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THE UNITED STATES COURT OF APPEALS","paragraph_id":"para_2"},{"text":"FOR THE ELEVENTH CIRCUIT","paragraph_id":"para_3"},{"text":"________________________","paragraph_id":"para_4"},{"text":"No. 11-13069","paragraph_id":"para_5"},{"text":"________________________","paragraph_id":"para_6"},{"text":"D.C. Docket No. 1:07-cv-00104-JRH-WLB","paragraph_id":"para_7"},{"text":"ST. JOSEPH HOSPITAL, AUGUSTA,","paragraph_id":"para_8"},{"text":"GEORGIA, INC.,","paragraph_id":"para_9"},{"text":"ST. JOSEPH VENTURES, INC.,","paragraph_id":"para_10"},{"text":"ST. JOSEPH M.O.B., L.P.,","paragraph_id":"para_11"},{"text":"a Georgia Limited Partnership,","paragraph_id":"para_12"},{"text":"Plaintiffs - Counter","paragraph_id":"para_13"},{"text":"Defendants - Appellants,","paragraph_id":"para_14"},{"text":"versus","paragraph_id":"para_15"},{"text":"HEALTH MANAGEMENT ASSOCIATES, INC.,","paragraph_id":"para_16"},{"text":"Defendant - Counter","paragraph_id":"para_17"},{"text":"Claimant - Appellee.","paragraph_id":"para_18"},{"text":"________________________","paragraph_id":"para_19"},{"text":"Appeal from the United States District Court","paragraph_id":"para_20"},{"text":"for the Southern District of Georgia","paragraph_id":"para_21"},{"text":"________________________","paragraph_id":"para_22"},{"text":"(January 24, 2013)","paragraph_id":"para_23"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 1 of 31","paragraph_id":"para_24"},{"text":"Before TJOFLAT, PRYOR and KRAVITCH, Circuit Judges.","paragraph_id":"para_25"},{"text":"TJOFLAT, Circuit Judge:","paragraph_id":"para_26"},{"text":"In this case, a corporate owner and operator of healthcare facilities across","paragraph_id":"para_27"},{"text":"the United States reneged on its “promise” to purchase the assets of a hospital in","paragraph_id":"para_28"},{"text":"Augusta, Georgia, so the hospital sued the corporation for breach of contract and,","paragraph_id":"para_29"},{"text":"alternatively, under the doctrine of promissory estoppel. It sought to recover as","paragraph_id":"para_30"},{"text":"damages the approximate difference between the price the corporation promised to","paragraph_id":"para_31"},{"text":"pay for the hospital’s assets, $75 million, and the price the hospital obtained,","paragraph_id":"para_32"},{"text":"approximately $37 million, when it sold the assets to a third party. The","paragraph_id":"para_33"},{"text":"corporation is Hospital Management Association, Inc. (“HMA”). The hospital is","paragraph_id":"para_34"},{"text":"St. Joseph Hospital (“SJH”), a non-profit, general acute care facility located in","paragraph_id":"para_35"},{"text":"Augusta, Georgia.1","paragraph_id":"para_36"},{"text":"SJH sued HMA in the Superior Court of Richmond County, Georgia. HMA","paragraph_id":"para_37"},{"text":"removed the case to the United States District Court for the Southern District of","paragraph_id":"para_38"},{"text":"Georgia, and after the parties joined issue and engaged in discovery, HMA moved2","paragraph_id":"para_39"},{"text":"the District Court for summary judgment. The District Court granted HMA’s","paragraph_id":"para_40"},{"text":"The hospital is owned and operated by St. Joseph Hospital, Augusta, Georgia, Inc., St.1","paragraph_id":"para_41"},{"text":"Joseph Ventures, Inc., and St. Joseph M.O.B., L.P. (collectively “SJH”).","paragraph_id":"para_42"},{"text":"HMA removed the case pursuant to 28 U.S.C. §§ 1441 and 1446, asserting that2","paragraph_id":"para_43"},{"text":"diversity of citizenship existed between the parties, in that HMA is a Delaware corporation with","paragraph_id":"para_44"},{"text":"its principal place of business in Florida, and SJH is a Georgia corporation with its principal","paragraph_id":"para_45"},{"text":"place of business in Georgia.","paragraph_id":"para_46"},{"text":"22","paragraph_id":"para_47"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 2 of 31","paragraph_id":"para_48","court_paragraph":22},{"text":"motion and entered final judgment accordingly. SJH appeals the judgment. We","paragraph_id":"para_49"},{"text":"affirm.","paragraph_id":"para_50"},{"text":"I.","paragraph_id":"para_51"},{"text":"We begin our review of the District Court’s decision with a recitation of the","paragraph_id":"para_52"},{"text":"historical facts underpinning SJH’s claims for breach of contract and promissory","paragraph_id":"para_53"},{"text":"estoppel.","paragraph_id":"para_54"},{"text":"A.","paragraph_id":"para_55"},{"text":"In July 2005, SJH sought bids for the purchase of its hospital assets. HMA3","paragraph_id":"para_56"},{"text":"submitted the highest of several bids, and the parties began negotiating the terms","paragraph_id":"para_57"},{"text":"of the purchase. By December 2005, they had reduced the terms to writing in a","paragraph_id":"para_58"},{"text":"draft agreement (the “Asset Sale Agreement” or the “Agreement”). Sections 2.2","paragraph_id":"para_59"},{"text":"and 3.2 of the Agreement, titled “Binding Agreement,” stated that the Agreement","paragraph_id":"para_60"},{"text":"would “constitute[] a valid and binding obligation” of the parties when both HMA","paragraph_id":"para_61"},{"text":"and SJH “duly and validly execute[] and deliver[]” it. Record, vol. 1, no. 1-2, at","paragraph_id":"para_62"},{"text":"63–64, 72. Before the parties could execute the Agreement, however, they needed","paragraph_id":"para_63"},{"text":"to submit it to the Attorney General of Georgia for his approval. The Georgia","paragraph_id":"para_64"},{"text":"Hospital Acquisition Act (the “Acquisition Act”) mandates that a transfer of fifty","paragraph_id":"para_65"},{"text":"percent or more of the assets of a non-profit hospital cannot go forward without","paragraph_id":"para_66"},{"text":"the Attorney General’s consent. O.C.G.A. § 31-7-400 (2012) et seq. The parties to","paragraph_id":"para_67"},{"text":"SJH sought bids for some of its other assets as well. We treat the hospital assets as3","paragraph_id":"para_68"},{"text":"including those other assets.","paragraph_id":"para_69"},{"text":"33","paragraph_id":"para_70"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 3 of 31","paragraph_id":"para_71","court_paragraph":33},{"text":"the transfer must notify the Attorney General of the terms of the transfer at least","paragraph_id":"para_72"},{"text":"ninety days before it is to take place; then, within sixty days after receiving4","paragraph_id":"para_73"},{"text":"notice, the Attorney General must hold a public hearing.5","paragraph_id":"para_74"},{"text":"On December 22, 2005, the parties submitted to the Attorney General the","paragraph_id":"para_75"},{"text":"Acquisition Act’s prescribed Notice of Intent to Acquire or Dispose of Assets of a","paragraph_id":"para_76"},{"text":"Hospital (the “Notice of Intent” or the “Notice”). The Notice informed the","paragraph_id":"para_77"},{"text":"Attorney General that HMA had agreed to purchase SJH’s assets under the terms","paragraph_id":"para_78"},{"text":"stated in an Asset Sale Agreement, an unsigned copy of which was attached to the","paragraph_id":"para_79"},{"text":"Notice, and stated that the transaction would be closed “as soon as practical after","paragraph_id":"para_80"},{"text":"the Attorney General Process is concluded.” Record, vol. 1, no. 1-2, at 26. On","paragraph_id":"para_81"},{"text":"receiving the Notice, the Attorney General scheduled a public hearing on the","paragraph_id":"para_82"},{"text":"parties’ proposal for February 13, 2006, in Augusta, Georgia.","paragraph_id":"para_83"},{"text":"After the parties notified the Attorney General of their intent, HMA made","paragraph_id":"para_84"},{"text":"several public announcements about its negotiations with SJH. On December 27,","paragraph_id":"para_85"},{"text":"2005, HMA issued a news release, which stated that it had “negotiated an","paragraph_id":"para_86"},{"text":"agreement to acquire St. Joseph” and that “[t]he execution and closing of the","paragraph_id":"para_87"},{"text":"purchase agreement [were] subject to the review and approval of the Georgia","paragraph_id":"para_88"},{"text":"Attorney General’s office pursuant to applicable state law.” Record, vol. 1, no. 1-","paragraph_id":"para_89"},{"text":"See O.C.G.A. § 31-7-401 (2012).4","paragraph_id":"para_90"},{"text":"See O.C.G.A. § 31-7-405 (2012).5","paragraph_id":"para_91"},{"text":"44","paragraph_id":"para_92"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 4 of 31","paragraph_id":"para_93","court_paragraph":44},{"text":"4, at 82. Two days later, HMA filed a Form 10-K annual report with the Securities","paragraph_id":"para_94"},{"text":"and Exchange Commission (the “SEC”), which included a statement6","paragraph_id":"para_95"},{"text":"“announc[ing] the negotiation of an agreement to acquire St. Joseph Hospital” and","paragraph_id":"para_96"},{"text":"that “the execution of a definitive purchase agreement and closing of the","paragraph_id":"para_97"},{"text":"transaction [were] subject to review and approval by the Georgia Attorney","paragraph_id":"para_98"},{"text":"General’s office.” Record, vol. 1, no. 1-3, at 21. On January 3, 2006, HMA","paragraph_id":"para_99"},{"text":"issued another “news release,” proclaiming that it had “signed or finalized","paragraph_id":"para_100"},{"text":"negotiations on definitive agreements regarding four acquisition opportunities”","paragraph_id":"para_101"},{"text":"and, in reference to the SJH acquisition, stating that “upon completion of the","paragraph_id":"para_102"},{"text":"previously announced transaction [] to acquire the 231-bed St. Joseph Hospital . . .","paragraph_id":"para_103"},{"text":", HMA will operate 61 hospitals in 16 states with approximately 8,912 licensed","paragraph_id":"para_104"},{"text":"beds.” Record, vol. 1, no. 1-4, at 85. On January 13, HMA issued a third news","paragraph_id":"para_105"},{"text":"release that included a similar statement. On January 24, HMA issued a “press","paragraph_id":"para_106"},{"text":"release,” announcing once again that it had “negotiated an agreement to acquire","paragraph_id":"para_107"},{"text":"the 231-bed St. Joseph Hospital” and that “execution and closing of the purchase","paragraph_id":"para_108"},{"text":"agreement [were] subject to review and approval of the Georgia Attorney","paragraph_id":"para_109"},{"text":"General’s office pursuant to applicable state law.” Record, vol. 5, no. 108, Ex. J,7","paragraph_id":"para_110"},{"text":"The Form 10-K