The Story

It was the corporate equivalent of “three guys walked into a bar.” Or a scenario fit for the bar exam. A Japanese company, a South African company and a Monagesque company decided to create a new company to develop gaming software for slots in Zimbabwe. They wrote up a document. Some called it a contract. Our client called it a term sheet—an agreement to agree. Some signed it in London. One signed it in Tokyo. As you might expect, the deal went bad. The Japanese company was sued in federal court in Las Vegas. One of our lawyers was asked to defend it. After some pretrial maneuvering, the opposition lost its taste for litigation and dropped the case.