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   DealBook: Shakeup at the PGA Tour; Musk vs. Wachtell
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   Also, Yellen’s cordial approach to China talks.
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             July 10, 2023
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              Good morning. In today’s newsletter: a PGA Tour director resigns over its LIV Golf deal; Elon Musk takes on Wachtell’s fees; Janet Yellen's effort to build ties in China; and a
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              schism at one of Wall Street’s top P.R. firms. (Was this newsletter forwarded to you?
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              )
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                  Randall Stephenson said he could not “in good conscience support” the tour’s proposed deal involving LIV Golf.
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             ‘Serious concerns’ at the PGA Tour
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             Just days before
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              tomorrow’s PGA Tour hearing
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             before the Senate Permanent Subcommittee on Investigations, a prominent tour board member, Randall Stephenson, has resigned. His reason? He said he cannot support the golf organization’s proposed tie-up involving LIV Golf, its Saudi -backed rival, DealBook’s Lauren Hirsch and The Times’s Alan Blinder report.
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             In a scathing resignation letter obtained by DealBook, Stephenson, the former AT&amp;T chair, said that he — like most of the board — was left out of the loop as the tour negotiated a deal with Saudi Arabia’s sovereign wealth fund that jolted the sports world.
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              “I have serious concerns
             </span>
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              with how this framework agreement came to fruition
             </span>
             without board oversight,” Stephenson wrote, adding he cannot “objectively evaluate or, in good conscience support” it “particularly in light of the U.S. intelligence report concerning Jamal Khashoggi in 2018.”
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              Stephenson had already been planning to retire from the board,
             </span>
             two people familiar with his thinking told DealBook. (In fact, he had already lately taken to attending most board meetings via videoconference, save
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              for last month’s meeting in Michigan.
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             )
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              The Saudi deal sped up the timeline
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             . Days after the deal’s announcement, he told the board’s chairman, Ed Herlihy, a partner of the law firm Wachtell, Lipton, Rosen &amp; Katz, of his plan to resign. Herlihy requested that Stephenson hold out while Jay Monahan, the PGA Tour commissioner, was out on medical leave. Monahan
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              announced his return on Friday
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             . Stephenson’s resignation letter was dated Saturday.
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              He wants the board to consider alternatives.
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             “I hope, as this board moves forward, it will comprehensively rethink its governance model and keep its options open to evaluate alternative sources of capital beyond the current framework agreement,” Stephenson writes.
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             There are other interested investors, DealBook has heard. But it is unclear how they could compete with the
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              Saudi wealth fund.
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             And a Saudi alliance was the only one that could bring
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              an end to litigation between both sides.
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              The optics look bad for the PGA Tour.
             </span>
             At tomorrow’s Senate hearing, Jimmy Dunne, a PGA Tour board member who was heavily involved in negotiations, is set to testify alongside the tour’s chief operating officer, Ron Price. Stephenson’s exit also raises further questions about the deal itself, which still needs approval from the tour’s 10-member board, which includes five players.
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             HERE’S WHAT’S HAPPENING
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Threads surpasses 100 million users, a record for app downloads.
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             Meta’s new social network hit that level in
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              just a few days
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             , significantly faster than the two months that ChatGPT needed to hit that milestone, according to The Verge. Meanwhile,
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              traffic to his social network
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             appears to have dropped sharply during that same period.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Carl Icahn negotiates breathing room with his banks.
             </span>
             Under pressure from a short-seller over loans tied to his publicly traded investment vehicle, Icahn Enterprises, the billionaire reached a compromise with some lenders that decoupled some of that borrowing from the company’s share price,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Wall Street Journal reports
             </a>
             . That could help ease pressure on the firm’s slumping stock.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The moguls are set to arrive at Sun Valley.
             </span>
             Allen &amp; Company’s annual conference for tech and media C.E.O.s is set to begin in Idaho tomorrow, with leaders like Tim Cook of Apple, Mark Zuckerberg of Meta and David Zaslav of Warner Bros. Discovery
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              on the guest list
             </a>
             . The gathering is famed as a place where big deals — think Comcast buying NBCUniversal or Jeff Bezos acquiring The Washington Post — are born.
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Musk puts Wachtell in the spotlight
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Elon Musk made good on his threat of retribution against those who forced him to buy Twitter. The social network’s parent company on Friday
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              sued Wachtell, Lipton, Rosen &amp; Katz
             </a>
             , the Wall Street law firm that represented Twitter’s previous board in efforts to make the billionaire complete his $44 billion takeover bid.
