Elon Musk’s U-turn on shopping for Twitter is simply step one. Here is what’s subsequent

But it surely’s not over but. Twitter says it intends to shut the deal on the agreed-upon value, however the two sides are nonetheless booked for an Oct. 17 trial in Delaware over Musk’s earlier makes an attempt to terminate the deal.

On Wednesday, the decide presiding over the case stated she is going to “proceed to press on towards our trial” as a result of neither facet has formally moved to cease it.

Is the trial nonetheless on?

Chancellor Kathaleen St. Jude McCormick, the Delaware Chancery Court docket’s head decide, hasn’t explicitly weighed in on Musk’s new proposal, however in a Wednesday ruling on an unrelated proof dispute she made clear that nothing had modified for the courtroom.

“The events haven’t filed a stipulation to remain this motion, nor has any get together moved for a keep,” she wrote. “I, due to this fact, proceed to press on towards our trial set to start on October 17.”

Musk’s lawyer informed Twitter this week that the Tesla CEO will full the deal so long as he strains up the promised debt financing and offered that the Delaware courtroom drops Twitter’s lawsuit in opposition to him. However Twitter is unlikely to surrender on its authorized proceedings until it confirms that the deal is for actual this time and never a tactical gambit.

What occurs subsequent?

Twitter attorneys had been making ready to grill Musk in a deposition set to start Thursday, although it was unclear if it could happen as Musk’s renewed takeover provide remained in play.

The interview was scheduled to occur in Austin, Texas, not removed from Tesla’s headquarters, after wrangling between the 2 sides over its location and timing. An earlier assembly was postponed after Musk raised considerations about potential publicity to COVID-19, which led Twitter attorneys to complain to the decide about Musk’s “lengthy resistance” to the assembly and considerations that he’s “searching for to evade honest examination” because the central witness within the dispute with lower than two weeks earlier than the trial begins.

Is Musk prepared for Twitter takeover?

Musk’s means to avert a trial and take Twitter personal relies upon partly on how quickly he and his co-investors can put up $44 billion to shut the deal he spent months combating to get out of.

Musk had already began making ready for the likelihood — a probable one in line with authorized consultants — that the courtroom may facet with Twitter in forcing the merger to undergo. He offered about $7 billion price of Tesla shares in August, saying it was vital to keep away from an emergency inventory sale if the deal had been pressured to shut and “some fairness companions don’t come by means of.”

It’s not clear the place these fairness companions are in the present day. Musk in Could introduced he had strengthened his stake with commitments of greater than $7 billion from a bunch of buyers, together with Silicon Valley heavy hitters like Oracle co-founder Larry Ellison, who contributed $1 billion.

“I agree that’s has big potential … and it could be a lot of enjoyable,” Ellison informed Musk in April, in line with textual content messages disclosed final week in a courtroom submitting. However Ellison hasn’t weighed in publicly on the renewed provide.

Join the Fortune Options e mail listing so that you don’t miss our largest options, unique interviews, and investigations.