The ruling can be found on Bloomberg - you have to find your way to press releases.....
A Delaware corporation appeals from the Vice Chancellor’s finding that it
breached a contractual obligation to negotiate in good faith and is liable under the
doctrine of promissory estoppel. We reaffirm that where parties agree to negotiate
in good faith in accordance with a term sheet, that obligation to negotiate in good
faith is enforceable. Where a trial judge makes a factual finding, supported by the
record, that the parties would have reached an agreement but for the defendant’s
bad faith negotiation, we hold that a trial judge may award expectation damages.
We reverse the Vice Chancellor’s promissory estoppel holding because a promise
expressed in a fully enforceable contract cannot give rise to a promissory estoppel
claim. We also reverse the Vice Chancellor’s equitable damages award based on
his factual conclusion that the parties would have reached an agreement, so that he
may reconsider the award in light of this opinion.
So they basically are giving the Judge another chance to NOT screw it up. He won't.
I'm sure bottles of champagne were corked in the chamber.
"Don't mix the booze with powders you crazy judges....just ask your doctor pharmaceutical friends, they'll tell you"..............!!! Happy Memorial Day!