I think he'll order ETE to pay the $410 million breakup fee. That's the plain language of the contract if it doesn't close by June 28. Even though Energy Transfer is the winner since it won't be forced to merge, Williams will be able to spin it as a partial victory and both stocks will go up.
The last couple days are pretty simple for ETE-- it goes up when the testimony favors its side, goes down when the testimony favors WMB. WMB is much more complicated because it may be better off if it loses in court.