One strategy that might be going on - get as much out into the public as fast as possible and gain sympathy and in turn comfort from buyers counsel.
GM's lawyers are probably pretty conservative but if they can get comfortable that the claim is weak they can likely craft a structure that would allow the merger to close without resolving this dispute. Likely setting up some sort of escrow agreement to set aside proceeds until the lawsuit it settled. If they get declaratory judgement- they win and can close. If they don't it gives GM's lawyers time to figure out a structure that allows them to close anyway.
In that scenario (loss on Declaratory Judgment) Kyle and Jeremy could fight it out or settle without derailing the merger.
GM's lawyers are probably pretty conservative but if they can get comfortable that the claim is weak they can likely craft a structure that would allow the merger to close without resolving this dispute. Likely setting up some sort of escrow agreement to set aside proceeds until the lawsuit it settled. If they get declaratory judgement- they win and can close. If they don't it gives GM's lawyers time to figure out a structure that allows them to close anyway.
In that scenario (loss on Declaratory Judgment) Kyle and Jeremy could fight it out or settle without derailing the merger.