reported on HMA’s financial condition at the close of its 2005 fiscal6","paragraph_id":"para_111"},{"text":"year on September 30, 2005.","paragraph_id":"para_112"},{"text":"In addition to the above announcements, HMA engaged in transitional activities at7","paragraph_id":"para_113"},{"text":"SJH’s hospital. It installed its own computer systems, applied to have certain licenses changed","paragraph_id":"para_114"},{"text":"from SJH to HMA, sent its representatives to attend meetings with the hospital’s staff, and","paragraph_id":"para_115"},{"text":"55","paragraph_id":"para_116"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 5 of 31","paragraph_id":"para_117","court_paragraph":55},{"text":"at 5. On February 9, HMA filed a Form 10-Q quarterly report with the SEC,8","paragraph_id":"para_118"},{"text":"which included a statement similar to the one contained in its earlier Form 10-K","paragraph_id":"para_119"},{"text":"report.","paragraph_id":"para_120"},{"text":"B.","paragraph_id":"para_121"},{"text":"Section 201 of the Hart-Scott-Rodino Antitrust Improvements Act of 1976","paragraph_id":"para_122"},{"text":"(the “HSR Act”), 15 U.S.C. §18a (2006), requires the Federal Trade Commission","paragraph_id":"para_123"},{"text":"(the “FTC”) and the Department of Justice (the “DOJ”) to scrutinize the antitrust","paragraph_id":"para_124"},{"text":"implications of any transfer or acquisition of assets valued at over $50 million.9","paragraph_id":"para_125"},{"text":"Since the transaction the parties contemplated involved the transfer of assets","paragraph_id":"para_126"},{"text":"exceeding $50 million in value, they filed with the FTC and the DOJ, on January","paragraph_id":"para_127"},{"text":"trained the staff on HMA protocol.","paragraph_id":"para_128"},{"text":"The Form 10-Q reported on HMA’s financial condition at the close of the first quarter8","paragraph_id":"para_129"},{"text":"of the 2005 fiscal year, October 1, 2005, through December 31, 2005.","paragraph_id":"para_130"},{"text":"The HRS Act, 15 U.S.C. § 18a (2006), titled “Premerger notification and waiting9","paragraph_id":"para_131"},{"text":"period,” states in relevant part:","paragraph_id":"para_132"},{"text":"(a) Filing","paragraph_id":"para_133"},{"text":"[N]o person shall acquire, directly or indirectly, any . . . assets of any other person,","paragraph_id":"para_134"},{"text":"unless both persons . . . file notification pursuant to rules under subsection (d)(1)","paragraph_id":"para_135"},{"text":"of this section and the waiting period described in subsection (b)(1) of this section","paragraph_id":"para_136"},{"text":"has expired, if","paragraph_id":"para_137"},{"text":"(1) the acquiring person, or the person whose . . . assets are being acquired, is","paragraph_id":"para_138"},{"text":"engaged in commerce or in any activity affecting commerce; and","paragraph_id":"para_139"},{"text":"(2) as a result of such acquisition, the acquiring person would hold an aggregate","paragraph_id":"para_140"},{"text":"total amount of the . . . assets of the acquired person --","paragraph_id":"para_141"},{"text":". . . .","paragraph_id":"para_142"},{"text":"(B)(i) in excess of $50,000,000 (as so adjusted and published) but not in excess","paragraph_id":"para_143"},{"text":"of $200,000,000 (as so adjusted and published). . . .","paragraph_id":"para_144"},{"text":"66","paragraph_id":"para_145"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 6 of 31","paragraph_id":"para_146","court_paragraph":66},{"text":"27, 2006, a “Premerger Notification and Report” (the “Premerger Notification”).","paragraph_id":"para_147"},{"text":"Attached to the Premerger Notification as Exhibits were a “Letter of Intent,”","paragraph_id":"para_148"},{"text":"which the parties executed on January 25, 2006, and the unsigned Asset Sale","paragraph_id":"para_149"},{"text":"Agreement that they sent to the Georgia Attorney General with their Notice of","paragraph_id":"para_150"},{"text":"Intent on December 22, 2005. The HSR Act precluded HMA from acquiring","paragraph_id":"para_151"},{"text":"SJH’s assets until the Act’s “waiting period” expired. The waiting period began","paragraph_id":"para_152"},{"text":"the day the FTC and the Assistant Attorney General in charge of the DOJ’s","paragraph_id":"para_153"},{"text":"Antitrust Division received the Premerger Notification, presumably January 27,","paragraph_id":"para_154"},{"text":"2006, and would end on February 26, 2006, unless terminated before that date by","paragraph_id":"para_155"},{"text":"the FTC and the Assistant Attorney General.10","paragraph_id":"para_156"},{"text":"The HSR Act states in relevant part:10","paragraph_id":"para_157"},{"text":"(b) Waiting period; publication; voting securities","paragraph_id":"para_158"},{"text":"(1) The waiting period required under subsection (a) of this section shall--","paragraph_id":"para_159"},{"text":"(A) begin on the date of the receipt by the Federal Trade Commission and the","paragraph_id":"para_160"},{"text":"Assistant Attorney General in charge of the Antitrust Division of the Department","paragraph_id":"para_161"},{"text":"of Justice (hereinafter referred to in this section as the “Assistant Attorney","paragraph_id":"para_162"},{"text":"General”) of --","paragraph_id":"para_163"},{"text":"(i) the completed notification required under subsection (a) of this section, or","paragraph_id":"para_164"},{"text":"(ii) if such notification is not completed, the notification to the extent completed","paragraph_id":"para_165"},{"text":"and a statement of the reasons for such noncompliance, from both persons . . . ;","paragraph_id":"para_166"},{"text":"and","paragraph_id":"para_167"},{"text":"(B) end on the thirtieth day after the date of such receipt . . . , or on such later date","paragraph_id":"para_168"},{"text":"as may be set under subsection (e)(2) or (g)(2) of this section.","paragraph_id":"para_169"},{"text":"(2) The Federal Trade Commission and the Assistant Attorney General may, in","paragraph_id":"para_170"},{"text":"individual cases, terminate the waiting period specified in paragraph (1) and allow","paragraph_id":"para_171"},{"text":"any person to proceed with any acquisition subject to this section, and promptly","paragraph_id":"para_172"},{"text":"shall cause to be published in the Federal Register a notice that neither intends to","paragraph_id":"para_173"},{"text":"take any action within such period with respect to such acquisition.","paragraph_id":"para_174"},{"text":". . . .","paragraph_id":"para_175"},{"text":"77","paragraph_id":"para_176"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 7 of 31","paragraph_id":"para_177","court_paragraph":77},{"text":"C.","paragraph_id":"para_178"},{"text":"The Letter of Intent (the “Letter”), which the parties ascribed to by","paragraph_id":"para_179"},{"text":"signing, “set forth [their] mutual understanding . . . with respect to” HMA’s11","paragraph_id":"para_180"},{"text":"acquisition of SJH’s assets. Record, vol. 1, no. 1-5, at 5. In its second paragraph,","paragraph_id":"para_181"},{"text":"the Letter “reflect[ed] the parties’ intention to finalize and execute a binding Asset","paragraph_id":"para_182"},{"text":"(e) Additional information; waiting period extensions","paragraph_id":"para_183"},{"text":"(1)(A) The Federal Trade Commission or the Assistant Attorney General may,","paragraph_id":"para_184"},{"text":"prior to the expiration of the 30-day waiting period . . . specified in subsection","paragraph_id":"para_185"},{"text":"(b)(1) of this section, require the submission of additional information or","paragraph_id":"para_186"},{"text":"documentary material relevant to the proposed acquisition, from a person required","paragraph_id":"para_187"},{"text":"to file notification with respect to such acquisition under subsection (a) of this","paragraph_id":"para_188"},{"text":"section prior to the expiration of the waiting period specified in subsection (b)(1)","paragraph_id":"para_189"},{"text":"of this section. . . .","paragraph_id":"para_190"},{"text":". . . .","paragraph_id":"para_191"},{"text":"(2) The Federal Trade Commission or the Assistant Attorney General, in its or his","paragraph_id":"para_192"},{"text":"discretion, may extend the 30-day waiting period . . . specified in subsection (b)(1)","paragraph_id":"para_193"},{"text":"of this section for an additional period of not more than 30 days . . . after the date","paragraph_id":"para_194"},{"text":"on which the Federal Trade Commission or the Assistant Attorney General, as the","paragraph_id":"para_195"},{"text":"case may be, receives from any person to whom a request is made under","paragraph_id":"para_196"},{"text":"paragraph (1) . . . . (A) all the information and documentary material required to","paragraph_id":"para_197"},{"text":"be submitted pursuant to such a request, or (B) if such request is not fully","paragraph_id":"para_198"},{"text":"complied with, the information and documentary material submitted and a","paragraph_id":"para_199"},{"text":"statement of the reasons for such noncompliance. Such additional period may be","paragraph_id":"para_200"},{"text":"further extended only by the United States district court, upon an application by","paragraph_id":"para_201"},{"text":"the Federal Trade Commission or the Assistant Attorney General pursuant to","paragraph_id":"para_202"},{"text":"subsection (g)(2) of this section.","paragraph_id":"para_203"},{"text":". . . .","paragraph_id":"para_204"},{"text":"HMA’s Senior Vice President and General Counsel, Timothy R. Parry, wrote the11","paragraph_id":"para_205"},{"text":"Letter of Intent and addressed it to “St. Joseph Hospital, Augusta, Georgia, Inc., St. Joseph","paragraph_id":"para_206"},{"text":"Ventures, Inc., and St. Joseph M.O.B., L.P.” Record, vol. 1, no. 1-5, at 5. Parry signed the letter","paragraph_id":"para_207"},{"text":"for HMA. Senior officers of the respective addressees also signed it. A copy of the Letter of","paragraph_id":"para_208"},{"text":"Intent was sent to the Georgia Attorney General after the parties signed it.","paragraph_id":"para_209"},{"text":"88","paragraph_id":"para_210"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 8 of 31","paragraph_id":"para_211","court_paragraph":88},{"text":"Sale Agreement in the current form attached to this Letter of Intent . . . with12","paragraph_id":"para_212"},{"text":"those changes (a) which are required by the Attorney General of the State of","paragraph_id":"para_213"},{"text":"Georgia . . . , (b) which otherwise result from the process set forth in [the","paragraph_id":"para_214"},{"text":"Acquisition Act], or (c) which are otherwise agreed upon [by the parties].” Id.","paragraph_id":"para_215"},{"text":"The third, fourth, and fifth paragraphs of the Letter obligated the respective","paragraph_id":"para_216"},{"text":"parties as follows. In the third paragraph, SJH promised that from January 25,","paragraph_id":"para_217"},{"text":"2006, “through the earlier of (a) the execution of the Asset Sale Agreement and (b)","paragraph_id":"para_218"},{"text":"March 31, 2006, [it] shall not . . . , without the prior written consent of [HMA],”","paragraph_id":"para_219"},{"text":"offer to sell or lease to a third party or otherwise alienate the assets of the hospital.","paragraph_id":"para_220"},{"text":"Id. at 5–6. In the fourth paragraph, each party consented to the other party13","paragraph_id":"para_221"},{"text":"Attached to the Letter of Intent was a copy of the unsigned Asset Sale Agreement the12","paragraph_id":"para_222"},{"text":"parties attached to the Notice of Intent they sent to the Georgia Attorney General on December","paragraph_id":"para_223"},{"text":"22, 2005.","paragraph_id":"para_224"},{"text":"In full, the third paragraph stated the following.13","paragraph_id":"para_225"},{"text":"From the date of this Letter of Intent through the earlier of (a) the execution of the","paragraph_id":"para_226"},{"text":"Asset Sale Agreement and (b) March 31, 2006, Seller shall not . . ., without the","paragraph_id":"para_227"},{"text":"prior written consent of Purchaser: (i) offer for sale or lease . . . the [hospital","paragraph_id":"para_228"},{"text":"assets] (or any material portion thereof), whether by merger, consolidation,","paragraph_id":"para_229"},{"text":"purchase of assets, joint venture, exchange or otherwise; (ii) solicit, negotiate,","paragraph_id":"para_230"},{"text":"initiate or encourage to take other action to facilitate (by way of furnishing access,","paragraph_id":"para_231"},{"text":"non-public information or otherwise) offers to buy all or any material portion of","paragraph_id":"para_232"},{"text":"the . . . [hospital assets]; (iii) hold discussions with any party (other than","paragraph_id":"para_233"},{"text":"Purchaser) looking toward such an offer or solicitation; or (iv) enter into any","paragraph_id":"para_234"},{"text":"agreement with any party (other than Purchaser) with respect to the sale or other","paragraph_id":"para_235"},{"text":"disposition of . . . the [hospital assets]. Notwithstanding the foregoing, this","paragraph_id":"para_236"},{"text":"paragraph shall not be construed to prohibit Seller . . . from engaging in corporate","paragraph_id":"para_237"},{"text":"transactions involving Seller’s . . . stock or securities, membership interests or","paragraph_id":"para_238"},{"text":"partnership interests, as applicable, including, without limitation, membership","paragraph_id":"para_239"},{"text":"substitution transactions, so long as the terms thereof (x) do not contemplate the","paragraph_id":"para_240"},{"text":"sale or lease or other disposition of the . . . [hospital assets], (y) would not affect","paragraph_id":"para_241"},{"text":"Seller’s control over the disposition of the [hospital assets] to Purchaser, or (z)","paragraph_id":"para_242"},{"text":"99","paragraph_id":"para_243"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 9 of 31","paragraph_id":"para_244","court_paragraph":99},{"text":"“making the necessary filings and/or notifications, if any, with all governmental","paragraph_id":"para_245"},{"text":"agencies or authorities which are required to be made, including . . . pursuant to","paragraph_id":"para_246"},{"text":"[the Acquisition Act] . . . in order for [HMA] to acquire the assets described in the","paragraph_id":"para_247"},{"text":"Asset Sale Agreement.” Id. at 6. The parties also “agree[d] to cooperate with each","paragraph_id":"para_248"},{"text":"other concerning the Sale Transaction (i) in the preparation and submittal of any","paragraph_id":"para_249"},{"text":"filings required pursuant to the [Acquisition Act] and (ii) during the course of any","paragraph_id":"para_250"},{"text":"public hearings which take place pursuant to the [Acquisition Act].” Id. The fifth","paragraph_id":"para_251"},{"text":"paragraph provided that “[i]n the event a definitive Asset Sale Agreement is not","paragraph_id":"para_252"},{"text":"executed,” each party would “bear its own legal, accounting and other fees and","paragraph_id":"para_253"},{"text":"expenses related to the proposed transaction,” subject to certain exceptions not","paragraph_id":"para_254"},{"text":"relevant here. Id.","paragraph_id":"para_255"},{"text":"The sixth paragraph explained the parties’ intent in executing the Letter of","paragraph_id":"para_256"},{"text":"Intent with this statement:","paragraph_id":"para_257"},{"text":"This Letter of Intent is intended as an expression of mutual intent","paragraph_id":"para_258"},{"text":"only and does not constitute an obligation binding in any way on the","paragraph_id":"para_259"},{"text":"parties, except for the provisions of the third, fourth and fifth","paragraph_id":"para_260"},{"text":"paragraphs hereof. This Letter of Intent will be governed by and","paragraph_id":"para_261"},{"text":"construed in accordance with the laws of the State of Georgia.","paragraph_id":"para_262"},{"text":"Id. at 6–7.","paragraph_id":"para_263"},{"text":"would not otherwise restrict the ability of Seller to convey the [hospital assets] to","paragraph_id":"para_264"},{"text":"Purchaser in the Closing.","paragraph_id":"para_265"},{"text":"1100","paragraph_id":"para_266"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 10 of 31","paragraph_id":"para_267","court_paragraph":1100},{"text":"SJH sent a copy of the Letter to the Georgia Attorney General the day the","paragraph_id":"para_268"},{"text":"parties signed it, January 25, 2006. SJH’s transmittal letter explained that the","paragraph_id":"para_269"},{"text":"“[Letter] was required for the parties’ Hart-Scott-Rodino filing” and “[was]","paragraph_id":"para_270"},{"text":"nonbinding as to the sale of the assets.” Record, vol. 4, no. 103, Ex. 223, at 1.","paragraph_id":"para_271"},{"text":"On February 12, 2006, HMA informed SJH that it would not sign the","paragraph_id":"para_272"},{"text":"Asset Sale Agreement. On February 13, 2006, the day the Attorney14","paragraph_id":"para_273"},{"text":"General was to hold a public hearing on the proposed transaction, HMA","paragraph_id":"para_274"},{"text":"advised the Attorney General that it was “withdrawing its non-binding offer","paragraph_id":"para_275"},{"text":"to acquire St. Joseph Hospital and other related assets” because “the","paragraph_id":"para_276"},{"text":"hospital ha[d] experienced significant deterioration in its operating","paragraph_id":"para_277"},{"text":"performance including adverse changes in physician referral practices since","paragraph_id":"para_278"},{"text":"the submission of the [Notice of Intent].” Record, vol. 4, no. 103, Ex. 25, at","paragraph_id":"para_279"},{"text":"1. On being so advised, the Attorney General cancelled the hearing and","paragraph_id":"para_280"},{"text":"closed the public record in the matter. On November 1, 2006, SJH sold the","paragraph_id":"para_281"},{"text":"hospital assets to a third party for approximately $37 million.","paragraph_id":"para_282"},{"text":"Notwithstanding its public statements to the effect that it had negotiated the purchase14","paragraph_id":"para_283"},{"text":"of SJH’s hospital assets, HMA was concerned about the hospital’s financial health. Based on a","paragraph_id":"para_284"},{"text":"visit to the hospital and a review of SJH’s February 2006 financial analysis, HMA’s president,","paragraph_id":"para_285"},{"text":"who had succeeded his predecessor on January 1, 2006, and had not been involved in the parties’","paragraph_id":"para_286"},{"text":"negotiations, determined that HMA should abandon its plan to purchase SJH’s assets.","paragraph_id":"para_287"},{"text":"1111","paragraph_id":"para_288"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 11 of 31","paragraph_id":"para_289","court_paragraph":1111},{"text":"II.","paragraph_id":"para_290"},{"text":"A.","paragraph_id":"para_291"},{"text":"SJH filed this lawsuit to recover the loss it claims it sustained, in excess of","paragraph_id":"para_292"},{"text":"$35 million, as a result of HMA’s failure to go through with the purchase. Its","paragraph_id":"para_293"},{"text":"complaint contained five counts. Two are before the court today: Count One,","paragraph_id":"para_294"},{"text":"which sounds in contract; Count Four, which sounds in promissory estoppel.15","paragraph_id":"para_295"},{"text":"Count One incorporates by reference the historical facts recited in subparts","paragraph_id":"para_296"},{"text":"A and C of part I, supra, and alleges that SJH and HMA “ultimately . . . reached a","paragraph_id":"para_297"},{"text":"firm and definite agreement, as evidenced by writings signed by the parties that","paragraph_id":"para_298"},{"text":"contain all of the material terms of the contract for the purchase and sale of the","paragraph_id":"para_299"},{"text":"assets of the hospital.” Record, vol. 1, no. 1-2, ¶ 12. Attached to the complaint as","paragraph_id":"para_300"},{"text":"an exhibit, and made a part of this allegation, is the Notice of Intent the parties","paragraph_id":"para_301"},{"text":"submitted to the Attorney General on December 22, 2005, which appends the","paragraph_id":"para_302"},{"text":"The three counts not before us in this appeal are Counts Two, Three, and Five. Count15","paragraph_id":"para_303"},{"text":"Two, seeking damages in excess of $35 million, alleges that HMA breached a duty of good faith","paragraph_id":"para_304"},{"text":"and cooperation implicit in the Asset Sale Agreement. Count Three, seeking “damages in an","paragraph_id":"para_305"},{"text":"amount to be proven at trial,” alleges that HMA breached its contractual duty to maintain in","paragraph_id":"para_306"},{"text":"confidence information it gained from SJH while negotiating the purchase of its assets. Record,","paragraph_id":"para_307"},{"text":"vol. 1, no. 1-2, ¶ 34. Count Five, which incorporates by reference Counts One through Four,","paragraph_id":"para_308"},{"text":"seeks “attorneys’ fees, litigation expenses and costs . . . pursuant to O.C.G.A. § 