@„„'ìàBeforeˆÐ m ÐÌà@| | ìàÔ_ÔTorruellaÔ_Ô€and€Ô_ÔLipezÔ_Ô,€òòCircuit€Judgesóó,ˆÐ ­ý ÐÌà@° ° ìàand€Saris,׃×Ý ƒÃÝòòÚ  Ú*Ú  ÚóóÝ  Ý×  ×€òòDistrict€Judgeóó.ˆÐ =  ÐÌÌßA€y) °°` dE<”` AßÐ •å# ÐÌÓ  Óà  àòòJonathan€M.€Ô_ÔAlbanoÔ_Ôóó,€with€whom€òòBingham€Dana€Ô_ÔLLPÔ_Ôóó,€òòWilliam€L.Ð l ¼% ÐChapmanóó€and€òòOrr€&€Renoóó€were€on€brief,€for€appellant.Ð 4!„& Ðà  àòòRobert€A.€Ô_ÔBertscheÔ_Ôóó,€òòÔ_ÔZickÔ_Ô€Rubinóó,€òòStuart€Ô_ÔSvonkinÔ_Ôóó€and€òòHill€&Ð ü!L' ÐÔ_ÔBarlowÔ_Ôóó€were€on€brief,€for€amici€curiae€in€support€of€appellant.Ð Ä"( Ðà  àòòCharles€G.€Douglas,€IIIóó,€with€whom€òòC.€Kevin€Leonardóó,€òòV.Ð Œ#Ü) ÐRichards€Ward,€Jr.óó€and€òòDouglas,€Leonard€&€Ô_ÔGarveyÔ_Ô,€P.C.óó€were€onÐ T$¤* Ðbrief,€for€appellee.Ð %l + ÐÌÌßA€y) °°` dàE<s'` AßÐ t'Ä". ÐÌà@àà$ìàJune€28,€2002ˆÐ K(›#0 ÐÌßA€y) °°` d E<Ú)` AßÐ  Û)+%2 ÐÔ_ÔÑ  ÑÓÓÙ*!ÙØØÑ8€FXXdÈXXdÈ8ÑÑ€ÑÓ*°,X°` ¨ ƒX°œX*Óà ` àò òTORRUELLA,€òòCircuit€Judgeóó.ó ó€€The€plaintiff,€chairman€of€aÐ ° Ðpublicly„traded€company,€brought€suit€against€the€defendant,€aÐ à Ðnewspaper€reporter,€for€defamation€and€false€light€invasion€ofÐ  p Ðprivacy.€€At€the€end€of€the€trial,€the€jury€returned€a€sizeableÐ °  Ðverdict€in€favor€of€the€plaintiff€on€his€claim€for€false€lightÐ @  Ðinvasion€of€privacy,€but€a€€take„nothing€verdict€on€the€defamationÐ Ð   Ðclaim.€€For€the€reasons€stated€below,€we€vacate€the€jury's€verdictÐ `°  Ðon€the€false€light€claim€and€order€an€entry€of€judgment€in€favor€ofÐ ð@  Ðthe€defendant.Ð €Ð  Ðà@tt)ìàò òI.ó óˆÐ ` Ðà ` àDefendant„appellant€Susan€Antilla€("Antilla")€was€aÐ ð@ Ðbusiness€reporter€for€The€New€York€Times€("The€Times"),€where€herÐ €Ð Ðwriting€focused€mostly€on€explaining€the€financial€world€to€theÐ ` Ðaverage€investor.€€At€the€time€of€the€events€in€this€case,€AntillaÐ  ð Ðhad€approximately€18€years€of€experience€reporting€on€business€newsÐ 0€ Ðfor€a€variety€of€publications.€€Her€experience€included€stints€asÐ À Ða€reporter€at€Dunn's€Review,€as€a€stock€market€reporter€at€USAÐ P   ÐToday,€and€as€the€financial€news€bureau€chief€in€New€York€for€theÐ à0" ÐBaltimore€Sun.€€Antilla€was€also€an€adjunct€professor€at€New€YorkÐ p!À$ ÐUniversity,€teaching€business€journalism€in€the€graduate€journalismÐ #P& Ðdepartment.Ð $à( Ðà ` àIn€the€fall€of€1994,€Antilla€learned€of€a€rumorÐ  &p!* Ðcirculating€on€Wall€Street€concerning€plaintiff„appellee€RobertÐ °'#, ÐHoward€("Howard"),€who€was€then€the€chairman€of€two€publicly„tradedÐ @)$. Ðcompanies,€Presstek,€Inc.€and€Howtek,€Inc.€€The€substance€of€theÐ Ð* &0 Ðrumor€was€that€Howard€was€in€fact€Howard€FinkelsteinÐ `,°'2 Ð("Finkelstein"),€a€convicted€felon.€€Finkelstein,€who€had€beenÐ ° Ðknown€to€use€the€name€Robert€Howard€as€an€alias,€had€priorÐ @ Ðconvictions€for€securities€fraud,€violation€of€the€White€Slave€Act,Ð Ð  Ðconspiracy€to€defraud,€and€interstate€transportation€of€stolenÐ ` ° Ðproperty.Ð ð @ Ðà ` àAntilla€learned€of€the€rumor€from€confidential€sourcesÐ € Ð  Ðwhom€she€knew€to€be€"short€sellers"€of€Presstek€stock.€€"ShortÐ `  Ðselling"€is€a€transaction€in€which€an€investor€borrows€shares€ofÐ  ð  Ðstock,€sells€them,€and€later€buys€an€equivalent€amount€of€shares€toÐ 0€  Ðreturn€the€borrowed€shares.€€The€potential€for€profit€in€shortÐ À Ðselling€lies€in€the€possibility€that€the€stock€price€will€declineÐ P  Ðbetween€the€time€the€short€seller€sells€the€borrowed€stock€and€theÐ à0 Ðtime€he€must€purchase€replacement€shares€to€repay€the€borrowedÐ pÀ Ðstock.Ð P Ðà ` àAntilla€perceived€a€newsworthy€correlation€between€theÐ à Ðcirculation€of€the€short€sellers'€"dual€identity"€rumor€and€recentÐ  p Ðfluctuations€in€the€price€of€Presstek€stock.€€In€order€to€generateÐ °  Ða€story€on€the€topic,€she€investigated€the€rumor€for€over€a€month,Ð @" Ðinterviewing€roughly€thirty€people€including€Howard€himself,Ð Ð $ ÐHoward's€son,€and€officials€from€the€Securities€and€ExchangeÐ `"°& ÐCommission€("SEC").Ð ð#@( Ðà ` àThe€article€was€published€on€October€27,€1994.€€HeadlinedÐ €%Ð * Ð"Is€Howard€Really€Finkelstein?€€Money€Rides€on€It,"€the€articleÐ '`", Ðbegins€with€the€question€"Is€Robert€Howard€really€HowardÐ  (ð#. ÐFinkelstein?€€A€lot€of€investors€in€Mr.€Howard's€Presstek€Inc.Ð 0*€%0 Ðwould€like€to€know.€€But€not€even€the€Securities€and€ExchangeÐ À+'2 ÐCommission€can€say€for€sure.€€And€the€lingering€mystery€has€roiledÐ ° Ða€hot€stock€and€left€the€S.E.C.€blushing."׃N×Ý ƒÃÝòòÚ  Ú1Ú  ÚóóÝ  Ý×  ×Ð @ Ðà ` àA€significant€portion€of€the€article€details€Antilla'sÐ Ð  Ðefforts€to€obtain€confirmation€of€the€rumor's€truth€or€falsity€fromÐ ` ° Ðthe€SEC.€€None€of€the€three€SEC€officials€with€whom€she€spoke€couldÐ ð @ Ðdefinitively€resolve€the€short€sellers'€rumor,€in€part€because€theÐ € Ð  Ðagency€had€failed€to€input€aliases€into€its€computer€record„keepingÐ `  Ðsystem.€€However,€one€SEC€official€stated€that€the€SEC's€"recordsÐ  ð  Ðdon't€indicate€that€[Howard]€is€anyone€[other€than€who€he€claims€toÐ 0€  Ðbe]."Ð À Ðà ` àThe€article€goes€on€to€report€that€Howard€hadÐ P  Ðunequivocally€denied€the€rumor€and,€further,€that€Howard's€son,Ð à0 ÐDr.Lawrence€Howard,€had€supplied€"extensive€documents"€to€showÐ pÀ Ðboth€his€father's€addresses€at€various€times€and€that€Howard€andÐ P ÐFinkelstein€had€different€birth€dates.€€However,€the€article€alsoÐ à Ðcasts€doubt€on€Dr.€Howard's€effort's€to€clear€his€father's€name€byÐ  p Ðnoting€his€"reluctance€.€.€.€to€be€forthcoming€about€severalÐ °  Ðquestions."€€In€particular,€the€article€recounts€that,€when€askedÐ @" Ðto€supply€names€of€his€father's€children€and€stepchildren,Ð Ð $ ÐDr.Howard€"would€entertain€the€question€only€if€first€suppliedÐ `"°& Ðwith€the€names€of€Mr.€Finkelstein's€children€and€stepchildren."€Ð ð#@( ÐThe€article€also€states€that€Dr.€Howard€had€declined€to€provide€aÐ €%Ð * Ðfull€copy€of€testimony€his€father€had€given€in€a€proceeding€beforeÐ '`", Ðthe€SEC€earlier€that€year.Ð  (ð#. Ðà ` àAt€the€same€time,€the€article€also€casts€doubt€on€theÐ ° Ðcredibility€of€short€sellers€who€were€pushing€the€rumor€and€whoÐ @ Ðstood€to€profit€from€a€decline€in€Presstek€stock.€€For€example,€aÐ Ð  Ðseparate€side€bar€(under€the€headline€"Wall€St.€Story:€JumbledÐ ` ° ÐFact")€detailed€false€information€that€the€short€sellers€hadÐ ð @ Ðprovided€to€Antilla,€including€an€erroneous€report€that€Howard€hadÐ € Ð  Ðearlier€admitted€to€going€by€the€name€Finkelstein€and€a€bogus€tipÐ `  Ðthat€directory€assistance€gave€the€same€telephone€number€for€bothÐ  ð  ÐRobert€Howard€and€Howard€Finkelstein.׃a×Ý ƒÃÝòòÚ  Ú2Ú  ÚóóÝ  Ý×  ×Ð 0€  Ðà ` àOn€the€day€of€publication,€lawyers€for€Howard€met€withÐ À Ðsenior€management€for€The€Times€as€well€as€Antilla.