Monday, December 3, 2007
Well, Chancellor Chandler issued a scheduling order yesterday setting expedited discovery and a trial for Dec. 17 in Georgetown, Delaware. It is interesting to watch the different court-room styles of Chandler (here) and Strine (in SLM). Chandler is holding these scheduling conferences and scheduling disputes outside of public purview as opposed to Strine's two very public hearings for SLM. In any event, I am surprised to find that there is going to be an actual mini-trial and a measure of discovery before Chandler's decision on URI's summary judgment motion. I had thought Chandler was going to decide URI's motion on the papers. I think this favors URI as it gives more leeway for Chandler to make a decision on the merits despite the ambiguity of the merger agreement. This is particularly true since I am thus far unimpressed with the parol evidence cited by Cerberus. But, more evidence is likely to come out and we still need to read Cerberus's response to URI's motion.
It is going to be a fun holiday in Delaware -- at least if you are a lawyer who charges by the billable hour. For those attending note there is no sales tax in Delaware -- just in time for holiday shopping.
Aside: Cerberus continues to clean up its littered deal sheet. Today H&R Block and Cerberus announced the termination of Cerberus's purchase of H&R Block mortgage subsidiary Option One.