13-6-","paragraph_id":"para_309"},{"text":"11[(2012)].” Id. at 10. Section 13-5-30 of the Official Code of Georgia Annotated, titled","paragraph_id":"para_310"},{"text":"“Expenses of litigation,” states the following: “Expenses of litigation generally shall not be","paragraph_id":"para_311"},{"text":"allowed as a part of the damages; but where the plaintiff has specially pleaded and has made","paragraph_id":"para_312"},{"text":"prayer therefor and where the defendant has acted in bad faith, has been stubbornly litigious, or","paragraph_id":"para_313"},{"text":"has caused the plaintiff unnecessary trouble and expense, the jury may allow them.” O.C.G.A. §","paragraph_id":"para_314"},{"text":"13-6-11(2012).","paragraph_id":"para_315"},{"text":"1122","paragraph_id":"para_316"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 12 of 31","paragraph_id":"para_317","court_paragraph":1122},{"text":"Asset Sale Agreement. Count One alleges, in the next sentence, that “[t]hereafter,","paragraph_id":"para_318"},{"text":"HMA repeatedly confirmed in writing in its [SEC] filings signed by HMA’s","paragraph_id":"para_319"},{"text":"officers and in its press and news releases that it had agreed to purchase the assets","paragraph_id":"para_320"},{"text":"of the hospital.” Id. Attached to the complaint as exhibits, and made part of this","paragraph_id":"para_321"},{"text":"allegation, are the press and news releases and SEC reports HMA issued between","paragraph_id":"para_322"},{"text":"December 27, 2005, and February 9, 2006.16","paragraph_id":"para_323"},{"text":"Count Four, an alternative basis for the recovery of damages, assumes that","paragraph_id":"para_324"},{"text":"the parties did not reach an enforceable contract and alleges that “HMA promised","paragraph_id":"para_325"},{"text":"to purchase the assets of [SJH] and reasonably expected to and did induce [SJH] to","paragraph_id":"para_326"},{"text":"rely on its promises,” id. ¶ 36, and that “[SJH] reasonably relied on HMA’s","paragraph_id":"para_327"},{"text":"repeated promises and public statements that HMA agreed to purchase the assets","paragraph_id":"para_328"},{"text":"of [SJH].” Id. ¶ 37.","paragraph_id":"para_329"},{"text":"HMA’s answer to Count One admits the allegations of historical fact except","paragraph_id":"para_330"},{"text":"that the Asset Sale Agreement constituted a binding contract between the parties.","paragraph_id":"para_331"},{"text":"As an affirmative defense, apparently assuming that Count One is based on an oral","paragraph_id":"para_332"},{"text":"agreement, HMA asserts that the agreement, if incorporating the terms of the Asset","paragraph_id":"para_333"},{"text":"Sale Agreement, was unenforceable under Georgia’s statute of frauds, O.C.G.A.","paragraph_id":"para_334"},{"text":"§ 11-2-201 (2012) and O.C.G.A. § 13-5-30 (2012). HMA’s answer to Count17","paragraph_id":"para_335"},{"text":"See supra part I.A.16","paragraph_id":"para_336"},{"text":"Section 11-2-201 of the Official Code of Georgia Annotated, titled “Formal17","paragraph_id":"para_337"},{"text":"requirements; statute of frauds,” states in pertinent part:","paragraph_id":"para_338"},{"text":"1133","paragraph_id":"para_339"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 13 of 31","paragraph_id":"para_340","court_paragraph":1133},{"text":"Four admits the allegations of historical fact and asserts as an affirmative defense","paragraph_id":"para_341"},{"text":"that Count Four failed to state a claim for relief.","paragraph_id":"para_342"},{"text":"B.","paragraph_id":"para_343"},{"text":"Following discovery, the parties filed cross motions for summary","paragraph_id":"para_344"},{"text":"judgment. The District Court granted HMA’s motion on Counts One, Two,18","paragraph_id":"para_345"},{"text":"Four, and Five of SJH’s complaint, and denied SJH’s motion. Addressing the19","paragraph_id":"para_346"},{"text":"Count One claim, the court found nothing in the record to support SJH’s argument","paragraph_id":"para_347"},{"text":"that by the time the parties submitted the Notice of Intent to the Attorney General","paragraph_id":"para_348"},{"text":"on December 22, 2005, or at any time after that and prior to HMA’s withdrawal,","paragraph_id":"para_349"},{"text":"(1) Except as otherwise provided in this Code section a contract for the sale of","paragraph_id":"para_350"},{"text":"goods for the price of $500.00 or more is not enforceable by way of action or","paragraph_id":"para_351"},{"text":"defense unless there is some writing sufficient to indicate that a contract for sale","paragraph_id":"para_352"},{"text":"has been made between the parties and signed by the party against whom","paragraph_id":"para_353"},{"text":"enforcement is sought or by his authorized agent or broker.","paragraph_id":"para_354"},{"text":"O.C.G.A. § 11-2-201 (2012).","paragraph_id":"para_355"},{"text":"Section 13-5-30 of the Official Code of Georgia Annotated, titled “Obligations which","paragraph_id":"para_356"},{"text":"must be in writing,” states in pertinent part:","paragraph_id":"para_357"},{"text":"To make the following obligations binding on the promisor, the promise must be in","paragraph_id":"para_358"},{"text":"writing and signed by the party to be charged therewith or some person lawfully","paragraph_id":"para_359"},{"text":"authorized by him:","paragraph_id":"para_360"},{"text":". . . .","paragraph_id":"para_361"},{"text":"(4) Any contract for sale of lands, or any interest in, or concerning lands . . . .","paragraph_id":"para_362"},{"text":"O.C.G.A. § 13-5-30 (2012).","paragraph_id":"para_363"},{"text":"HMA moved for summary judgment on all five counts of the complaint. SJH moved18","paragraph_id":"para_364"},{"text":"for summary judgment on Count One only.","paragraph_id":"para_365"},{"text":"The court denied HMA’s motion for summary judgment on Count Three.19","paragraph_id":"para_366"},{"text":"1144","paragraph_id":"para_367"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 14 of 31","paragraph_id":"para_368","court_paragraph":1144},{"text":"they had reached an agreement calling for HMA to purchase SJH’s hospital assets","paragraph_id":"para_369"},{"text":"pursuant to the terms of the Asset Sale Agreement. First, the parties never20","paragraph_id":"para_370"},{"text":"signed the Asset Sale Agreement; nor did they ever sign an agreement","paragraph_id":"para_371"},{"text":"incorporating by reference the terms of the Asset Sale Agreement. Thus, if Count","paragraph_id":"para_372"},{"text":"One alleged the breach of a contract in writing, the claim failed.","paragraph_id":"para_373"},{"text":"Second, treating Count One as alleging, in effect, the breach of an oral","paragraph_id":"para_374"},{"text":"contract, the District Court found no evidence that the parties, after drafting the","paragraph_id":"para_375"},{"text":"In its order granting HMA summary judgment on Count One, the District Court did20","paragraph_id":"para_376"},{"text":"not state explicitly whether it considered Count One as asserting the breach of a contract in","paragraph_id":"para_377"},{"text":"writing or the breach of an oral agreement. The court’s analysis of Count One’s allegations,","paragraph_id":"para_378"},{"text":"however, indicates that it searched the record for the existence of a written agreement or an oral","paragraph_id":"para_379"},{"text":"agreement.","paragraph_id":"para_380"},{"text":"As indicated in part II.A, supra, paragraph 12 of SJH’s complaint alleged that the parties","paragraph_id":"para_381"},{"text":"“ultimately . . . reached a firm and definitive agreement, as evidenced by writings signed by the","paragraph_id":"para_382"},{"text":"parties that contain all of the material terms of the contract for the purchase and sale of the assets","paragraph_id":"para_383"},{"text":"of the hospital.” Record, vol. 1, no. 1-2, ¶ 12. The Notice of Intent and the Asset Sale","paragraph_id":"para_384"},{"text":"Agreement were appended to the complaint immediately following that allegation, the","paragraph_id":"para_385"},{"text":"implication being that the Asset Sale Agreement was the agreement the parties had reached. In","paragraph_id":"para_386"},{"text":"its brief in opposition to HMA’s motion for summary judgment, SJH, in referring to the January","paragraph_id":"para_387"},{"text":"25, 2006, Letter of Intent the parties submitted to the FTC and the DOJ, stated that the “[p]arties","paragraph_id":"para_388"},{"text":"did not intend the Letter of Intent to alter the prior agreement reached by them at the time they","paragraph_id":"para_389"},{"text":"submitted the Notice [of Intent to the Attorney General]” on December 22, 2005. Record, vol. 6,","paragraph_id":"para_390"},{"text":"no. 116, at 4 (emphasis added).","paragraph_id":"para_391"},{"text":"In its order granting HMA summary judgment on Count One, the District Court reads","paragraph_id":"para_392"},{"text":"Count One without differentiating between a contract in writing and an oral agreement, stating","paragraph_id":"para_393"},{"text":"that SJH “maintain[s] that the parties entered into a binding contract to consummate the","paragraph_id":"para_394"},{"text":"transaction and that [HMA] was bound, on or before December 22, 2005, when the [Asset Sale","paragraph_id":"para_395"},{"text":"Agreement] was submitted to the Attorney General’s office for approval.” Record, vol. 3, no.","paragraph_id":"para_396"},{"text":"123, at 14 (emphasis added). In the next sentence, the court states the following: “[SJH] posits","paragraph_id":"para_397"},{"text":"that by the time [HMA] withdrew from the transaction in February of 2006, the parties had a","paragraph_id":"para_398"},{"text":"binding, but unconsummated, contract for the sale of the hospital.” Id. (emphasis added).","paragraph_id":"para_399"},{"text":"In deciding whether summary judgment was appropriate on Count One, we treat SJH as","paragraph_id":"para_400"},{"text":"having alleged that the contract referred to in Count One was entered into by the parties (1) on or","paragraph_id":"para_401"},{"text":"before December 22, 2005, and before the Attorney General received the Notice of Intent and the","paragraph_id":"para_402"},{"text":"unsigned Asset Sale Agreement, or (2) at some time before HMA withdrew from the transaction","paragraph_id":"para_403"},{"text":"in February 2006.","paragraph_id":"para_404"},{"text":"1155","paragraph_id":"para_405"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 15 of 