€€During€thatÐ P  Ðmeeting€Howard's€representatives€provided€additional€information,Ð à0 Ðincluding€passports€not€previously€shown€to€Antilla,€thatÐ pÀ Ðcorroborated€Howard's€denial€of€the€rumor.€€Howard'sÐ P Ðrepresentatives€also€disclosed€that€Howard€would€be€returning€toÐ à Ðthe€United€States€from€France€to€be€fingerprinted€by€the€SEC€inÐ  p Ðorder€to€conclusively€refute€the€rumor.Ð °  Ðà ` àThat€same€day,€Antilla€received€a€phone€call€from€FredÐ @" ÐNewman€("Newman"),€a€lawyer€who€previously€had€representedÐ Ð $ ÐFinkelstein.€€Before€the€article's€publication,€Antilla€had€triedÐ `"°& Ðto€reach€Newman€unsuccessfully€to€obtain€independent€confirmationÐ ð#@( Ðof€the€truth€or€falsity€of€the€rumor.׃O ×Ý ƒÃÝòòÚ  Ú3Ú  ÚóóÝ  Ý×  ×€€Newman€had€not€returnedÐ €%Ð * ÐAntilla's€calls,€but€after€reading€the€article€he€telephoned€her€toÐ ° Ðsay€that,€based€upon€the€picture€of€Howard€in€The€Times,€the€menÐ @ Ðwere€not€the€same€person.Ð Ð  Ðà ` àBased€upon€the€information€provided€by€Howard'sÐ ` ° Ðrepresentatives€during€the€October€27€meeting,€Howard's€willingnessÐ ð @ Ðto€be€fingerprinted,€and€the€information€received€from€attorneyÐ € Ð  ÐNewman,€The€Times€published€a€correction€and€a€front€page€businessÐ `  Ðsection€article€on€October€28,€1994,€stating€that€it€had€found€"noÐ  ð  Ðcredible€evidence"€to€support€the€rumor€and€expressing€regret€thatÐ 0€  Ðthe€rumor€had€been€published.׃Pè×Ý ƒÃÝòòÚ  Ú4Ú  ÚóóÝ  Ý×  ×Ð À Ðà ` àThe€SEC€continued€to€take€no€public€position€on€the€truthÐ P  Ðof€the€rumor€until€November€1,€1994,€when,€on€the€basis€of€aÐ à0 Ðfingerprint€analysis€conducted€by€the€FBI,€the€SEC€formallyÐ pÀ Ðannounced€that€Howard€is€not€Finkelstein.Ð P Ðà ` àAlmost€three€years€later€Howard€filed€the€present€action,Ð à Ðnaming€Antilla,€but€not€The€Times,€as€a€defendant.€€Howard'sÐ  p Ðcomplaint€contained€counts€for€negligent€defamation,€libel,€andÐ °  Ðfalse€light€invasion€of€privacy.€€After€determining€at€the€summaryÐ @" Ðjudgment€phase€that€Howard€is€a€limited€public€figure,€the€districtÐ Ð $ Ðcourt€pared€Howard's€claims€down€to€defamation€and€false€light,€andÐ `"°& Ðâ âthe€case€proceeded€to€trial.Ð ð#@( Ðà ` àAt€the€end€of€the€trial€the€jury€returned€a€verdict€inÐ ° Ðâ âfavor€of€Antilla€on€the€defamation€claim,€but€found€in€favor€ofÐ @ ÐHoward€on€the€false€light€claim.€€The€jury€awarded€Howard€$480,000Ð Ð  Ðin€compensatory€damages€and€nothing€for€"enhanced€compensatoryÐ ` ° Ðdamages."׃Q×Ý ƒÃÝòòÚ  Ú5Ú  ÚóóÝ  Ý×  ×€€Despite€the€seeming€inconsistency€in€the€jury'sÐ ð @ Ðverdict,€Antilla€made€no€objection€prior€to€the€discharge€of€theÐ € Ð  Ðjury.׃è×Ý ƒÃÝòòÚ  Ú6Ú  ÚóóÝ  Ý×  ×€€Instead,€after€the€jury's€discharge,€she€moved€for€judgmentÐ `  Ðas€a€matter€of€law€or,€in€the€alternative,€for€a€new€trial€orÐ  ð  Ðremitittur.€€The€district€court€denied€the€motion,€òòHowardóó€v.Ð 0€  ÐòòAntillaóó,€160€F.€Supp.€2d€169€(D.N.H.€2001),€and€Antilla's€appeal€ofÐ À Ðthe€false€light€verdict€followed.Ð P  Ðà@88)ìàò òII.ó óˆÐ à0 Ðà@tt)ìàò òA.ó óˆÐ À Ðà ` àIt€is€rare€that€the€pedigree€of€a€whole€breed€of€commonÐ  ð Ðlaw€tort€claims€can€be€traced€with€pinpoint€accuracy.€€But€in€theÐ 0€ Ðcase€of€common€law€claims€for€invasion€of€the€right€of€privacy,Ð À Ðmost€sources€agree€that€the€broad€contours€of€these€legal€theoriesÐ P   Ðwere€first€outlined€by€Samuel€Warren€and€Louis€Brandeis€in€theÐ à0" Ðpages€of€the€Harvard€Law€Review.€€òòSeeóó€Samuel€D.€Warren€&€Louis€D.Ð p!À$ ÐBrandeis,€òòThe€Right€to€Privacyóó,€4€Harv.€L.€Rev.€193€(1890);€òòseeÐ #P& Ðalsoóó€Harry€Kalven,€Jr.,€òòPrivacy€in€Tort€Law€--€Were€Warren€andÐ $à( ÐBrandeis€Wrong?óó,€31€Law€&€Contemp.€Probs.€326,€327€(1966)€(hailingÐ ° ÐWarren€and€Brandeis's€article€as€the€"most€influential€law€reviewÐ @ Ðarticle€of€all").€€Warren€and€Brandeis€called€generally€for€theÐ Ð  Ðrecognition€of€an€individual's€legal€right€to€control€disseminationÐ ` ° Ðof€information€about€himself€when€that€information€relates€toÐ ð @ Ðnonpublic€aspects€of€his€life.€€òòSeeóó€Warren€&€Brandeis,€òòsupraóó,€atÐ € Ð  Ð214„16.Ð `  Ðà ` àLater,€as€Warren€and€Brandeis's€theories€took€root,€DeanÐ  ð  ÐWilliam€Prosser€distilled€the€amorphous€legal€protection€of€privacyÐ 0€  Ðinto€four€distinct€causes€of€action:€(1)€intrusion€upon€solitude;Ð À Ð(2)€public€disclosure€of€embarrassing€facts;€(3)€appropriation€ofÐ P  Ðan€individual's€name€or€likeness;€and€(4)€publicly€casting€a€personÐ à0 Ðin€a€false€light.€€òòSeeóó€William€Prosser,€òòPrivacyóó,€48€Cal.€L.€Rev.Ð pÀ Ð383,€389€(1960).€€Dean€Prosser's€conception€of€the€tort€of€falseÐ P Ðlight€invasion€of€privacy€was€ultimately€accepted€by€the€AmericanÐ à ÐLaw€Institute€and€set€forth€in€the€Restatement€(Second)€of€TortsÐ  p Ð(1977)€as€follows:Ð °  ÐÓÓà8 ` àOne€who€gives€publicity€to€a€matter€concerningÐ @" Ðanother€that€places€the€other€before€theÐ  X# Ðpublic€in€a€false€light€is€subject€toÐ Ð $ Ðliability€to€the€other€for€invasion€of€hisÐ ˜!è% Ðprivacy,€if€Ð`"°&` x` x Ðà8 ` à(a)€€the€false€light€in€which€the€other€wasÐ (#x' Ðplaced€would€be€highly€offensive€to€aÐ ð#@( Ðreasonable€person,€and€Ð¸$ )` x` x Ðà8 ` à(b)€€the€actor€had€knowledge€of€or€acted€inÐ €%Ð * Ðreckless€disregard€as€to€the€falsity€of€theÐ H&˜!+ Ðpublicized€matter€and€the€false€light€in€whichÐ '`", Ðthe€other€would€be€placed.ÐØ'(#-` x` x ÐÌÓ.?ÓòòId.óó€ðð€652E.Ð h)¸$/ Ðà ` àThe€Restatement's€formulation€of€false€light€has€enjoyedÐ ø*H&1 Ða€wide€degree€of€acceptance.€€òòSeeóó,€òòe.g.óó,€òòWestóó€v.€òòMedia€Gen.Ð ˆ,Ø'3 ÐConvergence,€Inc.óó,€53€S.W.3d€640,€644€(Tenn.€2001)€(adoptingÐ ° ÐRestatement€(Second)€of€Torts€ðð€652E€and€collecting€cases€fromÐ @ Ðother€jurisdictions€that€have€done€so).€€However,€a€number€ofÐ Ð  Ðjurisdictions€have€declined€to€recognize€a€common€law€cause€ofÐ ` ° Ðaction€for€false€light€invasion€of€privacy,€òòseeóó€òòid.óó€at€644„45Ð ð @ Ð(collecting€cases),€òòóóand€scholarly€critique€of€the€tort€has€at€timesÐ € Ð  Ðbeen€sharp.€€òòSeeóó€Diane€L.€Zimmerman,€òòFalse€Light€Invasion€ofÐ `  ÐPrivacy:€The€Light€That€Failedóó,€64€N.Y.U.€L.€Rev.€364,€435„51Ð  ð  Ð(1989)€(arguing€that€false€light€claims€have€an€unwarrantedÐ 0€  Ðchilling€effect€on€free€speech);€J.€Clark€Kelso,€òòFalse€LightÐ À ÐPrivacy:€A€Requiemóó,€€32€Santa€Clara€L.€Rev.€783,€785€(1992)Ð P  Ð(claiming€that€"that€there€is€not€even€a€single€good€case€in€whichÐ à0 Ðfalse€light€can€be€clearly€identified€as€adding€anythingÐ pÀ Ðdistinctive€to€the€law").€€The€New€Hampshire€Supreme€Court€hasÐ P Ðnever€explicitly€recognized€the€viability€of€a€claim€for€falseÐ à Ðlight.€òòóó€For€the€purposes€of€this€appeal,€however,€we€accept€theÐ  p Ðagreement€of€the€parties,€followed€by€the€district€court,€that€aÐ °  Ðcommon€law€claim€for€false€light€invasion€of€privacy€can€beÐ @" Ðsustained€under€the€law€of€New€Hampshire.