Russian Roulette / Texas Shoot Out

The business world is highly inventive in its creative analogies and terms of violence to colour the black and white pages of corporate documents.  This week, Corporate Blawg UK has investigated a system for terminating joint ventures, where the two founding members of the joint venture are in deadlock over the vehicle's future ownership.

          The mechanism of "Russian roulette" is most commonly applied where each member owns 50% of shares and the primary purpose of the joint venture has been successfully completed. This mechanism commences with one member notifying the other member of its offer to sell to that member all its joint venture shares at a specific price.  This offer, in a deadlock resolution notice, must then be accepted; otherwise the declining member is obliged to sell all its own joint venture shares to the offeror at the same price.

          A variation of this mechanism may be described as " Texas shoot out" (or "Mexican shoot out", depending on whether your prefer mescal to mesquite).  A Texas shoot out is also most common in a 50:50 joint venture.  The process involves both parties submitting a secret and sealed bid to a third party.  The party with the lowest bid crumples in agony (and fills its pockets with cash) as it must sell its shares to the higher bidder at the higher price.  In the case of Banner Homes Group plc v Luff Developments Ltd and another [2000] 2 All ER 117 a "Texas shoot out" was understood to mean an arrangement under which either party could offer put and call options at a specified price or prices which the other could accept or refuse.  This would suggest a more flexible procedure, where negotiation would get the best price for the purchased shares.

          Naturally, the precise mechanism and procedure behind these terms should be clearly defined in the agreements in which they are used.  Corporate Blawg UK would not recommend using any complex terms in a contract without detailed explanation of how they work.  However, Corporate Blawg UK would like to see more cool terms creeping into contracts of the future.  Corporate Blawg UK is currently developing three corporate and commercial mechanisms of its own, in order to describe them as a: "Ferrari 600 clause", "A Golden Goal clause" and a "clause of Mass Destruction"

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For dramatic phrases I remember a negotiation in which one lawyer referred to a certain provision as the "Armageddon clause". This had to do with dissolution of the company.

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