Breaking news Wednesday in the Brian Davis/Bank of America lawsuits saga: a Federal judge has decreed that the Temporary Restraining Order motion filed by Davis’ company, Urban Echo Energy, against Bank of America to get his $5.1 billion back “does not set forth valid claim for relief,” but reserves an official ruling until after the bank has a chance to respond.
U.S. District Judge Deborah L. Boardman issued the informal ruling on Wednesday in a two-page letter, citing Rule 65 of the Federal Rules of Civil Procedure regarding injunctions; Article B, Section 1 lists reasons a court “may issue a temporary restraining order without written or oral notice to the adverse party,” and the judge opined that Davis’ lawsuit does not meet Subsection A of that rule: “If specific facts in an affidavit or a verified complaint clearly show that immediate and irreparable injury, loss, or damage will result to the movant before the adverse party can be heard in opposition.”
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Boardman’s opinion says that “the facts in the complaint and in Mr. Davis’s verified statement in support of the emergency motion” do not show that as occurring, and that “because Urban Echo has not satisfied Rule 65(b)(1)(A), I will not rule on the motion without first hearing from BOA.“
The opinion also seems to refute Davis’ claims that Bank of America not putting forth Davis’ bid for the Commanders is enough to require the bank to either return the funds or put them forward, saying the following:
“Urban Echo appears to argue that, unless the bank drafts it delivered to BOA (which BOA allegedly refused to deposit and continues to retain) are credited or returned immediately, it will miss the opportunity to have its offer to purchase the Commanders evaluated by the team’s owners.
Urban Echo acknowledges that the Commanders’ owners already have accepted a bid for the purchase of the team, and that ‘another party has entered into a contract to purchase the Commanders,’ and has not shown that, if BOA is ordered to credit or return the bank drafts immediately, the owners will renege on the executed contract, accept Urban Echo’s offer, and sign a contract with Urban Echo.
On the contrary, based on the facts before me, it appears that Urban Echo would remain in the same position it finds itself today even if I were to grant the emergency relief it seeks.”
The opinion, which you can read in full below in a Tweet from The Athletic legal analyst Daniel Wallach, gives Urban Echo’s counsel until noon Wednesday to inform the court if they’ve talked to Bank of America’s counsel and anticipates them entering an appearance, and requires them to file proof of service by Friday, at which point “the Court will take the appropriate next steps to resolve the motion.”
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