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Makes sense. Offer to close "pending the receipt" is not good enough. Musk has made so many quick reversals that there is no trust left. Twitter has no reason
by Nokinside 4y ago
Makes sense. Offer to close "pending the receipt" is not good enough. Musk has made so many quick reversals that there is no trust left.
Twitter has no reason to ask for a stay until the deal is closed. It's better to just keep pushing and motivate Musk to close asap.
- belter 4y agoPDF: https://courts.delaware.gov/Opinions/Download.aspx?id=338770 https://courts.delaware.gov/Opinions/Download.aspx?id=338770
- Nokinside 4y agoMatt Levine: >What Musk apparently wants is to pause the trial while they can work this all out: He offered to “proceed to closing of the transaction,” but only “provided that the Delaware Chancery Court enter an immediate stay of the action ... and adjourn the trial.” What Twitter wants is sort of the opposite, to keep the pressure of a trial on Musk until he shows up with the money. This feels like a solvable problem — basically, you write some sort of agreement that says like “we’re going to work together to get the closing done this week, but if we don’t we’re gonna have an extra-super-bad trial,” and you get Chancellor McCormick to bless it — but they have to work together to solve it. They have to negotiate and draft an Agreement to Stick to the Agreement. If you’re writing that agreement, you have some trust issues.
- Zigurd 4y agoBloomberg is reporting Musk wants the deal to be contingent on debt financing. Twitter does not like that. So choices are: a) There is no new agreement. Litigation proceeds. b) Musk floats an actual walk-away settlement in an amount Twitter would agree to.