My friend recently signed at MLP, and is currently on his garden leave. But just learned the hiring PM blew up, and want to cancel the offer. Anything he can do?
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Ask HR is there’s an opportunity to re-pod / speak to other strategies. Bad situation but hopefully they’ll help. Most places will just say “sorry & good luck”
"my friend" ... real slick
It’s an anonymous forum lmao wtf is this “my friend” BS
If everything was signed, depending on country, "your friend" can sue and just settle for ~$50k and things usually stay out of the press for "your friend" to find a new job.
I know an under the radar investor who got his start applying and accepting to hedge fund / sell side MBS groups summer 08 that all re-negged and settled 9x. The tenth one didn't blow up before he started. He went into office expecting to be let go with severance within a month... still there 17 years later.
Doesn't work like that these days. Any half decent employment contract set out terms that stipulates rights to rescind and/or withdraw offer anytime during probation period and/or before start date.
Only viable legal case one can make is if someone left money on the table to join MLP (i.e. being bought out through guarantees). Doubt this is the case here.
love your work @BayesianBets thanks for clarifying
I assume you'd still get paid if you were bought out in this case?
Can't hurt contacting the hiring BD you spoke with? Can maybe put you in touch with PMs that are hiring. MLP (and the other MMs) want to maintain their reps by giving good recruiting experiences to candidates...rescinding an offer before starting is not a good look
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