31","paragraph_id":"para_406","court_paragraph":1155},{"text":"Asset Sale Agreement, orally agreed to be bound by its terms. The court","paragraph_id":"para_407"},{"text":"discounted altogether SJH’s argument that statements HMA made in news and","paragraph_id":"para_408"},{"text":"press releases between December 27, 2005, and January 24, 2006, and in the","paragraph_id":"para_409"},{"text":"reports filed with the SEC on December 29, 2005, and February 9, 2006,","paragraph_id":"para_410"},{"text":"confirmed that the parties had orally agreed to be bound to the terms of the Asset","paragraph_id":"para_411"},{"text":"Sale Agreement. The court considered the statements lacking in probative value","paragraph_id":"para_412"},{"text":"because they were “ambiguous.” Record, vol. 3, no. 123, at 14. Finally, the court","paragraph_id":"para_413"},{"text":"found that the Letter of Intent conclusively established that HMA was not","paragraph_id":"para_414"},{"text":"contractually bound to purchase the hospital assets. Although HMA “may have","paragraph_id":"para_415"},{"text":"promised that it was interested in acquiring the Hospital,” id. at 26, SJH knew,","paragraph_id":"para_416"},{"text":"when the parties signed the Letter on January 25, 2006, that HMA would not “be","paragraph_id":"para_417"},{"text":"bound [to purchase the facility] until a definitive and binding [Asset Sale","paragraph_id":"para_418"},{"text":"Agreement] was finalized and executed.” Id. at 27.","paragraph_id":"para_419"},{"text":"The District Court found no merit in the Count Four promissory estoppel","paragraph_id":"para_420"},{"text":"claim on the ground that SJH could not reasonably have relied on HMA’s","paragraph_id":"para_421"},{"text":"representations that it had negotiated a purchase of the hospital assets. SJH knew","paragraph_id":"para_422"},{"text":"that until the parties signed the Asset Sale Agreement (or a substitute thereof),","paragraph_id":"para_423"},{"text":"HMA could back out of the transaction. The court pointed to a checklist SJH’s","paragraph_id":"para_424"},{"text":"attorneys prepared for the closing of the transaction, if and when the Attorney","paragraph_id":"para_425"},{"text":"General gave the transaction his approval, as evidence of that possibility: “[T]he","paragraph_id":"para_426"},{"text":"1166","paragraph_id":"para_427"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 16 of 31","paragraph_id":"para_428","court_paragraph":1166},{"text":"‘Pre-Closing Checklist’ prepared by [SJH’s] counsel in January of 2006 include[d]","paragraph_id":"para_429"},{"text":"a list of ‘Items to be Done Prior to Closing,’ which indicate[d] that the [Asset Sale","paragraph_id":"para_430"},{"text":"Agreement] still needed ‘[t]o be executed and delivered after [a] favorable report","paragraph_id":"para_431"},{"text":"[is] received from [the] Attorney General.’” Id. at 28 n.24.","paragraph_id":"para_432"},{"text":"C.","paragraph_id":"para_433"},{"text":"The District Court entered a final judgment for HMA on Counts One, Two,","paragraph_id":"para_434"},{"text":"Four, and Five pursuant to Federal Rule of Civil Procedure 54(b), in accordance","paragraph_id":"para_435"},{"text":"with its order granting HMA’s motion for summary judgment. SJH now appeals","paragraph_id":"para_436"},{"text":"the judgment on Counts One and Four. SJH argues, as to Count One, that21","paragraph_id":"para_437"},{"text":"summary judgment was inappropriate because a jury reasonably could find that the","paragraph_id":"para_438"},{"text":"parties intended to be bound by the terms of Asset Sale Agreement, even though","paragraph_id":"para_439"},{"text":"they never signed it. SJH argues alternatively, with respect to Count Four, that a","paragraph_id":"para_440"},{"text":"jury reasonably could find HMA estopped to deny that it was obligated to go","paragraph_id":"para_441"},{"text":"forward with the acquisition.","paragraph_id":"para_442"},{"text":"SJH includes one line in the “Statement of the Issues” section of its opening brief21","paragraph_id":"para_443"},{"text":"addressing its claim for attorneys’ fees and costs in Count Five: “Did the District Court err in","paragraph_id":"para_444"},{"text":"dismissing [SJH’s] claim for attorneys’ fees and costs . . . .” SJH, however, does not bring up","paragraph_id":"para_445"},{"text":"Count Five or argue its entitlement to attorneys’ fees and costs anywhere else in its brief. We","paragraph_id":"para_446"},{"text":"thus do not address the District Court’s summary judgment on Count Five.","paragraph_id":"para_447"},{"text":"1177","paragraph_id":"para_448"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 17 of 31","paragraph_id":"para_449","court_paragraph":1177},{"text":"III.","paragraph_id":"para_450"},{"text":"In considering SJH’s arguments, we take a different path than the one the","paragraph_id":"para_451"},{"text":"District Court took. We start with the historical facts, which are not in dispute.22 23","paragraph_id":"para_452"},{"text":"They consist of the unsigned Asset Sale Agreement; the Acquisition Act and the","paragraph_id":"para_453"},{"text":"Notice of Intent submitted to the Georgia Attorney General on December 22,","paragraph_id":"para_454"},{"text":"2005, pursuant to that statute; the HSR Act and the regulations promulgated","paragraph_id":"para_455"},{"text":"thereunder; the statements HMA made in its news and press releases and in its","paragraph_id":"para_456"},{"text":"filings with the SEC between December 27, 2005, and February 9, 2006; and the","paragraph_id":"para_457"},{"text":"statements each party made in the Premerger Notification and attachments it filed","paragraph_id":"para_458"},{"text":"with the FTC and the DOJ on January 27, 2006. With these facts in the forefront,","paragraph_id":"para_459"},{"text":"we consider SJH’s appeal of the District Court’s disposition of Count One and","paragraph_id":"para_460"},{"text":"then of Count Four.","paragraph_id":"para_461"},{"text":"A.","paragraph_id":"para_462"},{"text":"1.","paragraph_id":"para_463"},{"text":"Count One incorporates by reference the Asset Sale Agreement. Articles 224","paragraph_id":"para_464"},{"text":"and 3 of the Asset Sale Agreement, “Representations and Warranties,” state that","paragraph_id":"para_465"},{"text":"Because we are reviewing a summary judgment, we consider the historical facts and22","paragraph_id":"para_466"},{"text":"draw all justifiable inferences in the light most favorable to SJH. Rice-Lamar v. City of Ft.","paragraph_id":"para_467"},{"text":"Lauderdale, Fla., 232 F.3d 836, 840 (11th Cir. 2000).","paragraph_id":"para_468"},{"text":"What is in dispute is whether the historical facts yield the inference that, at some point23","paragraph_id":"para_469"},{"text":"in time, the parties intended to, and did, enter into an agreement containing the terms of the draft","paragraph_id":"para_470"},{"text":"Asset Sale Agreement they submitted to the Attorney General on December 22, 2005.","paragraph_id":"para_471"},{"text":"See Record, vol. 1, no. 1-2, at 46–99; Record, vol. 1, no. 1-3, at 1–16.24","paragraph_id":"para_472"},{"text":"1188","paragraph_id":"para_473"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 18 of 31","paragraph_id":"para_474","court_paragraph":1188},{"text":"the parties “duly and validly executed” the Agreement and that it “constitutes a","paragraph_id":"para_475"},{"text":"valid and binding obligation enforceable [against the respective parties] in","paragraph_id":"para_476"},{"text":"accordance with its terms.” Record, vol. 1, no. 1-2, at 63–64, 72. The Agreement","paragraph_id":"para_477"},{"text":"was not executed, though; the parties failed to sign it. Nor did they bind","paragraph_id":"para_478"},{"text":"themselves to the terms of the Asset Sale Agreement by executing a separate","paragraph_id":"para_479"},{"text":"written agreement that incorporated those terms by reference. The parties did sign","paragraph_id":"para_480"},{"text":"an agreement, the Letter of Intent, but it did not incorporate the terms of the Asset","paragraph_id":"para_481"},{"text":"Sale Agreement. Rather, as the District Court noted, the Letter made clear that","paragraph_id":"para_482"},{"text":"those terms were provisional, that it was the parties’ present “‘intention to finalize","paragraph_id":"para_483"},{"text":"and execute a binding Asset Sale Agreement . . . with those changes (a) which are","paragraph_id":"para_484"},{"text":"required by the Attorney General of the State of Georgia . . . (b) which otherwise","paragraph_id":"para_485"},{"text":"result from the process set forth in the [Acquisition Act] . . . or (c) which are","paragraph_id":"para_486"},{"text":"otherwise agreed upon. . . .’” Record, vol. 3, no. 123, at 15 (citing the Letter of","paragraph_id":"para_487"},{"text":"Intent) (emphasis in original).25","paragraph_id":"para_488"},{"text":"The Letter of Intent is a contract in the sense that it obligated the parties to perform25","paragraph_id":"para_489"},{"text":"certain functions. At the same time, it declared that neither party was bound to the terms of the","paragraph_id":"para_490"},{"text":"Asset Sale Agreement submitted to the Georgia Attorney General on December 22, 2005.","paragraph_id":"para_491"},{"text":"Among other things, the Letter’s fourth paragraph provides that","paragraph_id":"para_492"},{"text":"(a) Seller consents to Purchaser making the necessary filings and/or notifications","paragraph_id":"para_493"},{"text":"and (b) Purchaser consents to Seller making the necessary filings and/or","paragraph_id":"para_494"},{"text":"notifications, if any, with all governmental agencies or authorities which are","paragraph_id":"para_495"},{"text":"required to be made, including, without limitation, pursuant to the [Acquisition","paragraph_id":"para_496"},{"text":"Act] or the [HSR Act], in order for Purchaser to acquire the assets as described in","paragraph_id":"para_497"},{"text":"the Asset Sale Agreement.","paragraph_id":"para_498"},{"text":"Record, vo1. 