Monday, November 12, 2007
SLM and the Flowers group have agreed to permit Strine to make a preliminary "paper" ruling on their material adverse change case. The schedule per the order is as follows: the Flowers group will file their brief by November 27, SLM will respond by December 14, and oral arguments will be held on December 19. It is going to be a fun holiday in Delaware.
Having thought about this a bit more, I suspect this is a win for both parties. To the extent SLM, doesn't want to bury this issue they now get a quick ruling and can move on. For Flowers, as I've said before they have a very good case on the plain reading of the contract, so it is no loss for them. Ultimately, I think think Strine will make a dispositive ruling on this motion in favor of Flowers.
Best of all, it now appears likely that we will get a decision out of the court on another MAC case, something sorely needed to clarify the MAC case-law.