January 23, 2008
Finish Line's Interlocutory Appeal
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.
January 23, 2008 | Permalink
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