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             Continue reading the main story
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Twitter accused Wachtell, long among Wall Street’s most prestigious
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              and profitable
             </a>
             firms, of “unjust enrichment” by negotiating a hefty success fee just before the deal closed. Some legal experts said the lawsuit faces long odds because Twitter’s board approved Wachtell’s fee — but it also raises the question of whether the high-powered firm’s advice was worth its price tag.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              It’s the first time Twitter has sought to
             </span>
             <span style="font-style:italic;font-size:inherit;font-weight:700;font-family:arial,sans-serif">
              claw back
             </span>
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              a vendor’s fee,
             </span>
             after months of stiffing advisers and landlords alike on unpaid bills. By any measure, Wachtell’s bill was high: “O My Freaking God,” Martha Lane Fox, a board member at the time, wrote in an email upon seeing the cost.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Twitter executives wired $84 million to Wachtell just 10 minutes before Musk fired them upon his takeover’s closing, according to the lawsuit. That was fortunate for Wachtell: Other advisers on the deal, including the P.R. firm Joele Frank, Wilkinson Brimmer Katcher and the shareholder relations firm Innisfree M&amp;A, have sued Twitter over fees they haven’t been paid.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Wachtell did provide value for Twitter’s then-shareholders.
             </span>
             It helped the board compel Musk to complete his takeover bid, even as the
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              company’s business deteriorated
             </a>
             during months of uncertainty on whether the deal would close. Wachtell also helped Twitter avoid a trial, which would have cost even more in billable hours.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              But the lawsuit is casting a light on Wachtell’s billing practices.
             </span>
             On June 27, 2022, according to the complaint, one Wachtell lawyer billed $1,625 for five hours’ worth of drafting stock price reactions. On July 9, a lawyer charged $3,006.25 for 9.25 hours of small tasks and being on general standby.
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             Wachtell’s billing has been scrutinized before: Carl Icahn unsuccessfully
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              sued the firm
             </a>
             over its advice defending CVR Energy against a takeover bid of his.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             (DealBook wonders: What did Musk’s legal adviser, Skadden, charge?)
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What comes next:
             </span>
             The parties are probably headed to arbitration.But the lawsuit raises the prospect of Musk eventually suing Twitter’s former board for breach of fiduciary duty, having accused the directors of doing so by approving Wachtell’s payment.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Remember that Musk fired the company’s former management
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              for cause
             </a>
             , denying them golden parachutes, but never specified why. Perhaps he may argue this was it?
            </p>
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                <img class="css-17i7zb3" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2023%252F07%252F10%252Fmultimedia%252F10db-yellen-plhb%252F10db-yellen-plhb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1qIpHR:OT4bfH7jCwqJAo8tR4ZI9JPm-9l4kW5jDmiYpx90ghI" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:0;line-height:0" width="500"/>
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                 <span class="css-2zlgwg" style="margin:0;font:normal 12px georgia,serif;color:#666">
                  During her four-day trip to China, Treasury Secretary Janet Yellen made no public comments on “decoupling” or “derisking.”
                 </span>
                 <span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Mark Schiefelbein/Associated Press
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             Grading Janet Yellen’s trip to China
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Janet Yellen’s China trip received largely positive headlines, despite a lack of policy breakthroughs and some
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              gripes
             </a>
             about the secretary of the Treasury’s diplomatic protocol. Yellen said relations were on a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              “steadier footing”
             </a>
             and China’s official news agency called the talks constructive.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But that anyone would regard the mere fact that the world’s two biggest economies are talking as a success shows just how low relations have plunged (or is an indicator of how desperate Beijing is to cool tensions amid a worsening
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              domestic slowdown
             </a>
             ).
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The focus was on building relationships.
             </span>
             Yellen met with the officials recently put in charge of economic policy, many of whom have little international experience and are little known to western policymakers. She spoke of “diverse” supply chains — a purported Chinese goal as well — and avoided any mention of “decoupling” or “derisking.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “Chinese decision makers understand that she is more moderate in comparison to many other senior officials in Washington when it comes to China policy,” Li Mingjiang, an expert on China foreign policy at Nanyang Technological University in Singapore, told DealBook. “Particularly, Beijing likes her public reiteration that decoupling would be disastrous for both countries,”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              But the pressure points weren’t resolved.
