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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/[email protected]

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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] 20 points 1 year ago (7 children)

The interest payments on the loans he took out are $1.5 Billion. That's not accounting for any other costs that Twitter was already on the hook for.

Coincidentally, Musk stopped paying all of the costs that Twitter was on the hook for. Rent, data centers, janitorial service, everything.

And he's still not going to have enough money from twitter's operations to make even the basic servicing payment on the loan.

[–] [email protected] 6 points 1 year ago (5 children)

Which is why I still think something else was going on with the Twitter sale. It doesn't make sense for anyone financially.

Unless you imagine it's a bank giveaway to Musk, who will count Twitter as a loss carry forward for years to come when it goes bellyup.

[–] [email protected] 8 points 1 year ago (2 children)

I was, and remain, 100% convinced Musk will never pay those loans. The Saudi, etc authoritarians who bankrolled him knew it was a payment to kill Twitter. The west may have forgotten the Arab spring, but they didn't, and have been scared of Twitter since

[–] [email protected] 2 points 1 year ago (1 children)

Then the banks will take possession of Twitter, and probably arrange a (fire) sale to a financial sponsor. There is no chance the banks will role over like others that Musk is not paying. It’s much more cut and dry on term loans or bridge loans.