€€òòCf.óó€òòHambergeróó€v.Ð Ð $ ÐòòEastmanóó,€206€A.2d€239,€240„41€(N.H.€1964)€(discussing€favorablyÐ `"°& ÐDean€Prosser's€four€categories€of€privacy„oriented€tort€claims).€Ð ð#@( ÐWe€pause,€however,€to€note€some€important€constitutionalÐ €%Ð * Ðconsiderations€that€must€inform€our€analysis€in€this€case.Ð '`", Ðà@tt)ìàò òB.ó óˆÐ  (ð#. Ðà ` àWhere€a€false€light€invasion€of€privacy€action€involvesÐ €*Ð%0 Ða€public€figure€plaintiff€and€a€media€defendant,€the€federalÐ ,`'2 Ðconstitution€imposes€the€same€requirements€that€would€apply€to€anÐ ° Ðanalogous€claim€for€defamation€under€òòNew€York€Times€Co.óó€v.Ð @ ÐòòSullivanóó,€376€U.S.€254€(1964),€and€its€progeny.׃\×Ý ƒÃÝòòÚ  Ú7Ú  ÚóóÝ  Ý×  ×€€òòSeeóó€òòTime,€Inc.óó€v.Ð Ð  ÐòòHillóó,€385€U.S.€374,€390„91€(1967);€òòVeilleuxóó€v.€òòNat'l€Broad.€Co.óó,Ð ` ° Ð206€F.3d€92,€134€(1st€Cir.€2000).€€Thus,€only€statements€that€areÐ ð @ Ð"provable€as€false"€are€actionable.€€òòMilkovichóó€v.€òòLorain€JournalÐ € Ð  ÐCo.óó,€497€U.S.€1,€19-20€(1990);€òòVeilleuxóó,€206€F.3d€at€108.€€TheÐ `  Ðplaintiff€must€also€shoulder€the€burden€of€proving€the€falsity€ofÐ  ð  Ðeach€statement.€€òòPhiladelphia€Newspapers,€Inc.óó€v.€òòHeppsóó,€475€U.S.Ð 0€  Ð767,€776€(1986).€€Moreover,€the€plaintiff€must€prove€that€theÐ À Ðoffending€statement€was€made€with€"actual€malice"€„„€that€is,€thatÐ P  Ðthe€false€statement€was€made€intentionally€or€with€recklessÐ à0 Ðdisregard€as€to€whether€it€was€false€„„€and€proof€of€that€elementÐ pÀ Ðmust€be€established€by€the€quantum€of€"convincing€clarity."€Ð P ÐòòSullivanóó,€376€U.S.€at€285„86.Ð à Ðà ` àThe€First€Amendment€concerns€at€stake€in€this€case€alsoÐ  p Ðengender€a€heightened€level€of€scrutiny€of€the€jury's€verdict€onÐ °  Ðappeal.€€òòSeeóó€òòVeilleuxóó,€206€F.3d€at€106.€€In€the€ordinary€case,€weÐ @" Ðwould€review€the€evidence€in€the€light€most€favorable€to€theÐ Ð $ Ðprevailing€plaintiff€to€determine€if€the€evidence€permits€aÐ `"°& Ðreasonable€jury€to€find€in€favor€of€the€plaintiff€on€anyÐ ð#@( Ðpermissible€theory.€€òòSeeóó€òòMcMillanóó€v.€òòMass.€Soc'y€for€the€PreventionÐ €%Ð * Ðof€Cruelty€to€Animalsóó,€140€F.3d€288,€299€(1st€Cir.€1998).€€However,Ð '`", Ðin€cases€raising€First€Amendment€considerations,€this€court€mustÐ  (ð#. Ðconduct€an€"independent€review€of€the€evidence€on€the€dispositiveÐ ° Ðconstitutional€issue[s]."€€òòBose€Corp.óó€v.€òòConsumers€Unionóó,€466€U.S.Ð @ Ð485,€508€(1984).€€Thus,€"where€the€trial€court€is€called€upon€toÐ Ð  Ðresolve€a€number€of€mixed€fact/law€matters€which€implicate€coreÐ ` ° ÐFirst€Amendment€concerns,€our€€review,€at€least€on€these€matters,Ð ð @ Ðis€plenary€.€.€.€."€€òòAIDS€Action€Comm.óó€v.€òòMass.€Bay€Transp.€Auth.óó,Ð € Ð  Ð42€F.3d€1,€7€(1st€Cir.€1994).€€Plenary€review€also€extends,€as€itÐ `  Ðdoes€in€the€ordinary€case,€to€pure€questions€of€law.׃[×Ý ƒÃÝòòÚ  Ú8Ú  ÚóóÝ  Ý×  ×€€òòDaggettóó€v.Ð  ð  ÐòòComm'n€on€Governmental€Ethics€&€Election€Practicesóó,€205€F.3d€445,Ð 0€  Ð466€(1st€Cir.€2000).Ð À Ðà ` àWith€these€lessons€in€mind,€we€turn€to€Antilla's€attackÐ P  Ðon€the€jury's€false€light€verdict.Ð à0 Ðà@üü(ìàò òIII.ó óˆÐ pÀ Ðà ` àAntilla€raises€several€arguments€on€appeal€as€to€why€theÐ P  Ðjury's€false€light€verdict€must€be€vacated€or€reversed.€€She€arguesÐ à0 Ðfirst€that€the€theory€supporting€the€false€light€claim,€asÐ pÀ Ðarticulated€by€the€district€court,€is€constitutionally€infirm.€Ð P  ÐSecond,€she€contends€that€Howard€failed€to€adduce€evidenceÐ à" Ðsufficient€to€support€the€jury's€finding€of€actual€malice.€€Lastly,€Ð  !p$ ÐAntilla€argues€that€the€jury's€award€of€damages€was€excessive€€andÐ °"& Ðunsupported€by€the€evidence.Ð  @$( Ðò òà@tt)ìàA.ó óˆÐ ° Ðà ` àIn€her€post„trial€motions,€Antilla€complained€that€theÐ à Ðjury's€false€light€verdict€must€be€disregarded€because,€òòinter€aliaóó,Ð  p Ðit€was€inconsistent€with€the€jury's€rejection€of€Howard'sÐ °  Ðdefamation€claim.€€The€district€court€undertook€to€salvage€theÐ @  Ðjury's€finding€in€favor€of€the€plaintiff€on€the€false€light€claimÐ Ð   Ðas€follows:Ð `°  ÐÓÓà8 ` àThe€evidence€fully€supported€the€jury'sÐ ð@  Ðconclusion€that,€while€defendant€might€notÐ ¸  Ðhave€defamed€Howard€(i.e.,€implied€that€he€òòwasóóÐ €Ð  ÐFinkelstein,€an€unsavory€felon€convicted€ofÐ H˜  Ðsecurities€violations),€she€nevertheless€didÐ ` Ðpresent€him€in€an€actionable€false€lightÐ Ø( Ð(i.e.,€implied€that€he€òòcouldóó€be€FinkelsteinÐ  ð Ðand€that€some€facts€tended€to€support€thatÐ h¸ Ðproposition).€.€.€.€Ð0€` x` x Ðà8 ` à.€.€.€.ÐøH` x` x Ðà8 ` àFairly€considered,€the€evidence€more€thanÐ À Ðadequately€supports€a€conclusion€that,€whileÐ ˆØ Ðthe€article€might€not€convey€the€impressionÐ P  Ðthat€Howard€òòisóó€Finkelstein€(defendant€says€herÐ h Ðarticle€remained€"'agnostic'€about€the€truthÐ à0 Ðof€the€rumor"),€it€certainly€leaves€the€readerÐ ¨ø Ðwith€the€unmistakable€impression€that€HowardÐ pÀ Ðòòcould€beóó€Finkelstein€„„€that€the€"rumor"€posesÐ 8ˆ Ðan€open€and€reasonably€debatable€proposition€.Ð P  Ð.€.€.€€[T]he€article€plainly€implies€thatÐ È! Ðwhether€Howard€is,€in€reality,€Finkelstein€isÐ à" Ða€reasonable,€and€as€yet€unresolved,€questionÐ X ¨# Є„€a€factual€mystery€worth€pondering.Ð !p$` x` x ÐÌÓ]ÓòòHowardóó,€160€F.€Supp.€2d€at€174„75€(emphases€in€original).Ð °"& Ðà ` àAntilla€now€argues€on€appeal€that€the€district€court'sÐ @$( Ðtheory€of€false€light€liability€„„€that€the€plaintiff€may€recoverÐ Ð% !* Ðbased€on€the€article's€false€implication€that€Howard€"might€be"Ð `'°", ÐFinkelstein€„„€is€constitutionally€infirm€because€it€entails€noÐ ð(@$. Ðfactual€assertion€that€is€"provable€as€false."€€òòMilkovichóó,€497€U.S.Ð €*Ð%0 Ðat€19-20;€òòVeilleuxóó,€206€F.3d€at€108.€€As€a€prudential€matter,Ð ,`'2 Ðhowever,€we€think€it€unwise€to€entertain€Antilla's€challenge€onÐ ° Ðthese€grounds.€€Two€principle€factors€lead€us€to€this€conclusion.Ð @ Ðà ` àFirst,€Antilla€failed€to€raise€her€objection€to€theÐ Ð  Ðseemingly€inconsistent€verdict€before€the€discharge€of€the€jury.€Ð ` ° ÐUnder€our€precedent,€it€is€well€established€that€she€therebyÐ ð @ Ðforfeited€any€right€to€challenge€the€inconsistency€by€way€of€aÐ € Ð  Ðsubsequent€motion€for€new€trial€or€motion€for€judgment€as€a€matterÐ `  Ðof€law.€€òòSeeóó€òòCampos-Orregoóó€v.€òòRiveraóó,€175€F.3d€89,€97„98€(1st€Cir.Ð  ð  Ð1999);€òòToucetóó€v.€òòMar.€Overseas€Corp.óó,€991€F.2d€5,€8€(1st€Cir.Ð 0€  Ð1993);€òòAustinóó€v.€òòLincoln€Equip.€Assocs.,€Inc.óó,€888€F.2d€934,€939Ð À Ð(1st€Cir.€1989);€òòMcIsaacóó€v.€òòDidriksen€Fishing€Corp.óó,€809€F.2d€129,Ð P  Ð134€(1st€Cir.€1987);€òòMerchantóó€v.