Some discussion of how backing out of deals is a really bad...

Some discussion of how backing out of deals is a really bad thing.

Well, I'll just leave this here with a few choice quotes: https://www.livemint.com/companies/...king-liberty-with-top-bids-1566241379660.html

"Liberty House has backed out after placing the winning bids for Amtek Auto, ABG Shipyard and Adhunik Metaliks"

"Many of Amtek’s lenders are now directing their anger at Sanjeev Gupta, chairman of London-based metals company Liberty House, which, after placing a winning bid to acquire Amtek Auto, backed out abruptly at the last moment, scuppering the bankruptcy process.

It’s not the first time that Liberty House has stumbled after placing a winning bid. This has been a pattern, lenders say. It has reneged on two previous occasions......"

And just a reminder of Gupta and his dispute with Rio:

“Rio Tinto confirms it has triggered an arbitration process in relation to the sale of the Dunkerque aluminium smelter, France, to Liberty House,” said the Anglo-Australian miner. “The arbitration relates to non-payment of customary post-closure adjustments, including working capital, which was agreed by both parties in the sale and purchase agreement.”

Source: https://www.ft.com/content/dd89d350-cafa-11e9-a1f4-3669401ba76f

Gupta is like one of those plate twirlers at the moment. Whether it will, or whether it won't, all come crashing down, we don't know, but this deal would have hitched HAV long-term to this potential financial wreck.