Cerberus wins their case against United Rentals

At least reclusive Cerberus CEO Steve Feinberg's public court appearance wasn't in vain.  Cerberus won their case against United Rentals.  A judge said that they don't have to follow through with their buyout of the firm: 

Delaware Chancery Court Judge William B. Chandler III ruled today that United Rentals officials should have known that Cerberus executives believed they had a right to pull out of the deal at any time as long as they paid a $100 million fee.

``There's some clarity here for the private-equity firms that if you have an agreement, you're protected,'' Steven Kaplan, a professor at the University of Chicago Graduate School of Business, said in a phone interview. ``For United Rentals, part of this can't be recovered because it was predicated on debt markets that no longer exist.''

United alleged Cerberus's RAM Holdings buyout entities agreed in July to pay $34.50 per share for United Rentals' stock, and reneged on the deal in November amid weakened U.S. credit markets.

United Rentals Can't Force $4 Billion Cerberus Buyout - Bloomberg