Both the PI and the Times (oh, and the TNT, too) have articles about the court date, from which we can glean the following information:
-The trial is expected to last six days, with another week or two for the judge to reach her verdict, meaning a decision would not be available until July 1 or so.
-The NBA schedule is due out in June (ish), which could conceivably mean that Bennett might be able to move the team, anyways, but the timing would be exceedingly tight.
-That is counterbalanced by the possibility of the loser appealing the decision, which would add another year's worth of waiting.
-The NBA will discuss the Sonics' application for relocation in April at their governor's meeting. Considering that there will be a pending court case involving the team, it would seem unlikely that the league would permit the Sonics to move prior to resolution of the case. Also, according to Greg Johns at the PI, "The city has said it will consider adding the NBA to the lawsuit should the league approve relocation of the Sonics to Oklahoma City while the team is still bound by its current lease." That sound you heard was David Stern frowning as hard as humanly possible.