The banks being sued by Clear Channel, namely Citigroup, Inc., Deutsche Bank, Morgan Stanley, Credit Suisse, Royal Bank of Scotland and Wachovia tell Clear Channel - we're no April Fool. The bank group said yesterday that they're willing to go back to the negotiating table with Thomas H. Lee Partners and Bain Capital, the private-equity firms that agreed to buy Clear Channel in the first place. "The Bank Group continues to stand ready to honor the Commitment Letter and reach a funding agreement on mutually agreeable terms" was the statement they issued yesterday, according to Dow Jones...
The banks asked a New York court to dismiss part of the litigation, the part that says the banks reneged on commitments to fund the $19.5 billion deal. What a mess! Now we have a New York court in on the litigation, on top of the Texas court. Who's next? Judge Judy???
The thing that really ticks off the banks is that Clear Channel apparently paid a visit to the Texas judge's home in the middle of the night. Clear Channel wanted their suit to be over quickly before their deal agreement ends in June. The banks have argued that the Texas state court isn't the appropriate forum for the lawsuit and have asked for the case to be moved to Texas federal court. Clear Channel's angle is that the case stays in state court which might possibly be, wink-wink, more friendly to the San Antonio radio and billboard company...
Hey, if Judge Judy is booked, how about the crying judge who presided over the custody of Anna Nicole Smith's baby???
10 Timeline Memories:
- 1876] Play Ball: Boston beats Philadelphia 6-5 in the first official National League game...
- 1930] And he held on to the ball: Leo Harnett of the Cubs breaks the height record for a catch when he grabs a baseball dropped from the Goodyear blimp 800 feet over Los Angeles. Excavation of his body takes several days but when found, the ball was still in his glove - and nobody got hurt...
- 1938] A Hall of an opening: The Baseball Hall of Fame opens in Cooperstown (NY)...
- 1946] Heeerrrrre's Fergie: Weight Watchers is formed...
- 1963] Back to work: The Typographers Union ends its strike that closed 9 New York City newspapers for 114 days. The strike began in December of 1962. One of the reasons we only have 3 viable newspapers (Times, News & Post) left...
- 1972] Strike One: Major leaguers walk out at the end of spring training and begin the first general player's strike in sports history. They return April 13...
- 1984] Marvin murdered: Marvin Gaye is shot to death by his father in Los Angeles one day before his 45th birthday...
- 1991] O-K: After making the Final Four 5 times under coach Mike Krzysweski since 1986, Duke finally wins its first NCAA crown with a 72-65 win over Kansas...
- 1996] 'Happy Trails': Homeplate umpire John McSherry dies from a massive heart attack during a game. McSherry was 52...
- 2003] Saving Private Lynch: American troops enter a hospital in Iraq and rescue Army Pfc. Jessica Lynch, held prisoner since her unit was ambushed 9 days earlier...
Music Memories:
- 1976] Released on this date: "Margaritaville" - Jimmy Buffett...Everybody...
Commentary:
The knife came out for America's Liberal flagship network, Air America which just celebrated its 5th birthday. Let go were midday hosts Lionel (no last name)and Thom Hartmann but remaining are Al Sharpton, Randi Rhodes, Ed Schultz, Rachel Maddow and others. David Hinckley has the lowdown on the network carried locally at WWRL...
"Happy Birthday...happy birthday":
Gil Scott-Heron (59), Jimmy Cliff (60), David Eisenhower (60), Rusty Staub (66), Phil (Tokens) Margo (66), Rudolph Isley (69), Ali MacGraw (70), Debbie Reynolds (76), Jane Powell (79) and Brendan Byrne (84)...
Timeline Countdown: 4 days until the Final Four, 6 days until the NCAA Championship Game, 18 days until Passover and 32 days until the Kentucky Derby...