€òòRuhleóó,€740€F.2d€86,€91€(1st€Cir.Ð à0 Ð1984);€òòFernndezóó€v.€òòChardð;ðnóó,€681€F.2d€42,€58€(1st€Cir.€1982);Ð pÀ ÐòòSkillinóó€v.€òòKimballóó,€643€F.2d€19,€20€(1st€Cir.€1981).€€This€rule€ofÐ P Ðforfeiture€makes€eminent€sense:Ð à ÐÓÓà8 ` à[T]he€only€efficient€time€to€cure€theseÐ  p Ðpossible€problems€of€inconsistency€would€beÐ è8 Ðafter€the€jury€announced€the€results€of€itsÐ °  Ðdeliberations€and€before€it€was€excusedÐ xÈ! Ð....€€To€allow€a€new€trial€after€theÐ @" Ðobjecting€party€failed€to€seek€a€proper€remedyÐ  X# Ðat€the€only€possible€time€would€undermine€theÐ Ð $ Ðincentives€for€efficient€trial€procedure€andÐ ˜!è% Ðwould€allow€the€possible€misuse€of€[theÐ `"°& ÐFederal€Rules€of€Civil€Procedure]€.€.€.€toÐ (#x' Ðimplant€a€ground€for€appeal€should€the€jury'sÐ ð#@( Ðopinion€prove€distasteful€.€.€.€.и$ )` x` x ÐÌÓ³jÓòòSkillinóó,€643€F.2d€at€19„20.€€The€inconsistency€Antilla€assailed€inÐ H&˜!+ Ðâ âher€post„trial€motions€should€not€have€been€a€surprise.Ð Ø'(#- Ðà ` àGiven€the€close€(and€frequently€noted)€similarity€betweenÐ ° Ðclaims€of€defamation€and€false€light,׃×Ý ƒÃÝòòÚ  Ú9Ú  ÚóóÝ  Ý×  ×€Antilla€"should€haveÐ @ Ðâ âobserved€that€there€could€be€no€'either„or.'"€€òòMerchantóó,€740€F.2dÐ Ð  Ðat€91.€€Since€Antilla€forfeited€her€opportunity€to€draw€attentionÐ ` ° Ðto,€and€perhaps€cure,€the€inconsistency€in€a€timely€fashion,€theÐ ð @ Ðdistrict€court's€attempt€to€reconcile€the€jury's€findings€wasÐ € Ð  Ðessentially€gratuitous.€€And€we€are€not€in€the€business€ofÐ `  Ðrendering€opinions€on€hypothetical€controversies,€particularly€onesÐ  ð  Ðof€constitutional€import.׃¸ ×Ý ƒÃÝòòÚ  Ú10Ú  ÚóóÝ  Ý×  ×€€òòSeeóó€òòMaheróó€v.€òòHydeóó,€272€F.3d€83,€86€(1stÐ 0€  ÐCir.€2001)€("Federal€courts€do€not€issue€advisory€opinions.").Ð À Ðà ` àSecond,€in€entertaining€Antilla's€challenge€to€theÐ P  Ðconsistency€of€the€verdict,€the€district€court€entered€judgment€onÐ à0 Ðan€entirely€novel€and€untried€theory€of€liability.€€"[A]€defendantÐ pÀ Ðmust€be€afforded€both€adequate€notice€of€any€claims€assertedÐ P Ðagainst€him€and€a€meaningful€opportunity€to€mount€a€defense."€Ð ° ÐòòRodrguezóó€v.€òòDoral€Mortgage€Co.óó,€57€F.3d€1168,€1172€(1st€Cir.Ð @ Ð1995).€€To€that€end,€"a€district€court€may€not€enter€judgment€forÐ Ð  Ða€plaintiff€on€a€cause€of€action€that€was€.€.€.€[not]€raised€duringÐ ` ° Ðthe€course€of€trial."€€òòId.óó€at€1173.€€This€principle€has€evenÐ ð @ Ðstronger€force€in€the€context€of€a€case€involving€significant€FirstÐ € Ð  ÐAmendment€issues,€given€our€obligation€to€ensure€that€"the€judgmentÐ `  Ðdoes€not€constitute€a€forbidden€intrusion€on€the€field€of€freeÐ  ð  Ðexpression."€€òòBose€Corp.óó,€466€U.S.€at€499€(quoting€òòSullivanóó,€376Ð 0€  ÐU.S.€at€285).€€In€this€case,€the€entire€trial€„„€including€theÐ À Ðinitial€jury€instructions,€the€opening€statements,€the€parties'Ð P  Ðpresentation€of€evidence€and€questioning€of€witnesses,€the€closingÐ à0 Ðarguments,€and€the€final€jury€instructions€„„€was€predicated€on€theÐ pÀ Ðsame€theory€of€the€case:€that€Antilla€is€liable€for€false€lightÐ P Ðinvasion€of€privacy€because€her€article€falsely€implied€that€HowardÐ à Ðòòisóó€Finkelstein.׃×Ý ƒÃÝòòÚ  Ú11Ú  ÚóóÝ  Ý×  ×€€To€enter€judgment€after€the€close€of€trial€on€anÐ  p Ðimaginative€but€untried€theory€(òòviz.óó,€that€the€article€falselyÐ ° Ðimplied€that€Howard€"might€be"€Finkelstein)€would€run€counter€toÐ @ Ðimportant€consideration€of€due€process.Ð Ð  Ðà ` àSince€we€conclude€that€a€theory€of€false€light€recoveryÐ ` ° Ðbased€on€the€article's€implication€that€Howard€"might€be"Ð ð @ ÐFinkelstein€is€not€properly€before€us,€we€decline€to€address€itsÐ € Ð  Ðconstitutional€viability.€€We€will€therefore€proceed€to€analyzeÐ `  ÐAntilla's€remaining€arguments€in€the€context€of€the€false€lightÐ  ð  Ðtheory€that€was€actually€presented€to€the€jury€„„€namely,€thatÐ 0€  ÐAntilla's€article€falsely€implied€that€Howard€òòisóó€Finkelstein€andÐ À Ðthereby€placed€him€in€highly€offensive€false€light.€€We€turn€toÐ P  Ðthose€issues€now.Ð à0 Ðà@tt)ìàò òB.ó óˆÐ pÀ Ðà ` àAs€noted€earlier,€the€First€Amendment€requires€that€aÐ P  Ðfalse€light€plaintiff€who€qualifies€as€a€public€figure€must€proveÐ à0 Ðby€clear€and€convincing€evidence€that€the€offending€false€statementÐ pÀ Ðwas€made€with€"actual€malice."€€Antilla€argues€that,€as€a€matter€ofÐ P  Ðlaw,€Howard's€evidence€at€trial€fell€shy€of€this€mark.Ð à" Ðà ` à"The€standard€of€actual€malice€is€a€daunting€one."€Ð  !p$ ÐòòMcFarlaneóó€v.€òòEsquire€Magazineóó,€74€F.3d€1296,€1308€(D.C.€Cir.€1996).Ð °"& ÐThe€plaintiff€cannot€succeed€merely€by€demonstrating€"an€extremeÐ @$( Ðdeparture€from€professional€standards."€€òòHarte-HanksÐ Ð% !* ÐCommunications,€Inc.óó€v.€òòConnaughtonóó,€491€U.S.€657,€665€(1989).€Ð `'°", ÐInstead,€"[t]here€must€be€sufficient€evidence€to€permit€theÐ ð(@$. Ðconclusion€that€the€defendant€in€fact€entertained€serious€doubts€asÐ €*Ð%0 Ðto€the€truth€of€his€publication,"€€òòSt.€Amantóó€v.€òòThompsonóó,€390€U.S.Ð ,`'2 Ð727,€731€(1968),€or€acted€with€a€"high€degree€of€awareness€of€Ð ° Ð...€probable€falsity."€€òòGarrisonóó€v.€òòLouisianaóó,€379€U.S.€64,€74Ð @ Ð(1964).€€The€actual€malice€test€thus€mandates€a€òòsubjectiveóó€inquiry.€Ð Ð  ÐòòSeeóó€òòConnaughtonóó,€491€U.S.€at€687.€€€And€in€a€case€such€as€this,Ð ` ° Ðwhere€the€plaintiff€is€claiming€injury€from€an€allegedly€harmfulÐ ð @ Ðimplication€arising€from€the€defendant's€article,€"he€must€showÐ € Ð  Ðwith€clear€and€convincing€evidence€that€the€defendant[]€intended€orÐ `  Ðknew€of€the€implications€that€the€plaintiff€is€attempting€to€drawÐ  ð  Ð.€.€.€."€€òòSaenzóó€v.€òòPlayboy€Enters.,€Inc.óó,€841€F.2d€1309,€1318€(7thÐ 0€  ÐCir.€1988);€òòsee€alsoóó€òòóóRobert€D.€Sack,€òòLibel,€Slander,€and€RelatedÐ À ÐProblemsóó€òòóóðð€5.5.1,€at€5„64€(3d€ed.€1999)€€("[I]mplications€perceivedÐ P  Ðin€a€statement€but€not€intended€by€the€speaker€cannot€be€actionableÐ à0 Ðin€public€official€or€public€figure€cases.").€€As€noted€above,€weÐ pÀ Ðare€obliged€to€make€a€searching,€independent€review€of€the€evidenceÐ P Ðsupporting€the€jury's€finding€of€actual€malice.€€òòBose€Corp.óó,€466Ð à ÐU.S.€at€508;€òòVeilleuxóó,€206€F.3d€at€106.Ð  p Ðà ` àTurning€to€the€article€at€the€center€of€this€dispute,€weÐ °  Ðthink€it€is€questionable,€even€doubtful,€that€the€article€isÐ @" Ðactually€capable€of€bearing€the€harmful€implication€charged€byÐ Ð $ ÐHoward€„„€namely,€that€he€òòisóó€Finkelstein.€€To€be€sure,€the€articleÐ `"°& Ðrepeats€the€short€sellers'€rumor€that€Howard€is€Finkelstein€andÐ ð#@( Ðproceeds€to€cast€doubt€on€some€of€Howard's€attempts€to€dispel€theÐ €%Ð * Ðrumor.