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"para_815", "para_816", "para_817", "para_818", "para_819" ], "kind": "front_matter" } ], "paragraphs": [ { "text": "[PUBLISH]", "paragraph_id": "para_1" }, { "text": "IN 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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