April 14, 2008
A Race Between Court in the Clear Channel Busted Buyout
There is a race between two judges in the litigation over the busted Clear Channel buyout. A state court in Texas is racing to beat a court in New York. Clear Channel is based in San Antonio and is attempting to force the buyer's financial bankers to finance the deal. The Texas judge, anticipated to favor closing the deal, is way ahead. Judge Brown has already imposed, in succession, a very quick TRO, a temporary injunction, and a fast track trial date. The New York court, more sympathetic perhaps to the financing banks, has a summary judgment hearing scheduled for April 24th. This reminds me of the railroad wars at the turn of the century than included a fight between the courts of Pennsylvania and New Jersey. Plenty more to come.
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