             </span>
             No new policies were announced and the tit-for-tat retaliation and criticism continues: China said it would impose
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              restrictions on the export of minerals
             </a>
             crucial to chipmaking and Yellen slammed
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Beijing’s treatment of American companies
             </a>
             .
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              China has big problems at home.
             </span>
             Official data published today show that the country is teetering on the
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              brink of deflation
             </a>
             , as consumer spending slows and weak global economic growth hits exports. It’s the latest sign that China’s post-Covid recovery hasn’t materialized, prompting renewed calls for new stimulus measures.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What’s next:
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              John Kerry
             </a>
             , President Biden’s climate envoy, will travel to China this month to resume talks on global warming.
            </p>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             A rare set of defections at a top Wall Street P.R. firm
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Speaking of Joele Frank, Wilkinson Brimmer Katcher … the firm, best known for its behind-the-scenes advice on deals and corporate crises, has just made headlines of its own: Several executives — along with Ed Hammond, a star M.&amp;A. reporter at Bloomberg —
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              have set up Collected Strategies
             </a>
             , a new P.R. firm.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             DealBook’s phone lit up last night after the news broke because it was the first time in Joele Frank’s two decades that a partner had left to set up a rival firm.
            </p>
           </td>
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        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Joele Frank is one of the top P.R. firms on Wall Street.
             </span>
             Founded in 2000 by Frank, it has become a go-to for companies looking to make — or oppose — deals, defend themselves
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              against activist investors
             </a>
             or find their way through a crisis. (Its clients over the years have included G.E., Sony, Time Warner and US Airways.)
            </p>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Frank also distributed equity broadly among her partners, who have been paid handsomely. That’s a reason Joele Frank hasn’t followed rivals like Sard Verbinnen in selling itself, and why no partner had jumped to create a rival firm — until now.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
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       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The departing partners include
             </span>
             Scott Bisang, who advised Twitter on its deal with Elon Musk, and Jim Golden, who advised First Republic and PacWest.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Starting a new firm is hard,
             </span>
             given the years needed to build up relationships with corporate leaders and M.&amp;A. bankers and lawyers. Often, as in other industries, executives are also required to take
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              lengthy leaves
             </a>
             between jobs.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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         <tbody>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             In this case, the Collected founders can’t go after their former clients for some time, since they have nonsolicit agreements.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              But it’s a boom time for new advisory shops anyway,
             </span>
             formed by veterans of longtime firms like Brunswick and Sard Verbinnen (which is now part of FGS Global, after a series of mergers).
            </p>
           </td>
          </tr>
         </tbody>
        </table>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Among the P.R. firms that have emerged during the past decade are Gladstone Place Partners, C Street Advisory Group, Gasthalter &amp; Company and Reevemark.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
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             .
            </p>
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           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             THE SPEED READ
            </h3>
           </td>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Deals
             </span>
            </p>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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         <tbody>
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           <td style="padding:0 0 5px">
            <ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Glencore, the commodities giant, may consider
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                spinning off the coal division
               </a>
               that was long one of its most successful businesses. (FT)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Saudi National Bank reportedly offered to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                increase its stake in Credit Suisse
               </a>
               to 40 percent before the Swiss bank collapsed, but was rebuffed by Switzerland’s financial regulator. (Bloomberg)
              </span>
             </li>
            </ul>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Policy
             </span>
            </p>
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            <ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Silicon Valley Bank’s bankrupt parent company
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sued the F.D.I.C.
               </a>
               , seeking $1.9 billion that the regulator assumed when it took over the failed lender in March. (FT)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                The Elite Circle Clarence Thomas Entered
               </a>
               That Led to the Supreme Court” (NYT)
              </span>
             </li>
            </ul>
           </td>
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         </tbody>
        </table>
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       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Best of the rest
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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           <td style="padding:0 0 5px">
            <ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The comedian Sarah Silverman and two authors are
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                suing OpenAI and Meta
               </a>
               for copyright infringement, accusing the companies of programming their A.I. networks using their work without compensation. (The Verge)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               “America Is Wrapped in
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                Miles of Toxic Lead Cables
               </a>
               ” (WSJ)
              </span>
             </li>
            </ul>
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              Correction: Saturday’s DealBook misstated when Taylor Swift released the rerecorded version of her album “Speak Now.” It was Friday, not Thursday.
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