this post was submitted on 08 Jul 2023
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Twitter is suing the law firm that used to represent Twitter. - The Verge (www.theverge.com)
submitted 1 year ago by [email protected] to c/technology
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The firm, which represented Twitter as Musk tried to back out of his deal to buy Twitter, received a $90 million fee for getting the deal over the finish line, according to The New York Times. Elon Musk’s Twitter alleges the payment is “unjust enrichment” and wants the fee to be returned.

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[–] [email protected] 1 points 1 year ago

It’s definitely not a bank giveaway - the bank group is likely furious. They are hung with $13bn of debt, that is not sellable, and worse, has virtually no pathway to be sellable in the near future. It’s tough to figure out where this debt would be marked, but I would guess the Street has unrealized losses in the $3-5Bn range.