€€But€read€as€a€whole,€the€article€points€out€flaws€in€bothÐ '`", Ðsides€of€the€story€and€never€places€the€author€in€a€position€ofÐ  (ð#. Ðâ âevaluating€the€truth€or€falsity€of€any€party's€account.€€InÐ 0*€%0 ÐAntilla's€words,€the€article€remained€"agnostic"€with€respect€toÐ ° Ðthe€truth€of€the€short€sellers'€rumor.׃×Ý ƒÃÝòòÚ  Ú12Ú  ÚóóÝ  Ý×  ×Ð @ Ðâ âà ` àThe€evidence€presented€to€the€jury€reveals€that€theÐ Ð  Ð"agnostic"€tenor€of€the€article€was€not€accidental.€€As€AntillaÐ ` ° Ðtestified,€her€intent€in€writing€the€article€was€"to€be€clear€thatÐ ð @ Ð[she]€didn't€know€the€answer"€to€the€question€of€Howard's€trueÐ € Ð  Ðidentity.€€During€the€editing€process,€Antilla's€editors€emphasizedÐ `  Ðthat€the€article€must€be€clear€that€it€takes€no€stand€on€the€truthÐ  ð  Ðor€falsity€of€the€rumor€and€that€the€article€should€focus€on€theÐ 0€  ÐSEC's€inability€to€resolve€the€rumor€despite€its€role€in€policingÐ À Ðthe€market.Ð P  Ðà ` àThere€is€no€dispute€that€Antilla€included€certain€factsÐ à0 Ðtending€to€support€the€short€sellers'€story:€Howard€Finkelstein€wasÐ pÀ Ða€convicted€felon€who€had,€in€fact,€used€the€alias€"Robert€Howard,"Ð P Ðòòseeóó€òòUnited€Statesóó€v.€òòFinkelsteinóó,€526€F.2d€517€(2d€Cir.€1975);€theÐ ° ÐSEC€was€unable€to€confirm€or€deny€the€rumor;€Dr.€Howard's€son€wasÐ @ Ðreluctant€to€provide€Antilla€with€certain€information;€andÐ Ð  ÐFinkelstein's€former€lawyer€stated€that€he€thought€a€photo€ofÐ ` ° ÐHoward€depicted€his€former€client.€€Yet€countervailing€facts€wereÐ ð @ Ðalso€included.€€At€Antilla's€insistence€the€editors€retained€theÐ € Ð  Ðsidebar€that€discredited€some€of€the€supposed€proof€short€sellersÐ `  Ðhad€offered€in€support€of€their€rumor.€€The€article€also€makesÐ  ð  Ðexplicit€that€the€story€concerning€Howard€was€indeed€a€"rumor,"€andÐ 0€  Ðit€discloses€that€short€sellers€have€a€keen€interest€in€pushing€theÐ À Ðrumor€"regardless€of€whether€it€is€true"€in€order€to€drive€theÐ P  Ðprice€of€Presstek€stock€downward.€€Finally,€the€article€discussesÐ à0 Ðsome€of€the€documentation€provided€by€Dr.€Howard€that€showed€thatÐ pÀ Ðhis€father's€date€of€birth€differed€from€that€of€Finkelstein.Ð P Ðà ` àA€somewhat€analogous€situation€was€presented€in€òòMedinaóó€v.Ð à ÐòòTime,€Inc.óó,€439€F.2d€1129€(1st€Cir.€1971)€(per€curiam).€€In€òòMedinaóó,Ð  p Ðthe€plaintiff€sued€a€magazine€for€published€statements€of€othersÐ °  Ðconcerning€the€plaintiff's€supposed€involvement€in€the€My€LaiÐ @" Ðmassacre.€€òòId.óó€at€1129.€€In€a€brief€opinion,€this€court€held€thatÐ Ð $ Ðthe€article,€read€as€a€whole,€was€an€account€of€differingÐ `"°& Ðinterpretations€of€the€events€that€occurred€at€My€Lai€and€that€theÐ ð#@( Ðarticle€merely€raised€"questions€.€.€.€[concerning]€the€disparityÐ €%Ð * Ðof€treatment€as€between€[the€plaintiff]€and€others€rather€thanÐ '`", Ðasserting€the€accuracy€of€the€accounts€published."€€òòId.óó€at€1130.€Ð  (ð#. ÐAs€such,€the€article€could€not€support€a€finding€of€actual€malice.€Ð 0*€%0 ÐòòId.óóÐ À+'2 Ðà ` àWe€also€find€valuable€guidance€in€the€decisions€of€ourÐ ° Ðsister€circuits.€€In€òòSaenzóó,€a€public€official€sued€the€author€andÐ @ Ðpublisher€of€an€article€which€allegedly€implied€that€the€plaintiffÐ Ð  Ðwas€involved€in€human€rights€violations.€€òòSeeóó€841€F.2d€at€1311.€Ð ` ° ÐAlthough€the€Seventh€Circuit€held€that€the€article€in€question,Ð ð @ Ðwhile€somewhat€ambiguous,€was€capable€of€bearing€the€defamatoryÐ € Ð  Ðaccusation€alleged€by€the€plaintiff,€the€court€affirmed€theÐ `  Ðdistrict€court's€granting€of€summary€judgment.€€The€court€concludedÐ  ð  Ðthat€the€plaintiff€failed€to€adduce€sufficient€evidence€on€theÐ 0€  Ðelement€of€actual€malice€"primarily€because,€rather€thanÐ À Ðdemonstrating€that€[the€author]€or€[publisher]€òòintendedóó€to€labelÐ P  Ðhim€a€torturer,€the€bulk€of€his€evidence€merely€indicates€that€theÐ à0 Ðdefendants€òòcould€not€reasonably€have€concludedóó€that€he€was€aÐ pÀ Ðtorturer."€€òòId.óó€at€1318€(emphasis€supplied).Ð P Ðà ` àA€similar€lesson€is€found€in€òòNewtonóó€v.€òòNationalÐ à ÐBroadcasting€Co.,€Inc.óó,€930€F.2d€662€(9th€Cir.€1990).€€There,€theÐ  p ÐNinth€Circuit€addressed€a€defamation€claim€by€the€entertainer€WayneÐ °  ÐNewton€against€a€broadcasting€company€and€several€broadcastÐ @" Ðjournalists€after€they€aired€a€report€about€Newton's€relationshipÐ Ð $ Ðwith€the€Mafia€and€his€purchase€of€a€casino.€€òòId.óó€at€667.€€TheÐ `"°& Ðtrial€court€held€that€the€story€created€the€unmistakable€impressionÐ ð#@( Ðthat€Newton,€facing€financial€problems,€called€a€Mafia€friend€whoÐ €%Ð * Ðhelped€him€fund€his€purchase€of€a€casino€in€exchange€for€a€hiddenÐ '`", Ðinterest€in€the€venture.€€òòId.óó€€The€trial€court€further€held€thatÐ  (ð#. Ðeven€if€the€defendants€"unintentionally€left€the€impression"€thatÐ 0*€%0 ÐNewton's€purchase€was€funded€in€part€by€organized€crime,€theyÐ À+'2 Ð"should€have€foreseen"€that€meaning€would€be€communicated€toÐ ° Ðothers.€€òòId.óó€at€680.€€The€Ninth€Circuit€reversed€that€finding€andÐ @ Ðheld€that€a€defamatory€implication€that€"should€have€been€foreseen"Ð Ð  Ðby€the€defendants€could€not€give€rise€to€liability.€€òòId.óó€€The€courtÐ ` ° Ðnoted€that€the€actual€malice€test€is€deliberately€subjective.€€òòId.óó€Ð ð @ ÐResort€to€an€objective€standard€for€actual€malice,€reasoned€theÐ € Ð  Ðcourt,€"would€permit€liability€to€be€imposed€not€only€for€what€wasÐ `  Ðnot€said€but€also€for€what€was€not€intended€to€be€said."€€òòId.óó€atÐ  ð  Ð681.Ð 0€  Ðà ` àTaken€together,€òòMedinaóó,€òòSaenzóó,€and€òòNewtonóó€demonstrateÐ À Ðthat€Howard's€attempt€to€build€a€case€of€actual€malice€forÐ P  Ðimplications€arising€from€Antilla's€article€must€be€doomed€to€fail.€Ð à0 ÐAs€in€òòMedinaóó,€Antilla's€article€is€essentially€an€account€of€twoÐ pÀ Ðsides€of€an€issue€in€which€she€merely€raises€questions€concerningÐ P Ðthe€authorities'€treatment€of€the€dispute.€€And€in€the€same€vein€asÐ à Ðboth€òòSaenzóó€and€òòNewtonóó,€the€evidence€before€the€jury€in€this€caseÐ  p Ðshowed,€at€most,€that€Antilla€should€have€foreseen€the€potentialÐ °  Ðinterpretation€of€her€article€as€accusing€Howard€of€beingÐ @" ÐFinkelstein.€€But€only€a€strained€reading€of€the€article€itselfÐ Ð $ Ðwould€yield€such€an€accusation.€€Thus,€we€think€that€Howard€failed,Ð `"°& Ðas€a€matter€of€law,€to€meet€his€burden€of€proving€that€AntillaÐ ð#@( Ðintended€or€knew€that€the€article€falsely€accused€Howard€of€beingÐ €%Ð * Ða€known€felon.Ð '`", Ðà ` àRelying€on€the€Supreme€Court's€decisions€in€òòConnaughtonóóÐ  (ð#. Ðandòòóó€òòHillóó,€Howard€argues€that€the€jury€could€have€found€malice€byÐ 0*€%0 Ðclear€and€convincing€evidence€based€on€significant€omissions€ofÐ À+'2 Ðfact€in€Antilla's€article.