This is a rush transcript from "On the Record ," November 23, 2007. This copy may not be in its final form and may be updated.

JAMIE COLBY, GUEST HOST: Do you have tons of question on the Holloway case? I know we do. Let's bring back our legal panel, and, Michael, I owe you one, because I had to cut you of before. We were against a hard break.

Michael, let me ask you about the timing of this, because when this broke that three suspects—and they remain suspects, were rearrested on Wednesday, I thought holiday weekend on the island of Aruba, tourist season—the worst thing is for this it come to light again. Yet they went ahead and pushed forward with these arrests.

Does that lead you to believe they must have something substantial?

MICHAEL CARDOZA, CRIMINAL DEFENSE ATTORNEY: It really doesn't because Aruba has taken a lot of hits on this, an awful lot of hits. They've been banged about poor investigation in this case, so they want to get this solved so more tourists will come to Aruba.

Now here's what I would worry about if I were Joe Tacopina. Number one, they want to get this solved.

Number two, these kids don't get a jury trial. They go before a judge or judges, and judges are notoriously more conservative than juries. So it's a - juries and so it's a lot easier to convince a judge of their guilt.

Are there inconsistent statements? Maybe. But what are they, and how inconsistent?

Then, secondly, you have to look to — did one of the Kalpoe brothers say something? And if they did, was it something that brought in Van Der Sloot? If it did, they can't use the Kalpoe statement.

For example, if one of the Kalpoe brothers said "Joran and I killed her," they cannot use it against van der Sloot, they can only use it against Kalpoe.

So there are all sorts of unanswered questions. Do I think they have a lot of evidence? I bet you right now they don't have too much.

COLBY: Gloria, what is your impression given they fact that they are keeping the Kalpoe brothers separated, and the judge has asked them to get separate attorneys?

GLORIA ALLRED, DEFENSE ATTORNEY: It sounds as though they believe that there might be a conflict, that, indeed, they may have colluded together in the past. That is a suspicion, perhaps, of the prosecutors. They don't want to give them an opportunity to try to get their stories straight between them at this point.

Now, it may be too late. We don't know what was said on that wiretap, if, in fact, there was a wiretap. Could they have been so foolish as to talk on the phone or do text messages when they know that they continue to be under investigation? Perhaps.

They know, and perhaps they think it's over.

COLBY: It's been quiet for some time. He's at college. They're working, one of the brothers works at an Internet cafe.

Bernie, it could be the wiretaps, but it could be more. If it's just the wiretaps, though, is that enough?

BERNIE GRIMM, CRIMINAL DEFENSE ATTORNEY: You know, it's so hard to say. With this case, I mean, the highs are high, the lows are lows. There were so many times where they said, "We're back here on new evidence," and it turned out to be nothing.

And it was just a joke, and it was an embarrassment for everyone.

COLBY: Bernie, could you defend a client who puts in writing, "Yes, I killed her." I'm not saying that they did, but, going to the extreme, if your client did that, could you then go into court and defend that?

GRIMM: If I couldn't do it then I shouldn't be in this business. I should be back in New Jersey on the Jersey shore with Jeanine, making out on weekends.

PIRRO: Oh, stop it! Stop it, Bernie!

COLBY: You two, get a room, OK?

You know what, I got to go. Panel, thank you. It was so great to talk to all of you about these two cases—Peterson and the case in Aruba, both heating up.

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