(Reuters) - Elon Musk has sued the elite law firm Wachtell, Lipton, Rosen & Katz to recover most of a $90 million fee it received from Twitter for defeating his bid to walk away from his $44 billion buyout of the social media company.
https://www.reuters.com/legal/elon-m...ut-2023-07-07/
Here's George Conway's take on this lawsuit (his practice focused on litigation involving securities, mergers and acquisitions, contracts, and antitrust):
1. Nut-job billionaire enters into imprudent merger agreement with acquisition target.
2. Nut-job billionaire breaches imprudent merger agreement with acquisition target.
3. Target company is forced to launch bet-the-company litigation to enforce imprudent merger agreement breached by nut-job billionaire.
4. Nut-job billionaire is forced in bet-the-co litigation to carry out imprudent merger agreement he entered into and breached.
5. Target company’s outgoing board pays big fee to lawyers who won bet-the-co case nut-job billionaire forced it to bring.
6. Nut-job billionaire forced to absorb cost of legal fees paid to enforce imprudent merger agreement he breached.
Seems to me the moral of the story is, don’t be a nut-job billionaire who signs and breaches imprudent merger agreements.