€€In€particular,€Howard€points€toÐ ° Ðevidence€at€trial€demonstrating€that€Antilla€was€in€possession€ofÐ @ Ða€copy€of€Howard's€passport,€which€showed€that€Howard€was€travelingÐ Ð  Ðabroad€while€Finkelstein€was€reported€to€be€either€in€prison€or€outÐ ` ° Ðon€bail€pending€sentencing€for€violations€of€federal€securitiesÐ ð @ Ðlaw.€€Antilla's€article€does€not€include€this€information,€whichÐ € Ð  ÐHoward€argues€would€have€clearly€refuted€the€short€sellers'€rumor.Ð `  Ðà ` àThis€evidence€is€certainly€probative€of€subjectiveÐ  ð  Ðawareness€of€probable€falsity.€€However,€Antilla's€omissions€cannotÐ 0€  Ðcarry€the€heavy€freight€of€establishing€actual€malice€by€theÐ À Ðmeasure€of€convincing€clarity.€€In€òòConnaughtonóó,€the€newspaper€usedÐ P  Ða€single€source€as€the€basis€for€a€highly€improbable€story€that€aÐ à0 Ðcandidate€for€judicial€office€had€offered€a€bribe.€€òòId.óó€at€691„92.€Ð pÀ ÐIn€addition,€the€author€deliberately€refused€to€listen€to€tapeÐ P Ðrecordings€that€clearly€exonerated€the€plaintiff€of€the€accusedÐ à Ðwrongdoing.€€òòId.óó€at€692.€€Based€on€these€facts,€the€Supreme€CourtÐ  p Ðupheld€the€jury's€finding€of€actual€malice.€€òòId.óó€at€€693.€€UnlikeÐ °  Ðthe€article's€author€in€òòConnaughtonóó,€however,€Antilla€soughtÐ @" Ðinformation€regarding€her€story€from€upwards€of€thirty€sources.€Ð Ð $ ÐShe€compared€the€rumors€circulated€by€the€short€sellers€with€theÐ `"°& Ðinformation€that€Howard€and€his€son€were€willing€to€divulge.€€SheÐ ð#@( Ðalso€sought€independent€confirmation€of€the€facts€from€the€SEC€andÐ €%Ð * Ðlawyers€that€had€previously€represented€Finkelstein.€€While€AntillaÐ '`", Ðwas€clearly€stingy€in€providing€facts€from€which€a€reader€mightÐ  (ð#. Ðâ âinfer€that€Howard€was€probably€not€Finkelstein,€this€is€not€enoughÐ 0*€%0 Ðto€sustain€the€conclusion€that€her€article€intentionally€orÐ ° Ðreckless€asserted€that€Howard€was€in€fact€Finkelstein.Ð @ Ðâ âà ` àAntilla€admits€that€her€failure€to€correlate€the€dates€inÐ Ð  ÐHoward's€passport€with€Finkelstein's€jail€time€was€an€oversight,Ð ` ° Ðand€concedes€that€she€"should€have€seen€it."€€However,€she€explainsÐ ð @ Ðher€failure€to€appreciate€the€significance€of€these€facts€byÐ € Ð  Ðpointing€to€the€1500€pages€of€notes€and€documents€in€herÐ `  Ðinvestigative€file.€€Howard€argues€that€he€introduced€ampleÐ  ð  Ðevidence€(like€a€notation€on€the€notes€regarding€Howard's€passportÐ 0€  Ðdates€showing€Antilla€knew€Finkelstein€was€only€released€fromÐ À Ðprison€in€1993)€from€which€the€jury€could€reasonably€infer€that€theÐ P  Ðfailure€to€include€the€exculpatory€evidence€was€intentional,€or€atÐ à0 Ðleast€reckless.€€However,€as€Antilla€points€out,€the€actual€periodÐ pÀ Ðof€incarceration€is€set€forth€in€a€separate€document.€€Thus,€thisÐ P Ðis€not€a€situation€involving€an€obdurate€refusal€to€listen€to€aÐ à Ðclearly€exculpatory€tape,€but,€at€worst,€a€negligent€failure€toÐ  p Ðconnect€the€dots€in€a€voluminous€paper€trail.€€òòCf.óó€òòBrownóó€v.€òòHearstÐ °  ÐCorp.óó,€54€F.3d€21,€25€(1st€Cir.€1995)€(in€a€defamation€suit€by€aÐ @" Ðprivate€plaintiff,€finding€no€counterbalancing€exculpatory€evidenceÐ Ð $ Ðthat€was€withheld€that€would€support€a€claim€of€negligence).Ð `"°& Ðà ` àòòHillóó€is€also€distinguishable.€€In€òòHillóó,€the€Supreme€CourtÐ ð#@( Ðconsidered€a€statutory€false-light€action€in€which€the€plaintiffÐ €%Ð * Ðalleged€that€the€defendants€had€falsely€reported€that€a€newÐ '`", ÐBroadway€play€"re„enact[ed]"€the€plaintiff's€family's€experience€inÐ  (ð#. Ðbeing€held€hostage€by€three€escaped€convicts.€€385€U.S.€at€376„77.€Ð 0*€%0 ÐBased€on€the€defendants'€awareness€of€the€true€facts€surroundingÐ À+'2 Ðthe€plaintiff's€experience,€the€Court€ruled€that€the€jury€couldÐ ° Ðreasonably€conclude€from€the€evidence€in€the€case€that€theÐ @ Ðdefendants€had€engaged€in€knowing€falsehood€or€had€recklesslyÐ Ð  Ðdisregarded€the€truth.€€òòId.óó€at€394.€€òòHillóó,€however,€providesÐ ` ° Ðuncertain€guidance€in€this€case€because€it€involved€an€invasion€ofÐ ð @ Ðprivacy€claim€by€a€non„public€figure.€€As€the€Court€explained:Ð € Ð  ÐÓÓà8 ` àWe€find€applicable€here€the€standard€ofÐ `  Ðknowing€or€reckless€falsehood,€not€throughÐ Ø(  Ðblind€application€of€òòNew€York€Times€Co.óó€v.Ð  ð  ÐòòSullivanóó,€relating€solely€to€libel€actions€byÐ h¸  Ðpublic€officials,€but€only€upon€considerationÐ 0€  Ðof€the€factors€which€arise€in€the€particularÐ øH  Ðcontext€of€the€application€of€the€New€YorkÐ À Ð[invasion€of€privacy]€statute€in€casesÐ ˆØ Ðinvolving€private€individuals€.€.€.€.€€[A]Ð P  Ðdifferent€test€might€be€required€in€[anÐ h Ðinvasion€of€privacy€action]€by€a€publicÐ à0 Ðofficial,€as€opposed€to€a€libel€action€by€aÐ ¨ø Ðpublic€official€or€a€statutory€action€by€aÐ pÀ Ðprivate€individual€.€.€.€.Ð8ˆ` x` x ÐÌÓ…¼ÓòòId.óó€at€390„91.€€Moreover,€òòHillóó€involved€a€far€more€direct€assertionÐ È Ðby€the€defendants€that€a€fictionalized€story€"re„enacted"€eventsÐ X¨ Ðthat€actually€occurred.€€This€makes€òòHillóó€a€poor€analog€to€the€caseÐ è8 Ðbefore€us,€in€which€Antilla's€article€assumed€only€an€ambivalentÐ xÈ! Ðstance€toward€the€truth€or€falsity€of€the€allegedly€harmfulÐ  X# Ðstatement.€€Also,€the€plaintiff€in€òòHillóó€adduced€an€overwhelmingÐ ˜!è% Ðamount€of€evidence€that€the€defendants€were€aware€of€the€falsity€ofÐ (#x' Ðtheir€statement.€€In€comparison,€Howard's€evidence€of€actual€maliceÐ ¸$ ) Ðwas€relatively€weak,€and€its€force€was€diluted€further€by€theÐ H&˜!+ Ðundisputed€fact€that€Antilla€made€efforts€to€include€information€inÐ Ø'(#- Ðthe€article€tending€to€discredit€those€who€circulated€the€rumor.Ð h)¸$/ Ðà ` àIn€sum,€based€on€our€constitutionally„mandatedÐ ø*H&1 Ðindependent€review€of€the€evidence€on€actual€malice,€we€canÐ ˆ,Ø'3 Ðconclude€only€that,€even€if€Antilla's€article€was€capable€ofÐ ° Ðcommunicating€the€accusation€that€Howard€is€a€convicted€felon,€suchÐ @ Ða€false€accusation€was€not€shown€to€be€either€intentional€orÐ Ð  Ðtreated€with€reckless€disregard.€€Thus,€a€verdict€in€Howard's€favorÐ ` ° Ðcannot€be€supported.Ð ð @ Ðà@88)ìàò òIV.ó óˆÐ € Ð  Ðà ` àFor€the€reasons€stated€above,€we€òòò òvacateó óóó€the€jury'sÐ `°  Ðverdict€on€the€false€light€claim€and€òòò òremandó óóó€the€case€to€theÐ @  Ðdistrict€court€with€instructions€that€judgment€be€entered€in€favorÐ  p  Ðof€the€defendant/appellant.Ð  ° ÐÓÓà@  &ìàòòò òAPPENDIXó óóóˆÐ ° ÐÌò òA.€ARTICLEÐ h¸ ÐÌà8 ` àIs€Howard€Really€Finkelstein?€ÐH˜` x` x Ðà ` àMoney€Rides€on€It€ó óÐ 8 ˆ ÐÌà8 ` àò òBy€Susan€Antilla€ó óÐð @` x` x ÐÌà8 ` àIs€Robert€Howard€really€Howard€Finkelstein?€€AÐ ¨ ø  Ðlot€of€investors€in€Mr.€Howard's€PresstekÐ p À  ÐInc.,€would€like€to€know.