The Clear Channel Deal and the Court

This is choice.  The banks financing the $19 billion privatization of Clear Channel Communications by Bain and Lee Partners want to back out.  The buyout firms, sitting on a $600 million termination fee obligation, want to close.  Clear Channels controlling family, sitting on a promise for cash, want to close.  The result?  Lawsuits.  One in Texas and one in New York.  The Texas judge, in a very very quick opinion, entered a temporary restraining order against the banks.  A renegotiation of the price would benefit all the parties.  Now the banks say they cannot renegotiate the deal without violating the Texas judge's order.  The Texas Judge's order against the banks, has, in essence, helped the banks delay a solution.  Delay favors those who have not yet paid the money.  You gotta love judges.