The ruling gives Musk a deadline by which he needs to make good on his April agreement to buy the company
In their filing earlier Thursday, Musk’s lawyers had argued that a short pause would not harm Twitter. “In the event a closing does not occur, the litigation can promptly resume based on the then existing facts and whatever issues remain at the time.” But going ahead with the scheduled Oct. 17 trial, and the appeals that would follow, would have caused the deal to take “months” to complete, Musk’s lawyers said.
“Now, on the eve of trial, defendants declare they intend to close after all,” Twitter said in its filing. “‘Trust us,’ they say, ‘we mean it this time,’ and so they ask to be relieved from a reckoning on the merits.” The two parties had been gearing up for the week-long courtroom battle, which would have determined whether the billionaire had legitimate grounds to torpedo the buyout because of alleged fake user accounts. McCormick ruled against the Tesla Inc. CEO on about aSeven banks, led by Morgan Stanley, fully underwrote the debt portion of the financing, according to an April filing.
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