One reason the court may not force Elon Musk to buy Twitter is he simply might not comply.
, many observers now believe the Delaware courts will force him to buy Twitter for $44 billion, his initial offer price.
But a closer look at the legal process, with input from Delaware lawyers, indicates Musk might have more in his favor than the narrative suggests. He may still lose, or agree to a massive settlement, but a ruling that forces him to buy Twitter remains unlikely.“I don’t think he’s screwed at all,” said Morgan Ricks, a law professor at Vanderbilt University. “If it were a slam dunk case and the remedies were very clear and easily enforceable, then everyone would be buying Twitter at $52.
The court may be particularly hesitant to order Musk to close the deal because it understands he might not comply, a seemingly preposterous notion that somehow carries weight. Carolyn Berger, the court’s former vice-chancellor,Wednesday. “The problem with specific performance,” she said, “especially with Elon Musk, is that it’s unclear whether the order of the court would be obeyed.”
The court could fine Musk for noncompliance daily, Berger said, but the fines would simply pile up on a ledger and might not result in any action. So, a desire for a quick resolution might push the court to rule in favor of Twitter, but only levy damages, which lawyers familiar with the case believe are capped at $1 billion.The possibility of not getting $44 billion via a specific performance order will loom over Twitter’s case and likely push it to settle.
, a Delaware corporate lawyer. “I don’t care who you are or what case it is. Every case has different shades and different nuances that make it less than a sure thing. So, statistically, 99 percent of all cases settle.”To arrive at a settlement number it can accept, Twitter will contemplate the probability that it will get a specific performance ruling, up to $1 billion in damages, or lose outright.
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