Wednesday, May 16, 2007
The Financial Times is reporting that the Dutch Supreme Court is expediting its consideration of ABN Amro's appeal of a lower court decision halting the $21 billion sale of its subsidiary LaSalle Bank to Bank of America until an ABN Amro shareholder vote is held on the matter. According to the FT:
The court could complete its deliberations "by the end of June or early July", far quicker than expected, said a person familiar with the matter. The most optimistic estimates had suggested the process would take three or four months.
It is at these times that one must extol the virtues of the Delaware and other U.S. courts for their efficiency and responsiveness. If the matter arose in this country, any appeal would likely have been heard in weeks and certainly not months. In the interim, the competing bids for both ABN Amro and LaSalle are in limbo and the operations of ABN Amro, including LaSalle Bank will be run under the handicap of an uncertain future.