It is unheard of for a deal to die at the closing table because lawyers cannot deliver a required opinion regarding a transaction that they structured and negotiated. Yet, this is exactly what happened last year when two large public companies, Energy Transfer Equity, LP and the Williams Companies, were forced to terminate their attempted combination. This article, co-authored by Scott Bakal and Eric McLimore, members of our tax department, describes some of the traps that can arise when businesses operated as partnerships enter into multi-billion dollar mergers.
Originally published in Bloomberg BNA's Tax Management Real Estate Journal - May 2017.
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