The Clear Channel buyout mess will be handled in the courts. The bell for round one in this heavyweight bout between the banks and Clear Channel rang in a Texas District Courtroom presided over by Judge John D. Gabriel of Bexar County, Texas. The judge ruled in favor of CC's claim that "irreparable harm would result if the banks were not immediately enjoined from tortiously interfering with the merger agreement." For those of you searching for a dictionary, I'll spare you. Noah Webster defines tortious as "implying or involving tort." My favorite tort is cherry but that's another story...
You know what worries me the most about this deal falling through? The banks that most of us have accounts in, agreed to the deal in the first place. Citigroup, Morgan Stanley, Deutsche Bank, Credit Suisse, Royal Bank of Scotland and Wachovia may have to fork over more than $19 billion. What were they thinking???
The banks got cold feet when credit markets worsened but they won't take this Texas District Court ruling lying down or at least, without covering their feet or perhaps another part of their anatomies. The bell for round two will be ringing at any moment, this time for the banks. Here come da judge...here come da judge...
10 Timeline Memories:
- 1794] In The Navy: President George Washington and Congress authorize creation of the U.S. Navy...
- 1884] Red Sox Nation is born: The first long-distance call is made from Boston to New York in which two people argue the merits of their baseball teams before a shouting match ensues and the phrases "Red Sox Nation" and "Evil Empire" are heard often followed by the slamming of the phone...
- 1932] NCAA basketball trivia question answered: The first NCAA championship game is won by the Oregon Ducks, 46-33 over Ohio State. The NCAA will dominate the NIT starting in the mid-50s...
- 1952] Premiered on this date: "Singing in The Rain" starring Gene Kelly opens at Radio City Music Hall in Manhattan...
- 1971] Alive at Five: The UCLA Bruins top Villanova 68-62 for the 5th national title in a row for the John Wooden-led Bruins who won't stop until they've won 7 consecutive titles...
- 1977] 747 tragedy: A KLM Boeing 747 attempting to take off, crashes into a Pan Am 747 on the Canary Island of Tenerife killing 582...
- 1996] Have a Cigar: Cigar, the great American thoroughbred wins the first $4 million Dubai World Cup to collect racing's richest purse. It's the 14th straight win by the 6-year old bay...
- 1997] The wrong man?: Dexter King, son of Martin Luther King Jr. meets with James Earl Ray in prison and believes his father's alleged assassin had nothing to do with his shooting...
- 1998] Father's little helper: The Food and Drug Administration approves the drug Viagra, made by Pfizer to fight male impotence. Just yesterday Bayer AG, announced that its impotence pill, Levitra can be taken by men with high cholesterol. And just in time for Father's Day...
- 2002] 'Happy Trails': Dudley Moore dies at his New Jersey home of pneumonia, a complication of progressive supra nuclear palsy at 66...2002] "Mr. Television" a.k.a. Milton Berle, dies from colon cancer at 93...
Music Memories:
- 1967] Recorded on this date: "Groovin" - Young Rascals...1972] "Burning Love" - Elvis Presley...
- 1974] Number One on this date: "Sunshine on My Shoulders" - John Denver...1984] "Footloose" - Kenny Loggins...
- 1981] Released on this date: "Dirty Deeds Done Dirt Cheap" - AC/DC...1984] "Time After Time" - Cyndi Lauper...
Commentary:
David Hinckley of the New York Daily News announces that WKCR (89.9) will carry the Country Music Festival starting tomorrow at noon. For the schedule of shows and for the news that Mike Tierney was named program director of K-Rock, check it out in David's column...'Happy Trails' to legendary tough-guy actor Richard Widmark, who passed away on Monday from a lengthy illness at 93. Widmark's daughter Anne at one time was married to Dodgers great Sandy Koufax...
"Happy Birthday...happy birthday":
Stacy Ferguson a.k.a. 'Fergie' (33), Mariah Carey (38), Quentin Tarantino (45), Cale Yarborough (69) and Michael York (66)...
Timeline Countdown: 9 days until the Final Four, 11 days until the NCAA Championship game and 23 days until Passover...
