In regards to judge's word usage from one sentence to another:
In terms of FTC/PI Burden of Proof, copied from prior posts:
The burden of proof to determine the “reasonable probability” that a merger violates Section 7 is not clear. Using the insightful puzzlement expressed by the c
deliverypdf.ssrn.com
1. To grant PI, FTC has to show "Reasonable Probability" that the proposed merger is in violation of clayton act, sec. 7.
2. Sec. 7 "prohibits the acquisition by a corporation of stock in another corporation where the effect of the acquisition
may be to lessen competition."
2a. Subsequent cases established the term "reasonable probability" = "more likely than not" and the term "may be" = "likely". ("Substantial is entirely different can of worms but it seems like FTC and judge were on the same page with this, I think).
3. Put it all together =
The FTC has to prove: "more likely than not" that the acquisition is "likely" to lessen competition substantially" (Probability of a Probability; Lower threshold for FTC)
4. The judge's decision stated the
FTC failed to prove: "more likely than not" that the merger "will" lessen competition substantially" (Probability of an Absolute; Higher threshold for FTC).
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