March 10, 2009
The “Deal Cube” Chronicles: Part 2
Following up on my earlier blog portraying some “deal cube” chronicles, I’m holding a contest for the coolest cube. Please email me pictures of the cube(s) that you cherish the most. If you wish to remain anonymous, I’ll honor that request as always.
Here are a few more deal toy stories:
– We did a public offering of subordinated debt a number of years back. There was an extensive negotiation with the senior lender regarding the subordination agreement and specifically on the “fish or cut bait” provisions which force the senior lender to exercise remedies or free the subordinated debt holders to exercise their remedies. The cube for the deal was the bones of a fish.
The underwriter only provided one such cube to one of the lawyers in my firm who worked on the deal. Over the next ten years, the cube was stolen from the office of the receiving lawyer multiple times by the other lawyers in the firm who worked on the deal and hidden away, but subsequently retrieved. Eventually, he brought the cube home only to have it stolen again at a firm party that he threw at his house.
– I have a cube from a deal I did about five or six years ago that looks like a miniature suitcase nuke. Some poor junior banker had to carry these things through airports on his way to the closing dinner. It’s a miracle he didn’t end up in Guantanamo in the cell next to “Harold and Kumar.”
More to come. Keep those deal cube stories coming…