We always look at markets, and this is the classical market – and we have three of them. The merger of these three down to two would probably cause a competitive inquiry by somebody.

It doesn’t decide the major appeal before the D.C. Court of Appeals,

It puts off the day of reckoning for Microsoft, so on balance, I think Microsoft comes out better in this complex ‘good news-bad news’ decision.

It looks much more likely that the two sides will settle.

They’ve been saying that they didn’t want any part in this, and I don’t think anyone has taken them seriously, and now they’ve said it unequivocally that they don’t want to be bought out.

Microsoft needs a settlement more than the government.

Their chances on appeal are certainly greater than in front of Judge Jackson.

The wild card is how the Supreme Court will treat them.

Microsoft is frustrated, a little bit angry and basically saying, ‘Let’s get on with it,’

Microsoft likes its chances in the appeals courts, … Posner, who is an appellate judge, will tell them what is likely to happen in the appeals courts.