There's a really well done report in yesterday's Los Angeles Times by reporter Tom Petruno. It is linked above if you click on the title.
Mr. Petruno's piece explains the issues well and the back-and-forth exchanges between Mr. Gundlach and TCW's super-lawyer, John Quinn.
We appreciated this portion of Mr. Petruno's piece, relating to Mr. Quinn showing Mr. Gundlach an e-mail he had written regarding perceived risk at TCW:
"This whole fire drill of a week has helped me to fully see that I will be forever vulnerable as long as I stay at a place that thinks it owns and controls the revenue stream," Gundlach said in the email. "Eliminating that vulnerability is the goal now."
Quinn and Gundlach then sparred over their perceptions of Gundlach's responsibility to TCW as a senior officer.
The revenue generated by assets Gundlach managed was "a shared revenue stream between me and TCW," he said.
"Did the clients send in the checks to Jeffrey Gundlach Inc.?" Quinn asked.
"No," Gundlach said.
The trial continues but Mr. Quinn clearly scored some points in this exchange that suggest Mr. Gundlach was angling to depart from TCW and that he considered the client relationships to be co-owned between him and TCW.