Musk takes action to stop the next Twitter trial.
Elon Musk’s legal team is now asking the court to dismiss the planned trial with Twitter, which was set to start on October 17, after Musk ultimately decided to purchase Twitter. Elon takes action to stop the next Twitter trial.
But the trial cannot be dismissed until all parties concur, as Judge Kathaleen McCormick noted yesterday. So long as Twitter does not also request a stay of the proceedings, the trial is still technically ongoing. However, because Musk still needs to come up with $44 billion, Twitter hasn’t let off its vigilance.
According to the letter from Musk’s legal team, provided all goes as planned, they anticipate the deal to close around October 28. The letter states that “Twitter will not take an answer.” Surprisingly, they have insisted on moving forward with the lawsuit, irresponsibly jeopardizing the purchase and playing Russian roulette with stockholder interests. Not only is continuing with this trial a huge waste of party and judicial resources, but it will also make it more difficult for the parties to complete the transaction.
Originally rescheduled for today, he was able to postpone his testimony once more. It appears that his staff is making every effort to avoid having the business tycoon testify under oath.
“Twitter’s irrational speculation has not only been disprove by the banks, but any theoretical claims Twitter might have made base on a hypothetical financing breakdown that has not occurs are unripe and unple.
Reuters reported this week that two possible backers of the acquisition, Apollo Global Management and Sixth Street Partners, are no longer in discussions with Musk, despite the fact that Musk’s team has expressed confidence in its ability to close the sale. It’s not true, as the defendants claim, that Twitter won’t accept a yes for an answer in order to settle this lawsuit. The challenge is that Defendants continue to reject their contractual commitments, according to Twitter’s letter.
Every single one of those claims has been demonstrate by discovery to be completely unfound. According to the lawyers for Twitter, Musk has no reason to hurry up and complete the acquisition if he can avoid going to court. Twitter believes Musk should be making plans for the deal to close on Monday, October 10.
According to the legal team for Twitter, a corporate representative for one of the lending banks testified this morning that Musk has not yet sent a borrowing notice or made any other type of communication signaling his desire to close the acquisition.
In order to provide complete remedy in the event that the closing does not take place for any reason. The brief notes that Twitter is entitle to its day in court to prove its entitlement to particular performance and show the Defendants’ breaches. Twitter is entitle to have its day in court until the defendants promise to close as necessary.