1, no. 1-5, at 6.","paragraph_id":"para_499"},{"text":"1199","paragraph_id":"para_500"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 19 of 31","paragraph_id":"para_501","court_paragraph":1199},{"text":"In sum, as a claim for breach of a contract in writing, Count One could not","paragraph_id":"para_502"},{"text":"survive summary judgment. Whether Count One was sustainable on the theory26","paragraph_id":"para_503"},{"text":"that HMA breached an oral agreement incorporating the terms of the Asset Sale","paragraph_id":"para_504"},{"text":"Agreement is another question. We consider it next.","paragraph_id":"para_505"},{"text":"2.","paragraph_id":"para_506"},{"text":"Although Count One does not explicitly allege that HMA breached an oral","paragraph_id":"para_507"},{"text":"agreement, such allegation is implicit. And SJH’s brief on appeal does not","paragraph_id":"para_508"},{"text":"disavow it, as a fallback position. We therefore proceed under the assumption27","paragraph_id":"para_509"},{"text":"that Count One alleges that HMA breached an oral agreement that incorporated by","paragraph_id":"para_510"},{"text":"reference the terms of the Asset Sale Agreement.","paragraph_id":"para_511"},{"text":"SJH faces two hurdles in its attempt to establish the existence of an oral","paragraph_id":"para_512"},{"text":"agreement. First, the record contains no evidence that the parties ever met face-to-","paragraph_id":"para_513"},{"text":"Further, the parties were charged with “cooperat[ing] with each other concerning the Sale","paragraph_id":"para_514"},{"text":"Transaction (i) in the preparation and submittal of any filings required pursuant [to] the","paragraph_id":"para_515"},{"text":"[Acquisition Act] and (ii) during the course of any public hearings which take place pursuant to","paragraph_id":"para_516"},{"text":"the [Acquisition Act].” Id.","paragraph_id":"para_517"},{"text":"Many obligations contained in the Letter had already been satisfied, at least in part; the","paragraph_id":"para_518"},{"text":"parties had made the Notice of Intent filing under the Acquisition Act, and SJH had complied","paragraph_id":"para_519"},{"text":"with the Letter’s third paragraph by not negotiating with a third party for the sale of its assets.","paragraph_id":"para_520"},{"text":"And, after signing the Letter, the parties satisfied their obligation to file the Premerger","paragraph_id":"para_521"},{"text":"Notification called for by the HSR Act.","paragraph_id":"para_522"},{"text":"We point out here that SJH’s complaint does not assert a claim against HMA for the26","paragraph_id":"para_523"},{"text":"breach of obligations imposed on it by the Letter of Intent.","paragraph_id":"para_524"},{"text":"Whether a claim that HMA breached an oral promise to purchase the hospital27","paragraph_id":"para_525"},{"text":"assets—on the terms stipulated in the Asset Sale Agreement—would succeed in the face of","paragraph_id":"para_526"},{"text":"HMA’s statute of frauds defense is highly questionable. The assets included real estate, and the","paragraph_id":"para_527"},{"text":"Georgia statute of frauds, O.C.G.A. § 13-5-30, requires that, to be enforceable, a promise to","paragraph_id":"para_528"},{"text":"purchase land must be in writing. See supra note 17.","paragraph_id":"para_529"},{"text":"2200","paragraph_id":"para_530"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 20 of 31","paragraph_id":"para_531","court_paragraph":2200},{"text":"face and agreed to be bound by the terms of the Asset Sale Agreement. Second,","paragraph_id":"para_532"},{"text":"the Letter of Intent expressly supercedes any agreements the parties previously","paragraph_id":"para_533"},{"text":"may have made to that effect. SJH would overcome the first hurdle with the","paragraph_id":"para_534"},{"text":"argument that, for summary judgment purposes, the absence of an oral agreement","paragraph_id":"para_535"},{"text":"made at a particular point in time is of no moment; a jury reasonably could infer","paragraph_id":"para_536"},{"text":"from HMA’s post-December 22, 2005, behavior—the statements it made in its","paragraph_id":"para_537"},{"text":"press and news releases and in its SEC filings and its preparation of the hospital","paragraph_id":"para_538"},{"text":"staff for the change over—that the parties had met and agreed that the transaction","paragraph_id":"para_539"},{"text":"would go forward as provided in the Asset Sale Agreement. SJH would overcome","paragraph_id":"para_540"},{"text":"the second hurdle by arguing that, notwithstanding Letter of Intent language to the","paragraph_id":"para_541"},{"text":"contrary, the parties did not intend that the Letter supercede their agreement to","paragraph_id":"para_542"},{"text":"complete the transaction.","paragraph_id":"para_543"},{"text":"SJH presented these arguments to the District Court, together, in three parts","paragraph_id":"para_544"},{"text":"of its brief in opposition to HMA’s motion for summary judgment (and in support","paragraph_id":"para_545"},{"text":"of its motion for summary judgment). It stated the following:","paragraph_id":"para_546"},{"text":"[T]he Letter of Intent was drafted in order to balance the tension","paragraph_id":"para_547"},{"text":"between the [HSR Act’s] requirement of a signed writing, and the","paragraph_id":"para_548"},{"text":"Georgia Attorney General’s procedure stating that the agreement","paragraph_id":"para_549"},{"text":"could not be consummated – signed – until after completion of the","paragraph_id":"para_550"},{"text":"review process. The facts showing the context in which the parties","paragraph_id":"para_551"},{"text":"negotiated the Letter of Intent reveal that the parties did not intend the","paragraph_id":"para_552"},{"text":"Letter of Intent to alter the prior agreement reached by them at the","paragraph_id":"para_553"},{"text":"time they submitted the Notice [of Intent to the Attorney General].","paragraph_id":"para_554"},{"text":"2211","paragraph_id":"para_555"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 21 of 31","paragraph_id":"para_556","court_paragraph":2211},{"text":"Record, vol. 6, no. 116, at 4 (emphasis added). Stated another way,","paragraph_id":"para_557"},{"text":"HMA determined that the parties needed to submit some form of a","paragraph_id":"para_558"},{"text":"signed, written agreement to the [DOJ] and the [FTC] in order to","paragraph_id":"para_559"},{"text":"comply with the requirements of the [HSR Act]. The [Acquisition","paragraph_id":"para_560"},{"text":"Act], however, prevented the parties from consummating their","paragraph_id":"para_561"},{"text":"agreement prior to completion of the Attorney General review","paragraph_id":"para_562"},{"text":"process. In an effort not to run afoul of the [Acquisition Act], the","paragraph_id":"para_563"},{"text":"parties drafted the [Letter of Intent]. . . . [It] was drafted for the","paragraph_id":"para_564"},{"text":"limited purpose of providing the signed, written agreement required","paragraph_id":"para_565"},{"text":"by the [HSR Act].","paragraph_id":"para_566"},{"text":"Id. at 12–13 (emphasis added).","paragraph_id":"para_567"},{"text":"Responding to HMA’s argument that the language of the Letter","paragraph_id":"para_568"},{"text":"conclusively established that an agreement in the form of the Asset Sale","paragraph_id":"para_569"},{"text":"Agreement would not be finalized and executed until after the Attorney General","paragraph_id":"para_570"},{"text":"approved the sale of the hospital assets, SJH repeated this theme:","paragraph_id":"para_571"},{"text":"HMA seizes upon mischaracterized language in the [Letter of Intent]","paragraph_id":"para_572"},{"text":"to attempt to nullify all of HMA’s other words and deeds in","paragraph_id":"para_573"},{"text":"connection with the sale of the Hospital . . . . The “non-binding”","paragraph_id":"para_574"},{"text":"language included in the [Letter] was intended by the parties to","paragraph_id":"para_575"},{"text":"prevent the [Letter] from prematurely going “too far” by effectively","paragraph_id":"para_576"},{"text":"consummating the [Asset Sale Agreement] in violation of the","paragraph_id":"para_577"},{"text":"[Acquisition Act], while at the same time, complying with the [HSR","paragraph_id":"para_578"},{"text":"Act’s] premerger notice requirements.","paragraph_id":"para_579"},{"text":"Id. at 36 (emphasis added).","paragraph_id":"para_580"},{"text":"In short, SJH argues that HMA’s words and deeds in connection with the","paragraph_id":"para_581"},{"text":"sale of the Hospital—specifically, HMA’s press and news releases, the SEC","paragraph_id":"para_582"},{"text":"reports it filed, and the steps it took at the hospital to acquaint the staff with its","paragraph_id":"para_583"},{"text":"2222","paragraph_id":"para_584"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 22 of 31","paragraph_id":"para_585","court_paragraph":2222},{"text":"protocols and to prepare for the change over—constituted proof sufficient to","paragraph_id":"para_586"},{"text":"enable a jury to infer that HMA and SJH reached a meeting of the minds and thus","paragraph_id":"para_587"},{"text":"exchanged promises for the purchase and sale of the hospital assets. And the same","paragraph_id":"para_588"},{"text":"evidence would permit the jury to find that the Letter of Intent was not intended to","paragraph_id":"para_589"},{"text":"render those promises legally ineffective.","paragraph_id":"para_590"},{"text":"In advancing these arguments, SJH overlooks the Premerger Notifications","paragraph_id":"para_591"},{"text":"the parties filed with the FTC and the DOJ two days after they signed the Letter of","paragraph_id":"para_592"},{"text":"Intent. These filings describe the transaction the parties anticipated consummating","paragraph_id":"para_593"},{"text":"if the Attorney General approved it, and as far as we can tell, they contain the last","paragraph_id":"para_594"},{"text":"written statements either party made before HMA abandoned the transaction. The","paragraph_id":"para_595"},{"text":"District Court, in its order granting HMA summary judgment, did not consider the","paragraph_id":"para_596"},{"text":"Premerger Notifications in its analysis of SJH’s claims for relief in Counts One","paragraph_id":"para_597"},{"text":"and Four. What the parties said in the Premerger Notifications, though, is highly","paragraph_id":"para_598"},{"text":"relevant in determining whether, before submitting the unsigned Asset Sale","paragraph_id":"para_599"},{"text":"Agreement to the Georgia Attorney General for his approval, the parties orally","paragraph_id":"para_600"},{"text":"agreed to be bound by its terms.","paragraph_id":"para_601"},{"text":"The HSR Act required the parties to notify the FTC and the DOJ of the","paragraph_id":"para_602"},{"text":"transaction they planned to consummate because the assets involved exceeded $50","paragraph_id":"para_603"},{"text":"million in value. They provided