I have a deal where the buyer, my client, has the option to cancel the transaction if the seller cannot fulfill a certain obligation by a definite date. For almost three months the seller’s attorney asks for an open-ended extension of time, which my client refuses to grant. Instead, we provide incremental extensions of two weeks, always via fax.
My client wants the deal to go through, and will more than likely hang in there indefinitely. But I never, ever share that information with counsel for the other side. Because if I take off the time restrictions, I take off the pressure. My way, I am guaranteed the file gets the attorney’s attention at least once every 14 days. Her way (I’ve known her a long time), she’ll wait to hear back from her client and those he is negotiating with.
The seller’s attorney called me yesterday afternoon to ask for professional courtesy so we could both stop wasting our time twice a month. “Let’s just set the deadline aside (or make it perhaps the end of October)”, she requested. But I couldn’t tip my hand at this point in the game. So I shared a laugh with her about how we both wished that deals nowadays would go more smoothly, and then said I could understand why she would dislike (what she perceived to be) my client’s position. “When the deadline comes up again, “I said, “I’ll be sure to re-visit the two week extensions with [buyer] again.”
I’ve never played poker, but I think that’s called a “bluff”, right?
Have a great weekend! I neglected to brag that the July issue of Boating Times Long Island is on the website. We’ve got a new magazine reader for you to try out: www.boatingtimesli.com And yes, delusional as I may be, I still want to exclaim: LETS GO METS!