FundApps’ Post

Transcript

So the the case was argued on October 7th. It's a fairly complicated fact pattern. It's an area of substantive law that is not common in the 5th Circuit. So it's not something that I think is in the daily wheelhouse of these judges or their clerks. And there might be some, there's a lot of politics here. There's a lot of potential press coverage here. So given all that, plus the impending holiday season of Thanksgiving in the States and Christmas, you know, my answer would be it's either going to come before Christmas or after Christmas. That's not really narrowing it down on the timeline very much. But particularly I'm, I'm certain, I'm certain the judges are aware of the January 2nd date. You know, if, if someone were really. Loaded for bear to vacate the rule. You could imagine that they might want to do so before the implementation date comes around. But, you know, it's really anybody's guess. I, when I was clerking on the DC Circuit, opinion might take two or three months to turn around. That was 15 years ago. Very different context. It just depends It also depends upon the the caseload of the judges and what they've got going on. I mean, these are judges who cover everything from securities law challenges to fights over oil rights to, you know, criminal appeals. And this is. These are courts of general jurisdiction under federal law. And you know, So what how this fits into their docket, it's very difficult to predict. Yeah, agreeable. So I think obviously we would be making guesses here, but I, I think a few points like the, the private fund advisor case took 121 days from oral argument to to a opinion, whereas the share repurchase case was 41 days. So you know, we've got a pretty big range here and those are comparable cases in the same court. But as you say, they they take a very general docket here, so. And I was a little bit surprised about this sort of some of the, the, the questions about why, how simple the questions were in relation to the oral argument. So it might take a bit longer from that perspective as well, because it, it'll take time for them to get through all these issues. And as you say, I, I would, I would second what you've just said there, Felix, you know, without suggesting these are federal judges of very sophisticated people. I would say that if you said in a room of industry executives or traders in New York. Some of the things the SEC said here, like, ohh, there's not really any close connection between share lending and short selling. I think that there would be they'd laughed out of the room with derision, right? I didn't hear that sort of derision from the bench from either side politically, which suggests to me that, you know, they they speak securities law as a second language. You might get a different response in a New York courtroom where DC courtroom. And that's not casting aspersions in any way on the 5th Circuit. It's just this is not their daily, this is not their daily staff of life.