Clear Channel wins a big one!


Hang onto your hats! The battle between Clear Channel Communications and the banks who are supposed to fund its $26.7 billion buyout is moving into high gear. A federal judge has tossed the case out of his courtroom and back to the state courts in Texas. That puts the case back in Clear Channel’s hometown, San Antonio, Texas, where a local judge had already issued a temporary restraining order against the banks. A hearing in the case had been set for April 8th and the judge has given every indication that he intends to keep this case on a fast track. The banks could be under pressure to settle and get the Clear Channel buyout to the closing table, rather than risk going to trial in Texas where Clear Channel’s lawsuit is seeking damages well in excess of $26 billion.