Worst Non-Closing Story of All Time
I can't believe that no one has started a forum for this, so maybe I'm an idiot and just couldn't find it in the search... but I'm looking for the worst non-closing stories. Here's mine:
Been working this deal for about 18 months, 4-5 really hard. Money is in escrow, all that's missing is purchaser's signature and CEO goes dark for 36 hours. Come to find out, he never came home the night before, when he finally arrived home night before to shower, his wife discovered he had been fraternizing with the merger target's CEO's wife.
Yeah - basically we all just lost on a few mil in fees because this guy:
1) Couldn't wait till escrow cleared to 'consummate' the merger and
2) Didn't use a passcode on his iPhone and his wife found out he was screwing the wife of CEO he was trying to merge with). Blew up the marriage, family, and our bonuses.
Anyone top that? Have comparably miserable deals fall apart? There will be a breakup fee paid to the target, but bankers got shanked. Interested to hear others out there.