Friday, November 30, 2007
Counsel for RAM Holdings (the acquisition vehicle for URI that is wholly-owned by Cerberus) today sent a letter to Chancellor Chandler. You can download it here. They are claiming that the contract is too ambiguous for disposition on a summary judgment motion and that there does indeed exist parol evidence supporting their case. The first assertion is not surprising and is what I predicted -- Cerberus is trying to delay as much as possible here. The second assertion is Richard Layton's characterization of the evidence -- we need to see more. Again, I'll have more on this Monday or Tuesday.