Orange County Register

Newport Coast billionaire Henry T. Nicholas III should soon be getting back the Gulfstream IV jet that federal agents seized as part of the criminal case accusing the co-founder of Broadcom Corp. of distributing illegal drugs.

A filing in U.S. District Court in Santa Ana signed by attorneys for Nicholas and the U.S. Department of Justice says both sides expect to reach a deal to return the aircraft, which was seized in July.

Assistant U.S. Attorney Frank Kortum declined to comment Thursday on the remaining details to be negotiated to return the aircraft. The filing said both sides believe they can reach a deal by mid-February. A spokesman for Nicholas declined to comment.

Federal agents contended the jet was used to transport drugs such as ecstasy and cocaine between Nicholas’ homes in Orange County and his Las Vegas penthouse. Kortum argued that the seizure of aircraft and autos is standard procedure in drug cases.

During an October hearing on the seizure, U.S. District Judge Cormac J. Carney said there was nothing standard about Nicholas’ drug case — which is related to a $2.2 billion accounting fraud criminal case. Carney warned prosecutors that keeping the jet could give Nicholas the right to demand evidence that otherwise would be off limits to him as a federal criminal defendant.

“Whether Dr. Nicholas is an angel and a choir boy or he’s the devil, or somewhere in between, under our constitution, he has the right to due process,” Carney warned prosecutors at the time.

This week, Carney postponed Nicholas’ trial on the accounting charges until February 2010. The drug charges will be tried later.

To see a photo of the G-IV, CLICK HERE.

Related stories …

• Judge to Feds: Give back billionaire’s jet or open a Pandora’s box
• Feds seize billionaire Nicholas’ Gulfstream
• Air Canada may offer first JWA international service
• Judge delays billionaire Nicholas’ trial until 2010
• Billionaire accuses ex-wife of “publicity stunt” to get money
• Broadcom to cut 200 workers on $159 million quarterly loss

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