PCCW Appeal Hearing Continues to Saturday Morning…
Mainly because PCCW stressed that timing is in essence here and the takeover can be derailed if the takeover didn’t follow the original time frame, the court is working over the weekend this time! The court will re-convene Saturday (18 April 2009) morning. However, due to this constraint in time, the new judge, Anthony Rogers, is not accepting any new evidence from the SFC. With no new evidence being admitted, it basically means that the minority shareholders and the SFC will need to convince Judge Rogers that previous interpretation made by Judge Kwan was wrong. I would think that it is quite difficult given judges probably won’t make a fool of themselves by having two completely different conclusions based on the same set of evidence.
I have a feeling that the appeal will fail and the PCCW privatisation will be allowed again by the court tomorrow morning (or early next week).
April 19th, 2009 at 1:55 am
From David Webb’s analysis of the initial judgment, the Judge Clown made some bad errors (even a metaphorical error). Commonsense would show there was collusion to rig the vote and the smell emanated from PCCW. They definitely know which hands feed them in HK.