"PeopleSoft certainly has no shortage of legal talent on the payroll, and one would expect a much better job of drafting something that important than actually took place," he said. The clause was soon dropped from the CAP.
-- PeopleSoft's management initially saw Oracle's offer as potentially a hoax -- "brings new meaning to the word 'diabolical,'" Conway wrote in an e-mail soon after Oracle commenced its offer. "We thought it was not a good faith offer," Conway said Wednesday at the trial. "We didn't think it was even a bad faith offer. We thought it was a destructive offer."
Despite Goldby's comments about his willingness to negotiate with Oracle if they come to the table with a reasonable offer, the tenor of his testimony overall expressed hostility to Oracle and doubt about its motives. "(PeopleSoft) was and continues to be in a fight for its life," he said at one point. At another, he praised PeopleSoft's performance in the just-ended quarter "despite the strongest headwind that any software company has ever faced."
-- PeopleSoft's deal to acquire J.D. Edwards & Co. almost fell apart as PeopleSoft began 2003 by missing sales expectations in its first quarter. Conway responded to criticism from J.D. Edwards by pointing out that they too were going to miss their first-quarter revenue projections. "When we issued the preannouncement (of the license sales shortfall) and I spoke to (J.D. Edwards CEO) Bob Dutkowsky, I was probably, if not undoubtedly, trying to hold the deal together," Conway said. PeopleSoft announced its plan to buy J.D. Edwards in June 2003, prompting Oracle to initiate its takeover campaign.
-- Judge Strine has broken up the tedium of a trial focused on the minutiae of contracts and board minutes with a few barbs aimed at PeopleSoft's and Oracle's lawyers. As the court considered banking documents identifying Oracle and PeopleSoft with the codenames "Orange" and "Pear," the judge applauded the "health conscious" naming by the bankers. "We didn't have, like, Voracious Shark and Plump Bait Fish or anything like that?" he asked. "Orange and Pear. Sensitivity training at Goldman Sachs paying off."
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