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From the LA Times:
University of California, Irvine, Chancellor Michael V. Drake and Erwin Chemerinsky have reached an agreement that will return the liberal legal scholar to the dean's post at the university's new law school, the university announced Monday.
This was pretty much the only possible outcome (other than Drake's resignation.)
Still, Chancellor Drake's authority has suffered, since it is now clear that he way too easily succumbs to political pressure. It will take a long time for him to recover from this mess, and it may be best for the university if he would resign.