Wednesday, January 23, 2008
Finish Line and UBS filed for an interlocutory appeal of their Tennessee action (download the appeal here ). A few tidbits:
- The trial date for the New York action is March 3.
- Finish Line and UBS are invoking the April 30 expiration of the commitment letter as one reason for an expedited appeal. This is a loser -- the court can just force UBS to postpone as before.
- The brief hints at the two main focuses of their arguments:
- Specific performance is an inappropriate remedy because Genesco has "unclean hands"
- The lower court inappropriately relied on the merger agreement's disclaimers to dismiss Finish Line's Rule 10b-5 claim since such waivers are ineffective in such context.
Interlocutory appeals are seldom granted but this one makes a good case. I'll have more on Finish Line's and UBS's two arguments in the next few days on the my Deal Professor column on the N.Y. Times DealBook.