CW33 reported on Brian Hail‘s $1 million settlement involving a cocktail napkin deal negotiated in a hotel bar:
“You always hear about the cocktail napkin contract and that’s really what it was,” Brian Hail from the Kane Russell Coleman & Logan firm said.
Lo and behold, the company did sell for $820 million, but one of the partners didn’t fork over the other guy’s cash.
“In Texas, generally speaking, you and I could shake hands and we could cut a deal on something and it’s perfectly legally binding if it’s in writing. Even if it doesn’t go into great detail as long as you hit on the essential points,” Hail explained.