Backlog
The most recent issue of the Debevoise & Plimpton Private Equity Report notes that, at the current time, there are more than 50 private equity transactions in North America with an aggregate transaction value of more than $60 billion waiting to get done. Each of these deals was signed up prior to the current credit crunch. It remains to be seen how or whether these transactions will get done, and it so on what terms. Separately, it remains open how the current macro economic conditions will impact private equity deals going forward.
The issue also contains an interesting discussion of the Forthright Negotiator doctrine, which this blog has discussed before. Ambiguity can often be found, or manufactured, during the course of litigation. The United Rentals case stands for the proposition that what is communicated in negotiating sessions, sidebars and email exchanges, whether involving lawyers, bankers or clients, can carry great weight in shaping a court’s understanding of a disputed contract. Look for more emails reiterating the parties' intentions, even in the face of contract language that is clear.
