Posted on October 5, 2008 by Francis G.X. Pileggi

Legal Issues Raised in Citibank-Wachovia-Wells Fargo Threesome

Professor Ribstein here  and Professor Bainbridge here, discuss the legal issues involved in the three-way dispute between Citibank; Wachovia and Wells Fargo, and whether the Citibank-Wachovia deal can be specifically enforced despite WF's higher later bid.

Although that Citi-Wachovia deal document is not controlled by Delaware law, to the extent that the New York court hearing the case (and apparently applying North Carolina law), refers to Delaware law, the many decisions on specific performance summarized on this blog can be found here.

UPDATE: The Wall Street Journal's "Law Page" picked up my post here. The WSJ's Law Blog has the latest on the three-way imbroglio here, including a consensual "stay" of the pending lawsuits until Wednesday at noon.

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