Attorneys for Musk wanted to file a public version of their
answer and counterclaims in Delaware court Wednesday. But Twitter attorneys
complained that they needed more time to review and potentially redact Musk's
sealed filing, saying it refers “extensively” to internal Twitter information
and data given to Musk.
Chancellor Kathaleen St. Jude McCormick held a quick
teleconference Wednesday before agreeing with Twitter, directing that the
public filing be docketed by 5pm Friday. It could be filed earlier depending on
when Twitter attorneys complete their review.
Twitter attorneys argued that court rules require that five
business days lapse before a public version of Musk's filing is docketed.
“Few cases attract as much public interest as this one, and
Twitter is mindful of this court's commitment to ensuring maximum public access
to its proceedings,” Twitter attorney Kevin Shannon wrote. “Twitter has no
interest in proposing any more redactions to defendants' responsive pleading
than are necessary.”
Musk attorney Edward Micheletti argued that Twitter's
lawyers were misinterpreting the court rules. Musk attorneys also say there is
no confidential information in Musk's filing that should be withheld from the
public.
“Twitter should not be permitted to continue burying the
side of the story it does not want publicly disclosed,” Micheletti wrote.
Musk, the world's richest man, agreed in April to buy
Twitter and take it private, offering $54.20 a share and vowing to loosen the
company's policing of content and to root out fake accounts.
Twitter shares closed Wednesday at $41, well off a 52-week
high of $69.81
Musk, indicated in July that he wanted to back away from the
deal, prompting Twitter to file a lawsuit to hold him to the “seller-friendly”
agreement.
Musk says Twitter has failed to provide him enough
information about the number of fake accounts on its service. Twitter argues
that Musk, CEO of electric car maker and solar energy company Tesla, is
deliberately trying to tank the deal because market conditions have
deteriorated and the acquisition no longer serves his interests.
Either Musk or Twitter would be entitled to a $1 billion
breakup fee if the other party is found responsible for the agreement failing.
Twitter wants more, however, and is seeking a court order of “specific
performance” directing Musk to follow through with the deal.
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