€But€not€even€theÐ 8ˆ  ÐSecurities€and€Exchange€Commission€can€say€forÐ P  Ðsure.€And€the€lingering€mystery€has€roiled€aÐ È  Ðhot€stock€and€left€the€S.E.C.€blushing.Ðà ` x` x ÐÌà8 ` àInvestors€count€on€the€S.E.C.€to€weed€outÐ  p  Ðrogues€in€the€universe€of€publicly€tradedÐ è8 Ðcompanies,€paying€particular€attention€toÐ ° Ðrepeat€offenders.€€Sometimes,€though,€theÐ xÈ Ðagency€slips€up€through€bad€record-keeping€orÐ @ Ðincomplete€research,€inadvertently€setting€theÐ X Ðbackdrop€for€confusion€in€the€markets.€Ð Ð  ÐUnsuspecting€investors€in€Presstek,€run€by€itsÐ ˜è Ðchairman,€Robert€Howard,€no€doubt€wonderedÐ `° Ðwhat€had€happened€in€early€fall€to€stall€aÐ (x Ðfour-month€rally€in€their€stock.€Presstek,€aÐ ð@ Ðcompany€that€sells€imaging€technology€toÐ ¸ Ðmakers€of€printing€presses,€had€reported€noÐ €Ð Ðstartling€news€that€would€explain€the€16Ð H˜ Ðpercent€plunge€in€the€stock€in€September€andÐ ` Ðthe€13€percent€fall€that€followed€this€month.€ÐØ(` x` x ÐÌà8 ` àBut€behind€the€scenes,€a€rumor€was€sweepingÐ h¸! Ðthe€market€that€the€chairman€of€Presstek€hadÐ 0 €" Ðbeen€concealing€an€ugly€past.€€The€story€thatÐ ø H# Ðmade€the€rounds:€Mr.€Howard,€founder€ofÐ À!$ ÐPresstek€in€1987,€was€Howard€Finkelstein,€aÐ ˆ"Ø% Ðconvicted€felon€who€went€to€jail€forÐ P# & Ðviolations€of€securities€laws,€among€otherÐ $h' Ðthings.Ðà$0 (` x` x ÐÌà8 ` àMr.€Howard€denies€that€he€is€Mr.€Finkelstein,Ð p&À!* Ðand€the€rumor€should€have€been€easy€enough€toÐ 8'ˆ"+ Ðconfirm€or€quell,€easing€the€anxiety€ofÐ (P#, Ðinvestors€who€did€not€know€whether€to€buy,Ð È($- Ðsell€or€sit€tight.€€After€all,€the€S.E.C.€asÐ )à$. Ðrecently€as€February€settled€an€insiderÐ X*¨%/ Ðtrading€case€against€the€Robert€Howard€whoÐ  +p&0 Ðruns€both€Presstek€and€another€public€companyÐ è+8'1 Ðcalled€Howtek,€both€in€Hudson,€N.H.€€TheÐ ° ÐS.E.C.€said€Mr.€Howard€had€given€an€illegalÐ xÈ Ðtip€about€Howtek's€outlook€to€a€friend€on€aÐ @ Ðgolf€course€and€had€fined€and€censured€him.ÐX` x` x ÐÌà8 ` àThe€S.E.C.€did€search€its€files€for€Mr.€HowardÐ ˜è Ðbut€it€did€not€find€its€own€publicÐ ` ° Ðannouncements€from€the€mid-1970's,€includingÐ ( x Ðthe€one€in€1976€that€referred€to€the€criminalÐ ð @ Ðconviction€of€"Howard€Finkelstein€(also€knownÐ ¸   Ðas€Robert€Howard)"€for€securities€lawÐ € Ð  Ðviolations.ÐH ˜ ` x` x ÐÌà8 ` à"We€did€what€we€would€normally€do€in€checkingÐ Ø(  Ðrecords€and€checking€our€data€base,"€saidÐ  ð  ÐWilliam€McLucas,€chief€of€the€enforcementÐ h¸  Ðdivision€of€the€S.E.C.€in€Washington.€€But€theÐ 0€  Ðprevious€case€against€Howard€Finkelstein€aliasÐ øH  ÐRobert€Howard€"didn't€pop€up,"€Mr.€McLucasÐ À Ðconceded,€explaining€that€it€appeared€that€noÐ ˆØ Ðone€cross-referenced€the€alias€of€a€convictedÐ P  Ðfelon€in€the€S.E.C.'s€computerized€recordsÐ h Ðthat€date€back€to€1974.Ðà0` x` x ÐÌà8 ` à"Would€I€have€preferred€we'd€put€the€names€inÐ pÀ Ðand€flipped€them€in€both€instances?"€Mr.Ð 8ˆ ÐMcLucas€asked.€€"Yes.€But€the€names€may€notÐ P Ðhave€been€entered€into€the€computer€data€baseÐ È Ðwhen€the€data€was€put€into€the€system€way€backÐ à Ðwhen."ÐX¨` x` x ÐÌà8 ` àWhile€Mr.€McLucas€acknowledged€there€was€aÐ è8 Ðrecord-keeping€problem€in€this€case,€he€saidÐ °  Ðhe€did€not€think€that€dual€identities€posed€aÐ xÈ! Ðserious€problem€for€his€enforcement€unit.Ð@"` x` x ÐÌà8 ` àHad€S.E.C.€employees€systematically€made€twoÐ Ð $ Ðentries€on€every€alias€when€the€agency€set€upÐ ˜!è% Ðits€computerized€data€base€in€1984,€theÐ `"°& ÐHoward/Finkelstein€case€would€have€come€up.€Ð (#x' ÐThat€would€not€have€told€the€S.E.C.€that€theÐ ð#@( ÐPresstek€chairman€was€Mr.€Finkelstein.€€But€itÐ ¸$ ) Ðmay€have€raised€investigators'€suspicions,Ð €%Ð * Ðcaused€them€to€query€Mr.€Howard€about€theÐ H&˜!+ Ðpossible€Finkelstein€connection,€and€perhapsÐ '`", Ðgiven€them€a€reason€to€investigate€further€toÐ Ø'(#- Ðdetermine€who€Robert€Howard€was.€€Lacking€theÐ  (ð#. Ðcomputer€entry€of€the€alias,€though,€theÐ h)¸$/ Ðagency€never€got€to€the€first€step.Ð0*€%0` x` x ÐÌà8 ` àThe€S.E.C.€still€cannot€say€whether€the€RobertÐ À+'2 ÐHoward€of€Presstek€is€or€is€not€the€sameÐ ˆ,Ø'3 ÐRobert€Howard€who€operated€as€HowardÐ ° ÐFinkelstein.ÐxÈ` x` x ÐÌà8 ` à"Our€records€don't€indicate€that€he€is€anyoneÐ X Ðelse,"€said€Mr.€McLucas,€referring€to€theÐ Ð  ÐPresstek€chairman.€€But€"we€have€not€at€thisÐ ˜è Ðpoint€in€time€taken€his€fingerprints,"€heÐ ` ° Ðadded.Ð( x` x` x ÐÌà8 ` àThe€S.E.C.€may€not€have€found€the€previousÐ ¸   Ðcase€but€the€short-sellers€did.€Ð € Ð  ÐShort-sellers,€who€profit€by€placing€bets€thatÐ H ˜  Ða€stock€will€decline,€found€out€about€theÐ `  ÐFinkelstein€question€and€used€the€connection€„Ð Ø(  Є€regardless€of€whether€it€is€true€„„€to€tryÐ  ð  Ðto€push€the€price€lower.€Their€effort,€and€theÐ h¸  Ðfact€that€the€S.E.C.€was€unaware€of€theÐ 0€  Ðidentity€issue€at€all,€is€what€has€madeÐ øH  ÐPresstek€and€Mr.€Howard€(and€perhaps€Mr.Ð À ÐFinkelstein)€a€market€story€over€the€lastÐ ˆØ Ðseveral€months.ÐP ` x` x ÐÌà8 ` àThe€short-sellers€did€their€own€research€onÐ à0 Ðthe€heels€of€the€February€S.E.C.€case,€andÐ ¨ø Ðdiscovered€the€other€S.E.C.€case€that€theÐ pÀ ÐS.E.C.'s€own€investigators€missed.€€In€thatÐ 8ˆ Ðcase€"Howard€Finkelstein,€a.k.a.€RobertÐ P ÐHoward"€had€illegally€swapped€securities€forÐ È Ðfur€coats€in€a€scam€in€the€late€1960's.€€Mr.Ð à ÐFinkelstein€alias€Mr.€Howard€went€to€jail€forÐ X¨ Ðthat€and€other€infractions,€including€aÐ  p Ðconviction€for€a€violation€of€the€Mann€ActÐ è8 Ðthat€prohibits€transportation€of€women€acrossÐ °  Ðstate€borders€for€immoral€purposes.ÐxÈ!` x` x ÐÌà8 ` àPushing€the€Finkelstein€connection,€theÐ  X# Ðshort-sellers€apparently€were€able€to€worryÐ Ð $ Ðinvestors€enough€to€create€selling€of€PresstekÐ ˜!è% Ðthat€pushed€the€price€down€on€heavy€volumeÐ `"°& Ðfrom€a€peak€of€$48.75€a€share€on€Sept.€13€toÐ (#x' Ð$41€a€share€on€Sept.€23€and€from€$47.50€onÐ ð#@( ÐSept.€28€to€$41€on€Oct.€5.€€Yesterday,€itÐ ¸$ ) Ðclosed€at€$41.25,€down€75€cents.Ѐ%Ð *` x` x ÐÌà8 ` àMr.€Howard€of€Presstek€vehemently€denies€thatÐ '`", Ðhe€is€the€Mr.€Howard€with€the€alias€ofÐ Ø'(#- ÐFinkelstein.€The€rumor€"is€absolutely,Ð  (ð#. Ðunequivocally€not€true,"€he€said€in€a€recentÐ h)¸$/ Ðtelephone€interview€from€his€home€in€St.Ð 0*€%0 ÐJean-Cap-Ferrat,€France.€€But€some€gaps€in€theÐ ø*H&1 ÐHoward€family's€effort€to€prove€this€and€theÐ À+'2 ÐS.E.C.'s€own€uncertainty€leave€some€doubt.Ј,Ø'3` x` x Їà8 ` àIn€pursuing€its€insider€trading€case€againstÐ ° ÐMr.€Howard€earlier€this€year,€the€S.E.C.€askedÐ xÈ Ðthe€Presstek€chairman:€"Are€there€any€otherÐ @ Ðnames€that€you€are€known€by€besides€RobertÐ X ÐHoward?"€according€to€two€pages€of€theÐ Ð  Ðtranscript€supplied€by€Lawrence€Howard,€Mr.Ð ˜è ÐHoward's€son.