The Oracle Trial's Upside-Down World

Although an appeal is possible, sources close to the case say his decision will probably mark the end of a drama that began last June. No one expects Walker to leave much room to go to a higher court. "Unlike what Martha Stewart thinks, you need a better reason to appeal than not liking the verdict," said one source. "It's unlikely that Walker will make that kind of mistake."

Noting the U.S. Supreme Court refused to hear an appeal in the Microsoft case, the source wondered: "How likely is it that the court would hear this?"

Sources close to Oracle have hinted that the company will abandon the takeover if the verdict goes against them. After all, Oracle has other items on its list of potential acquisitions, and at some point it has to get on with it.

Then again, Ellison once said he would drop the merger if Justice opposed it. That didn't happen, so how this will really go if Oracle loses is unclear. The government's lawyers say they'll cross that bridge if and when they get to it.

If Oracle wins, the stalled pursuit of PeopleSoft is back on. At that point, expect Oracle to put on a full-court press to entice the major institutional holders of PeopleSoft stock to sell.

"We made some mistakes earlier," an Oracle executive admitted, acknowledging that PeopleSoft had won the initial public relations battle surrounding the takeover. "We won't make them again."

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