We basically agree..but to put it in plain english,if the judge thinks there is any reasonable interpretation of the pleadings and the filings that would allow the plaintiffs to recover, the case will go on. That really is an initial determination by the judge as to whether she thinks the plaintiffs have any legal possibility of success (as differentiated from any emotional chance of success). No need to quibble over words.............most of us hope for the latter of your listed possibilities.
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