€(The€New€York€Times€has€askedÐ ` ° Ðfor€the€entire€transcript€from€the€S.E.C.,Ð ( x Ðunder€the€Freedom€of€Information€Act.€RobertÐ ð @ ÐHoward's€lawyer,€Larry€Iason,€has€filed€anÐ ¸   Ðobjection€to€that€request.)€His€answer,Ð € Ð  Ðaccording€to€the€pages€supplied€by€LawrenceÐ H ˜  ÐHoward:€"Well,€my€name€at€birth€was€RobertÐ `  ÐHorowitz."ÐØ( ` x` x ÐÌà8 ` àDuring€a€meeting€last€week€in€New€York,Ð h¸  ÐLawrence€Howard€supplied€extensive€documentsÐ 0€  Ðto€show€his€father's€addresses€at€variousÐ øH  Ðtimes.€€His€father's€birth€certificate€shows€aÐ À Ðbirth€date€of€May€19,€1923,€while€courtÐ ˆØ Ðdocuments€show€that€Mr.€Finkelstein's€birthÐ P  Ðdate€is€April€23,€1929.Ðh` x` x ÐÌà8 ` àA€telephone€listing€in€Winter€Park,€Fla.,€Mr.Ð ¨ø ÐFinkelstein's€last€known€address,€wasÐ pÀ Ðunpublished.€€One€lawyer€who€represented€himÐ 8ˆ Ðin€a€1974€stock€fraud€case€said€he€would€notÐ P Ðbe€able€to€remember€what€his€client€lookedÐ È Ðlike.€€Supplied€with€a€photograph€of€Mr.Ð à ÐHoward€of€Presstek,€another€lawyer€for€Mr.Ð X¨ ÐFinkelstein€said€he€"couldn't€swear€to€it,"Ð  p Ðbut€thought€it€was€his€former€client.Ðè8` x` x ÐÌà8 ` àSeveral€prosecutors€from€the€securities€caseÐ xÈ! Ðin€the€1970's€said€they€could€not€rememberÐ @" Ðdetails€about€Mr.€Finkelstein.€€A€gynecologistÐ  X# Ðwho€wrote€a€letter€to€a€judge€defending€Mr.Ð Ð $ ÐFinkelstein€could€not€be€found.€€OtherÐ ˜!è% Ðquestions€also€remain.€€Not€the€least€of€whichÐ `"°& Ðhave€to€do€with€the€reluctance€of€LawrenceÐ (#x' ÐHoward€to€be€forthcoming€about€severalÐ ð#@( Ðquestions.и$ )` x` x ÐÌà8 ` àAsked€to€supply€names€of€his€father's€childrenÐ H&˜!+ Ðand€stepchildren,€for€example,€Lawrence€HowardÐ '`", Ðwould€entertain€the€question€only€if€firstÐ Ø'(#- Ðsupplied€with€the€names€of€Mr.€Finkelstein'sÐ  (ð#. Ðchildren€and€stepchildren.€€Asked€for€a€fullÐ h)¸$/ Ðcopy€of€his€father's€S.E.C.€testimony,Ð 0*€%0 ÐLawrence€Howard€declined.Ðø*H&1` x` x Ðâ âÐ À+'2 Ðà8 ` àLawrence€Howard,€a€psychiatrist€who€wasÐ ° Ðâ âformerly€president€of€Presstek,€is€now€a€viceÐ xÈ Ðchairman.€€Three€months€ago,€he€joined€WhaleÐ @ ÐSecurities€in€New€York,€working€in€itsÐ X Ðcorporate€finance€department.€€Whale,€whichÐ Ð  Ðwas€fined€by€the€National€Association€ofÐ ˜è ÐSecurities€Dealers€in€1992€for€excessiveÐ ` ° Ðmarkups€of€a€stock€it€had€taken€public,€wasÐ ( x Ðthe€underwriter€for€both€Howtek€and€Presstek.€Ðð @` x` x ÐÌà8 ` àRobert€Howard,€meanwhile,€carries€baggage€thatÐ € Ð  Ðwould€be€of€interest€to€shareholders€and€wouldÐ H ˜  Ðhave€been€ammunition€for€short-sellers€even€ifÐ `  Ðit€was€clear€that€Robert€Howard€was€not€HowardÐ Ø(  ÐFinkelstein.Рð ` x` x ÐÌà8 ` àIn€1967,€Mr.€Howard€founded€a€personalÐ 0€  Ðcomputer€printer€company€whose€shares€soared,Ð øH  Ðthen€plunged,€before€he€sold€the€company€andÐ À Ðresigned.€€Two€gambling€ventures€have€goneÐ ˆØ Ðunder,€the€last€in€1981.ÐP ` x` x ÐÌà8 ` àIn€more€recent€history,€earnings€per€share€atÐ à0 ÐPresstek€plunged€last€year€to€17€cents€from€63Ð ¨ø Ðcents€in€1992.€€Last€October,€James€L.€BastÐ pÀ Ðresigned€as€president€and€chief€executiveÐ 8ˆ Ðafter€only€four€months,€raising€the€questionÐ P Ðof€who€is€minding€the€company€store.ÐÈ` x` x ÐÌà8 ` àIn€the€absence€of€an€airtight€record-keepingÐ X¨ Ðsystem€at€the€S.E.C.€this€type€of€identityÐ  p Ðconfusion€could€happen€again.€€And€that€isÐ è8 Ðapart€from€other€ways€in€which€unscrupulousÐ °  Ðoperators€can€deceive€the€agency.€€An€articleÐ xÈ! Ðin€Business€Week€magazine€last€monthÐ @" Ðchronicled€the€checkered€history€of€a€chiefÐ  X# Ðexecutive€who€had€a€sex-change€operation.€€TheÐ Ð $ ÐS.E.C.€censured€the€executive€twice€forÐ ˜!è% Ðviolations€of€securities€rules€„„€once€whenÐ `"°& Ðshe€was€a€man€and€again€after€the€operation.Ð(#x'` x` x ÐÌà8 ` àWhen€the€S.E.C.€censured€the€executive€inÐ ¸$ ) Ð1991,€it€was€the€first€case€by€the€agencyÐ €%Ð * Ðagainst€Eleanor€Schuler,€but€the€secondÐ H&˜!+ Ðagainst€John€Huminik€Jr.,€whose€sex-changeÐ '`", Ðoperation€was€chronicled€in€People€magazine€inÐ Ø'(#- Ð1979.€€Mr.€McLucas€said€there€were€limits€toÐ  (ð#. Ðwhat€the€S.E.C.€could€reasonably€be€expectedÐ h)¸$/ Ðto€do€in€investigations.Ð0*€%0` x` x Ðà8 ` àÐ ` x` x Ðà8 ` à"I'm€not€sure€what€else€the€Government€can€doÐ À+'2 Ðin€civil€investigations€where€we€takeÐ ˆ,Ø'3 Ðthousands€of€witnesses€a€year,"€Mr.€McLucasÐ ° Ðsaid.€€"Do€you€throw€them€down€and€say€'tellÐ xÈ Ðthe€truth€or€we'll€throw€the€hot€light€onÐ @ Ðyou?'€Rubber€hoses€went€out€years€ago€„„€theÐ X ÐConstitution€doesn't€let€you€do€those€thingsÐ Ð  Ðanymore."Иè` x` x ÐÌà8 ` àAs€for€the€Presstek€chairman,€will€the€S.E.C.Ð ( x Ðbe€investigating€further€to€get€the€rightÐ ð @ Ðinformation€out€to€the€public€markets?€€"I'mÐ ¸   Ðnot€going€to€say€what€we€may€or€may€not€do€atÐ € Ð  Ðthis€point,"€he€said.ÐH ˜ ` x` x ÐÌò òB.€€SIDE€BARÐ Ø(  ÐÌà8 ` àWall€St.€Story:€Jumbled€Factи ` x` x Ðó óÌà8 ` àShort-sellers€are€frequently€a€much-neededÐ pÀ  Ðbalance€in€the€markets,€debunking€some€of€theÐ 8ˆ Ðhype€on€public€companies.€But€sometimes€theyÐ P Ðgo€too€far.€ÐÈ` x` x ÐÌà8 ` àOne€short-seller€promoting€the€story€on€WallÐ X¨ ÐStreet€that€Robert€Howard€is€HowardÐ  p ÐFinkelstein,€who€spoke€on€the€condition€ofÐ è8 Ðanonymity,€said€he€had€a€copy€of€S.E.C.Ð ° Ðtestimony€in€which€Mr.€Howard,€the€PresstekÐ xÈ Ðchairman,€admitted€to€going€by€the€last€nameÐ @ Ðof€Finkelstein.€(In€fact,€Mr.€Howard€told€theÐ X ÐS.E.C.€his€original€last€name€was€Horowitz.)Ð Ð  ÐThe€short-seller€also€said€that€directoryÐ ˜è Ðassistance€in€Hudson,€N.J.,€was€giving€out€theÐ `° Ðsame€telephone€number€for€both€HowardÐ (x  ÐFinkelstein€and€Robert€Howard.€Not€only€that,Ð ð@! Ðhe€said,€but€calls€to€that€number€forÐ ¸" ÐFinkelstein€were€forwarded€to€Howtek,€one€ofÐ € Ð# ÐMr.€Howard's€two€companies.€ÐH!˜$` x` x ÐÌà8 ` àBut€there€is€no€city€called€Hudson€in€NewÐ Ø"(& ÐJersey.€And€Howtek€and€Presstek€areÐ  #ð' Ðheadquartered€in€Hudson,€N.H.,€where€there€isÐ h$¸( Ðno€listing€for€a€Howard€Finkelstein.Ð0%€ )` x` x Ðò òÌC.€€CORRECTIONó óÐ è&8"+ ÐÌà8 ` àAn€article€in€Business€Day€yesterday€discussedÐ  (ð#- Ðrumors€affecting€the€stock€of€Presstek,€anÐ h)¸$. Ðimaging€technology€company.€€The€rumorsÐ 0*€%/ Ðsuggested€that€Presstek's€chairman,€RobertÐ ø*H&0 ÐHoward,€might€actually€be€Howard€Finkelstein,Ð À+'1 Ða€convicted€felon.Ј,Ø'2` x` x Їà8 ` àMr.€Howard's€lawyers€presented€The€TimesÐ ° Ðyesterday€with€documents€and€other€informationÐ xÈ Ðregarding€his€identity.€€After€inspectingÐ @ Ðthem,€The€Times€finds€no€credible€evidence€toÐ X Ðsupport€the€rumor.€€Details€appear€today€onÐ Ð  Ðpage€D1.Иè` x` x ÐÌà8 ` àThe€Times€regrets€having€printed€the€rumor.