Wednesday, November 28, 2007
Chancellor William B. Chandler III has been assigned as the judge for the URI Case. In addition, people may be interested in this letter sent to the Delaware court earlier this week by Cerberus concerning the New York litigation. In it they state "the RAM Entities do not oppose expedited proceedings in this action," but interpose the issue that:
to obtain an order of specific performance that would require the merger transaction to close, URI would be required to prevail here and, in addition, to obtain an order fiom the New York court requiring CCM to provide the RAM Entities with the cquity infusion that would be one of the essential requirements for the RAM Entities to consummate the merger transaction.
I'll have a full post on Friday on this and the legal state of play generally.
Genesco filed a motion to dismiss and strike Finish'Line's Fraud and Misrepresentation Counterclaims and Affirmative Defenses. They have some good argument and, though I need to read them fully, cite some apparently strong cases on disclosure of forward-looking information (not so oddly enough in the real estate context). In addition, UBS responded to GCO's motion to limit the upcoming trial hearing only to the MAC claim (read it here). Finish Line also responded (read it here). I note one tidbit in the Finish Line filing on page five with the heading:
The Federal Criminal Investigation of Genesco is a Material Adverse Effect and Precludes Specific Performance.
Funny about that. I'll have more on Genesco tomorrow