such notice on January 27, 2006, after signing28","paragraph_id":"para_604"},{"text":"See supra note 9 and accompanying text.28","paragraph_id":"para_605"},{"text":"2233","paragraph_id":"para_606"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 23 of 31","paragraph_id":"para_607","court_paragraph":2233},{"text":"the Letter of Intent. According to the regulation governing the filing of a","paragraph_id":"para_608"},{"text":"Premerger Notification, the “notification [had to] contain an affidavit, attached to","paragraph_id":"para_609"},{"text":"the front of the notification, attesting that a contract, agreement in principle or","paragraph_id":"para_610"},{"text":"letter of intent to . . . acquire has been executed, and further attesting to the good","paragraph_id":"para_611"},{"text":"faith intention of the person filing the notification to complete the transaction.”29","paragraph_id":"para_612"},{"text":"The Premerger Notification form that each party filed contained a heading,","paragraph_id":"para_613"},{"text":"“DESCRIPTION OF ACQUISITION.” Under the heading in the form it filed,","paragraph_id":"para_614"},{"text":"SJH stated, in pertinent part, the following:","paragraph_id":"para_615"},{"text":"Pursuant to a Letter of Intent, executed on January 26, 2006 (Exhibit","paragraph_id":"para_616"},{"text":"3(d)(1) at Tab 1), [HMA] will acquire the assets of [SJH]. The Letter","paragraph_id":"para_617"},{"text":"of Intent represents the parties' intention to execute a binding Asset","paragraph_id":"para_618"},{"text":"Sale Agreement (attached hereto as Exhibit 3(d)(2) at Tab 2), which","paragraph_id":"para_619"},{"text":"is pending review and approval by the Attorney General of the State","paragraph_id":"para_620"},{"text":"of Georgia pursuant to the [Acquisition Act]. HMA will pay","paragraph_id":"para_621"},{"text":"$75,000,000 in cash (subject to adjustment) in consideration for the","paragraph_id":"para_622"},{"text":"assets.","paragraph_id":"para_623"},{"text":". . . .","paragraph_id":"para_624"},{"text":"This transaction is conditioned upon, among other things: (1) the","paragraph_id":"para_625"},{"text":"expiration or early termination of any applicable waiting period under","paragraph_id":"para_626"},{"text":"the Hart-Scot-Rodino Antitrust Improvement Act of 1976; (2) the","paragraph_id":"para_627"},{"text":"Section 803.5 of Title 16 of the Code of Federal Regulation, titled “Affidavits29","paragraph_id":"para_628"},{"text":"required,” states in pertinent part:","paragraph_id":"para_629"},{"text":"(b). . . [T]he notification required by the act shall contain an affidavit, attached to","paragraph_id":"para_630"},{"text":"the front of the notification, attesting that a contract, agreement in principle or","paragraph_id":"para_631"},{"text":"letter of intent to . . . acquire has been executed, and further attesting to the good","paragraph_id":"para_632"},{"text":"faith intention of the person filing notification to complete the transaction.","paragraph_id":"para_633"},{"text":"16 C.F.R. § 803.5 (2012).","paragraph_id":"para_634"},{"text":"2244","paragraph_id":"para_635"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 24 of 31","paragraph_id":"para_636","court_paragraph":2244},{"text":"receipt of all required governmental authorizations from all","paragraph_id":"para_637"},{"text":"applicable governmental entities; and (3) other customary conditions","paragraph_id":"para_638"},{"text":"to closing. The parties intend to close this transaction as soon as","paragraph_id":"para_639"},{"text":"practicable after the expiration of early termination of the waiting","paragraph_id":"para_640"},{"text":"period under the Hart-Scott-Rodino Act and the satisfaction and/or","paragraph_id":"para_641"},{"text":"waiver of all the other conditions to closing.","paragraph_id":"para_642"},{"text":"Record, vol. 4, no. 103, Ex. 210, at 5.","paragraph_id":"para_643"},{"text":"In the form it filed, HMA stated under the same heading the following, in","paragraph_id":"para_644"},{"text":"pertinent part:","paragraph_id":"para_645"},{"text":"Pursuant to the Letter of Intent, executed on January 25, 2006,","paragraph_id":"para_646"},{"text":"[HMA] intends to acquire the assets of [SJH]. HMA will pay","paragraph_id":"para_647"},{"text":"$75,000,000 in cash (subject to adjustment) in consideration for the","paragraph_id":"para_648"},{"text":"assets.","paragraph_id":"para_649"},{"text":". . . .","paragraph_id":"para_650"},{"text":"This transaction is conditioned upon, among other things: (1)","paragraph_id":"para_651"},{"text":"execution of a definitive agreement; (2) the expiration or early","paragraph_id":"para_652"},{"text":"termination of any applicable waiting period under the Hart-Scott-","paragraph_id":"para_653"},{"text":"Rodino Antitrust Improvements Act of 1976; (3) the receipt of all","paragraph_id":"para_654"},{"text":"required governmental authorizations from all applicable","paragraph_id":"para_655"},{"text":"governmental entities; and (4) other customary conditions to closing","paragraph_id":"para_656"},{"text":"that will be contained in the definitive agreement. The parties intend","paragraph_id":"para_657"},{"text":"to close this transaction as soon as practicable after the expiration or","paragraph_id":"para_658"},{"text":"early termination of the waiting period under the Hart-Scott-Rodino","paragraph_id":"para_659"},{"text":"Act and satisfaction and/or waiver of all the other conditions to","paragraph_id":"para_660"},{"text":"closing.","paragraph_id":"para_661"},{"text":"Record, vol. 4, no. 103, Ex. 288, at 6.","paragraph_id":"para_662"},{"text":"Under the heading “SUBMIT A COPY OF THE MOST RECENT","paragraph_id":"para_663"},{"text":"VERSION OR AGREEMENT (or letter of intent to . . . acquire),” both parties","paragraph_id":"para_664"},{"text":"cited to, and provided copies of, the Letter of Intent and the unsigned Asset Sale","paragraph_id":"para_665"},{"text":"2255","paragraph_id":"para_666"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 25 of 31","paragraph_id":"para_667","court_paragraph":2255},{"text":"Agreement. Record, vol. 4, no. 103, Ex. 210, at 7; Record, vol. 4., no. 103, Ex.","paragraph_id":"para_668"},{"text":"288, at 8.","paragraph_id":"para_669"},{"text":"We assume that the parties prepared and filed the Premerger Notifications","paragraph_id":"para_670"},{"text":"after reading the following FTC interpretation of the HSR Act’s requirements, as","paragraph_id":"para_671"},{"text":"amplified by the rules promulgated pursuant to the Act:30","paragraph_id":"para_672"},{"text":"The act requires the parties to certain acquisitions of . . . assets to","paragraph_id":"para_673"},{"text":"notify the FTC and the DOJ and to wait a specified period of time","paragraph_id":"para_674"},{"text":"before consummating the transaction. The purpose of the act and the","paragraph_id":"para_675"},{"text":"rules is to ensure that such transactions receive meaningful scrutiny","paragraph_id":"para_676"},{"text":"under the antitrust laws, with the possibility of an effective remedy","paragraph_id":"para_677"},{"text":"for violations, before consummation.","paragraph_id":"para_678"},{"text":". . . .","paragraph_id":"para_679"},{"text":"Section 803.5(b) requires that “ * * * (f) . . . the notification required","paragraph_id":"para_680"},{"text":"by the act shall contain an affidavit * * * attesting that a contract,","paragraph_id":"para_681"},{"text":"agreement in principal or letter of intent to . . . acquire has been","paragraph_id":"para_682"},{"text":"executed, and * * * to the good faith intention of the person filing","paragraph_id":"para_683"},{"text":"notification to complete the transaction.” Section 803.6(a) of the","paragraph_id":"para_684"},{"text":"rules states that “The notification required by the act shall be certified","paragraph_id":"para_685"},{"text":"* * *.”","paragraph_id":"para_686"},{"text":"One of the primary purposes of these requirements—particularly that","paragraph_id":"para_687"},{"text":"of certification—is to preserve the evidentiary value of the filing.","paragraph_id":"para_688"},{"text":"See 15 U.S.C. § 18a(d), titled “Commission rules”:30","paragraph_id":"para_689"},{"text":"The [FTC], with the concurrence of the Assistant Attorney General and by rule in","paragraph_id":"para_690"},{"text":"accordance with [the Administrative Procedure Act, 5 U.S.C. § 553 (2006)],","paragraph_id":"para_691"},{"text":"consistent with the purposes of this section --","paragraph_id":"para_692"},{"text":"(1) shall require that the notification required under subsection (a) of this","paragraph_id":"para_693"},{"text":"section be in such form and contain such documentary material and","paragraph_id":"para_694"},{"text":"information relevant to a proposed acquisition as is necessary and appropriate","paragraph_id":"para_695"},{"text":"to enable the [FTC] and the Assistant Attorney General to determine whether","paragraph_id":"para_696"},{"text":"such acquisition may, if consummated, violate the antitrust laws . . . .","paragraph_id":"para_697"},{"text":"2266","paragraph_id":"para_698"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 26 of 31","paragraph_id":"para_699","court_paragraph":2266},{"text":"The Statement of Basis and Purpose . . . for § 803.6 states that ‘‘ * * *","paragraph_id":"para_700"},{"text":"the certification is intended to estop the person on whose behalf the","paragraph_id":"para_701"},{"text":"report is filed from later denying the completeness or accuracy of the","paragraph_id":"para_702"},{"text":"information provided on the form in the event that either enforcement","paragraph_id":"para_703"},{"text":"agency seeks to introduce any such information into evidence in any","paragraph_id":"para_704"},{"text":"proceeding.’’ 