Greedy seller and broker kicked out our LOI 30-days before close
I was kicked out of LOI after working on the deal for 11 months, sell-side delays. I helped broker and seller bring the deal to market, worked from scratch. Thus it took me 11 months. Was on LOI for 90-days, seller failed to provide required dataroom, then he had heart surgery, then his tax lawyer asked for almostredacted% cash as personal goodwill (in a general contract deal) assigned to his charitable trust. Funders frowned because no funder will fund a charitable trust. We extended in writing the exclusive period. Because of the Tax mess he created, I was unable to sign definitive agreement
Paid DD costs - legal, tax, financial, insurance
Signed Term Sheets
30-days before closing, when we were preparing SPA, greedy seller and broker spoke to a new buyer and my terminated my LOI with 5 days notice pressuring me to pay higher (even though the dd report came in 30% lower) or they will kick me out; by that time I was acting on good faith exclusivity until they pulled the plug.
5 months later new buyer and the broker emails my accounting firm directly to release (Big 4) our DD reports for a petty price. Says, they want to save time and move quickly. Strategic buyer.
Accounting firm informed me
I have 0 feelings about the lost deal, because of lack of seller integrity. I will not do that deal. I absolutely believe the deal will fail again with the new buyer, that is why the buyer wants to buy my finance/tax dd reports from my accounting big 4 firm.
What are some suggestions in this situation?