Roy already made plans for his big payday and he's desperate. Last thing Roy wants to do is get back to doing his job. So, using simple logic, Roy should probably be replaced. But then the board is almost certainly stacked with Roy's cronies who have the same plans, so there's likely no kick in the pants for Roy coming from the BOD.
Also, does the Glasscock still get to rule on the other stuff he hasn't rule on yet or does the new judge get to do everything all over from the beginning? Do they have to have another trial all over again?
Yes exactly. The thing is, there is no separation of roles between Chairman and CEO, and this case is typically where the main shareholders would have a word with the Chairman to get some sens into his out-of-control, ego-driven CEO. Unlike an independant Chairman. a CEO does not represent shareholders but his job and pay bracket.
How does this appeal affect the financing deadline of Nov 18 (not sure about date)? If they want this resolved by Dec 31, 2013 but the deadline for financing is Nov 18 or whatever, then what? Also, does it look like Cooper is not able to provide financials? Lawyers probably said that Apollo's not negotiating with unions is their best argument, that's why Cooper wants to appeal decision.
This is the most interesting aspect of the appeal. The deal is not contingent on financing and Apollo agreed as follows: "If and to the extent that the Company is unable to issue such principal amount of notes on or prior to the closing date of the merger, the Company will incur bridge loans (which we refer to as the “Initial Bridge Loans”) under a senior secured bridge facility (which we refer to as the “Bridge Facility”) in an aggregate principal amount equal to $1,875.0 million less the principal amount of notes issued on or prior to the closing date of the merger."
A decision on the appeal will occur after Nov 18. By that time, the originally proposed financing will be gone and the "Bridge Facility" will need to be utilized. This puts Apollo in an interesting place if it loses the appeal. I suspect the parties spoke after the original ruling and Apollo's proposed share price was low. This appears to be a strategic appeal by CTB meant to bring Apollo to the table on a reasonable price basis.
A positive spin on this is that Cooper is trying to get leverage for a negotiation with Apollo. However the union argument is the weakest part of their case. Roy should be focused on getting Che to open up the books, that is best move next to a settlement with Apollo.