43 FR 33511 (July 31, 1978). The certification","paragraph_id":"para_705"},{"text":"requirement is also intended to place responsibility on an individual","paragraph_id":"para_706"},{"text":"to ensure that information reported is true, correct, and complete and","paragraph_id":"para_707"},{"text":"that the form is filled out in accordance with the act and the rules. Id.","paragraph_id":"para_708"},{"text":"The affidavit requirement is intended to ensure that several important","paragraph_id":"para_709"},{"text":"prerequisites are met before the review process begins. . . . In","paragraph_id":"para_710"},{"text":"consensual transactions, the parties must . . . attest that a contract,","paragraph_id":"para_711"},{"text":"letter of intent, or agreement in principal has been executed. Id. Its","paragraph_id":"para_712"},{"text":"contents also ensure that the parties intend to consummate the","paragraph_id":"para_713"},{"text":"acquisition and are not using the notification process to vet a purely","paragraph_id":"para_714"},{"text":"hypothetical transaction with the agencies. Id. at 33511.","paragraph_id":"para_715"},{"text":"64 Fed. Reg. 51764 (Sept. 24, 1999) (emphasis added).31","paragraph_id":"para_716"},{"text":"The Premerger Notifications are certified under penalty of perjury. Section","paragraph_id":"para_717"},{"text":"1001 of Title 18 of the United States Code makes it a felony to, among other","paragraph_id":"para_718"},{"text":"things, make a “materially false . . . statement or representation” “in any matter","paragraph_id":"para_719"},{"text":"within the jurisdiction of the executive . . . branch of the Government of the","paragraph_id":"para_720"},{"text":"United States.” The statements the parties made in the Premerger Notifications32","paragraph_id":"para_721"},{"text":"The word “person” includes entities such as SJH and HMA. See 16 C.F.R. § 801.131","paragraph_id":"para_722"},{"text":"(2012).","paragraph_id":"para_723"},{"text":"The text of 18 U.S.C. § 1001 (2006) reads, in pertinent part:32","paragraph_id":"para_724"},{"text":"(a) . . . whoever, in any matter within the jurisdiction of the executive . . . branch of","paragraph_id":"para_725"},{"text":"the Government of the United States, knowingly and willfully --","paragraph_id":"para_726"},{"text":"(1) falsifies, conceals, or covers up by any trick, scheme, or device a","paragraph_id":"para_727"},{"text":"material fact;","paragraph_id":"para_728"},{"text":"(2) makes any materially false, fictitious, or fraudulent statement or","paragraph_id":"para_729"},{"text":"2277","paragraph_id":"para_730"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 27 of 31","paragraph_id":"para_731","court_paragraph":2277},{"text":"constitute statements or representations in a matter within the jurisdiction of the","paragraph_id":"para_732"},{"text":"executive branch.","paragraph_id":"para_733"},{"text":"The record contains no evidence to the effect that the parties failed to","paragraph_id":"para_734"},{"text":"comply with the HSR Act and the implementing regulations; the information they","paragraph_id":"para_735"},{"text":"provided the FTC and the DOJ about their contractual relationship, as depicted in","paragraph_id":"para_736"},{"text":"the Letter of Intent, was complete and accurate. As stated in the Letter, it was","paragraph_id":"para_737"},{"text":"their “intention to finalize and execute a binding Asset Sale Agreement in the . . .","paragraph_id":"para_738"},{"text":"form attached to th[e] Letter of Intent.” Record, vol. 1, no. 1-5, at 5. After reading","paragraph_id":"para_739"},{"text":"these words and assuming that the parties filed the Premerger Notifications","paragraph_id":"para_740"},{"text":"intending to complete the transaction, the FTC and the DOJ would assume that if","paragraph_id":"para_741"},{"text":"the Georgia Attorney General approved the transaction as depicted in the","paragraph_id":"para_742"},{"text":"Agreement, the transaction would close.","paragraph_id":"para_743"},{"text":"By filing the Premerger Notifications, the parties represented the following","paragraph_id":"para_744"},{"text":"as true: (1) the Asset Sale Agreement would not become a binding, enforceable","paragraph_id":"para_745"},{"text":"contract until signed by the parties; (2) the Letter of Intent superceded any","paragraph_id":"para_746"},{"text":"agreements—whether written or oral—that may have existed between the parties","paragraph_id":"para_747"},{"text":"regarding HMA’s acquisition of the hospital assets; (3) the parties had a good faith","paragraph_id":"para_748"},{"text":"representation; or","paragraph_id":"para_749"},{"text":"(3) makes or uses any false writing or document knowing the same to","paragraph_id":"para_750"},{"text":"contain any materially false, fictitious, or fraudulent statement or entry;","paragraph_id":"para_751"},{"text":"shall be fined under this title, imprisoned not more than 5 years . . . .","paragraph_id":"para_752"},{"text":"2288","paragraph_id":"para_753"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 28 of 31","paragraph_id":"para_754","court_paragraph":2288},{"text":"intention to complete the transaction and were not using the notification process to","paragraph_id":"para_755"},{"text":"vet a purely hypothetical transaction with the agencies. To this end, the parties","paragraph_id":"para_756"},{"text":"were obligated to attend the hearing the Georgia Attorney General had scheduled","paragraph_id":"para_757"},{"text":"for February 13, 2006, and to cooperate with each other in presenting the case for","paragraph_id":"para_758"},{"text":"HMA’s acquisition.33","paragraph_id":"para_759"},{"text":"In light of the foregoing, we find no error in the District Court decision to","paragraph_id":"para_760"},{"text":"grant HMA summary judgment on Count One.","paragraph_id":"para_761"},{"text":"SJH is nonetheless convinced that HMA should be held to account in","paragraph_id":"para_762"},{"text":"damages for representing to the public over a considerable period of time that it","paragraph_id":"para_763"},{"text":"was acquiring the hospital assets and for inducing SJH to change its position in","paragraph_id":"para_764"},{"text":"reliance on such representation. SJH states its case for damages on that theory in","paragraph_id":"para_765"},{"text":"Count Four, to which we now turn.","paragraph_id":"para_766"},{"text":"B.","paragraph_id":"para_767"},{"text":"SJH contends that a jury, once informed of HMA’s conduct after it joined","paragraph_id":"para_768"},{"text":"SJH in seeking the Attorney General’s approval of the transaction, could","paragraph_id":"para_769"},{"text":"reasonably find HMA estopped to deny that it was obligated to purchase the","paragraph_id":"para_770"},{"text":"hospital assets on the terms set out in the Agreement. For, in addition to","paragraph_id":"para_771"},{"text":"announcing to the public on six occasions—via news and press releases and SEC","paragraph_id":"para_772"},{"text":"SJH does not seek in Count One to recover damages for HMA’s breach of its Letter of33","paragraph_id":"para_773"},{"text":"Intent obligation to attend the hearing and join SJH in urging the Attorney General to approve the","paragraph_id":"para_774"},{"text":"acquisition.","paragraph_id":"para_775"},{"text":"2299","paragraph_id":"para_776"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 29 of 31","paragraph_id":"para_777","court_paragraph":2299},{"text":"filings—that it had “negotiated an agreement” to acquire the 231-bed St. Joseph","paragraph_id":"para_778"},{"text":"Hospital, HMA took several steps toward completing the acquisition. HMA met","paragraph_id":"para_779"},{"text":"with the hospital staff, held training sessions for the purpose of acquainting the","paragraph_id":"para_780"},{"text":"staff with HMA protocols and the operation of its computer system, which it","paragraph_id":"para_781"},{"text":"installed, and applied to have licenses transferred from SJH to HMA.","paragraph_id":"para_782"},{"text":"A jury, as lay persons, might be persuaded to hold HMA accountable for","paragraph_id":"para_783"},{"text":"engaging in such conduct. The proper application of the doctrine of promissory","paragraph_id":"para_784"},{"text":"estoppel to this record, however, would mean that the jury would not decide the","paragraph_id":"para_785"},{"text":"claim.","paragraph_id":"para_786"},{"text":"Promissory estoppel is codified in Georgia as O.C.G.A. § 13–3–44(a),","paragraph_id":"para_787"},{"text":"which reads as follows:","paragraph_id":"para_788"},{"text":"[a] promise which the promisor should reasonably expect to induce","paragraph_id":"para_789"},{"text":"action or forbearance on the part of the promisee or a third person and","paragraph_id":"para_790"},{"text":"which does induce such action or forbearance is binding if injustice","paragraph_id":"para_791"},{"text":"can be avoided only by enforcement of the promise.","paragraph_id":"para_792"},{"text":"O.C.G.A. § 13–3–44(a) (2012).","paragraph_id":"para_793"},{"text":"The District Court read SJH’s Count Four claim as follows:","paragraph_id":"para_794"},{"text":"[SJH] assert[s] that “HMA promised to purchase the assets of [SJH]","paragraph_id":"para_795"},{"text":"and reasonably expected to and did induce [SJH] to rely on its","paragraph_id":"para_796"},{"text":"promise.” (Comp. ¶ 36.) More specifically, [SJH] allege[s] that [it]","paragraph_id":"para_797"},{"text":"“reasonably relied on HMA’s repeated promises and public","paragraph_id":"para_798"},{"text":"statements that HMA agreed to purchase the Assets of [SJH],” and","paragraph_id":"para_799"},{"text":"“injustice may be avoided only by enforcing the promise made . . . by","paragraph_id":"para_800"},{"text":"HMA to purchase” the Hospital. (Id. ¶¶ 37, 40.)","paragraph_id":"para_801"},{"text":"3300","paragraph_id":"para_802"},{"text":"Case: 11-13069 Date Filed: 01/24/2013 Page: 30 of 31","paragraph_id":"para_803","court_paragraph":3300},{"text":"Record, vol. 3, no. 123, at 25.","paragraph_id":"para_804"},{"text":"The court held that the claim failed because the Letter of Intent “clearly","paragraph_id":"para_805"},{"text":"reflects the parties’ intentions not to be bound until a definitive and binding [Asset","paragraph_id":"para_806"},{"text":"Sale Agreement] was finalized and executed.” Id. at 27. We agree. The Letter of","paragraph_id":"para_807"},{"text":"Intent coupled with SJH’s representation in the Premerger Notification filed with","paragraph_id":"para_808"},{"text":"the FTC and the DOJ—that the parties would not execute a “binding Asset Sale","paragraph_id":"para_809"},{"text":"Agreement” until the Georgia Attorney General approved it—establishes as a","paragraph_id":"para_810"},{"text":"matter of law that SJH could not reasonably rely on HMA’s “promise” to purchase","paragraph_id":"para_811"},{"text":"its hospital assets.","paragraph_id":"para_812"},{"text":"IV.","paragraph_id":"para_813"},{"text":"For the reasons stated above, we find no reason for disturbing the District","paragraph_id":"para_814"},{"text":"Court’s judgment on Counts One and Four of SJH’s complaint. 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