It is completely incredulous that Microsoft's lawyers could write such rubbish, when virtually everything in the denial order is wrong in the eyes of customers that actual know gaming and argue in good faith. But even then, do they have a different text for the Clayton Act to the one ChiefDada has cited?
Reading the act and the facts presented by the FTC - even done badly - is so far beyond the threshold for a PI, you have to wonder how anyone could deep down disagree with the FTC.
Hopefully the Ninth Circuit err on the side of least probability of reputational damage to their circuit and overturn the decision.
Unless I'm mistaken, if they find against the FTC, the FTC will just appeal to the higher court - out with merger timeframes - because the Clayton Act itself would be weakened by such precedence. Whereas if they find against Microsoft, an appeal to a higher court isn't happening because the clock runs out.
In the first scenario of the FTC losing, and it being eventually overturned by the US supreme court, Ninth Circuit would then look like they had no judges that understood and could apply the law correctly on anti-trust - would be my assumed conclusion - completely destroying the legal reputation of that circuit in the process. So it will be interesting if they factor something like that into their ruling, given I'm lead to believe judges fear being overturned and it damaging their career progression, and I image a group of judges being overturned is even worse. So backing the FTC is the safer option I would assume.