Over a year after the Supreme Court's ruling in eBay v. MercExchange directed district courts to use the traditional four-factor test for awarding injunctions against patent infringement, the eBay trial court has finally ruled and denied granting MercExchange's request for a permanent injunction. As discussed in the attached memorandum, this decision is squarely in line with the growing trend of denying permanent injunctions when the parties are not direct, horizontal competitors.