A Bexar County, Texas, district judge issued a temporary restraining order putting a two-by-four across the head of banks that committed to finance Bain Capital’s and Thomas E. Lee Partners’ purchase of Clear Channel Communications. WSJ story here. Clear Channel press release here.
The judge, John D. Gabriel, didn’t rule on the merits. He concluded instead only that failure to issue the TRO would cause Clear Channel immediate and irreparable injury.
Normally a TRO lasts 14 days. Texas procedure allows a judge to extend the TRO one more 14-day period but not beyond that. To extend the restraint until trial, the court must consider evidence in a temporary injunction proceeding, where the merits become key.