To borrow from Simon & Garfunkel, where have you gone Sam Glasscock III? A nation turns its lonely eyes to you (Woo, woo, woo).
The Delaware Chancery Court judge has been MIA since Nov. 8 he issued a partial bench ruling favoring Apollo Tyre in a suit filed by Cooper Tire & Rubber Co. to force completion of the Indian firm’s $2.5 billion acquisition play. That ruling said Apollo did not breach terms of the June 12 deal, but Glasscock said that was a half-decision; claims that Apollo has bailed on its purchase decision remain in his hands.
The next day, Glasscock issued a bench letter stating that Cooper still had the right to compel Apollo to complete the deal – if such could be completed by Nov. 14. That was the latest date Cooper could issue its 3Q 2013 results, financial data intrinsic to Apollo obtaining necessary financing to buy Cooper.
It was also data that would not be possible to compile. On Nov. 12, Cooper filed notice with the SEC that it was going to be a bit late, and noting what everyone already knew: it’s Chinese joint venture “partner” wasn’t playing nice.
But since Nov. 9, no one has heard from Glasscock. The other half of his half-decision remains a mystery. That lack of a complete decision didn’t prevent Cooper lawyers from driving from Wilmington, Del., (home of the Chancery Court) all the way to the state capitol of Dover to file an appeal with the state Supreme Court.
Cooper was granted an expedited hearing before the Supremes, slated for Dec. 19. The clock is obviously ticking; the deal is supposed to be concluded by the close of 2013. But exactly what will the Delaware Supreme Court decide? Can it even consider an appeal of a half-decision?
What happens, then, if the Supremes support Cooper’s appeal and overturns Glasscock’s bench half-ruling, but Glasscock completes his past-due ruling fully in Apollo’s favor? Does the second half of the decision then have to be vetted before the Supremes? Would the Supreme Court’s ruling on Part A impact the status of Part B?
What a wonderful pile of attorney’s bills we have here!
I have no prediction as to which way this one will go, other than to say this: Make some popcorn, put on some comfy jammies and kick back – this is gonna be a long movie.
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Got a few emails from readers concerning the Today Show segment that aired earlier this week about how a hidden camera crew wasn’t ripped off by unscrupulous repair shops.
That’s right: Wasn’t ripped off.
For the segment, an ASE-certified service tech intentionally reduced the air pressure in the tires on a minivan, low enough to trip America’s newest tire pressure gauge: The TPMS Light! A female producer then drove around to a selection of car dealers and a chain outlet and a repair shop and an actual independent tire dealer, in each case seeking help with that pesky illuminated TPMS light.
Normally these hidden-camera “We want to catch these rip-off artists” segments go very badly. In a true TV first, every single place the young woman stopped did the right thing: They put air in the tire. For free.
Yes, there were a few technical issues with the entire bit. And instead of going straight to tire shops – where tire experts are – NBC chose a selection of car dealers, a Midas shop and a car repair shop among its marks.
But, American consumers did not get another dose of “repair shops rip you off.”
You can see the entire segment here, including NBC’s shock and surprise that the “rip-off” premise it tried so hard to set up was absolutely destroyed by some honest businesses.
Enjoy!
