zlacker

There is a difference between "my lawyers advised me that it was probably ok" and "Microsoft's legal team spent 100,000 billable hours pouring over case law to demonstrate that it was not, in fact, ok."

> I don't think OpenAI board has any responsibility to care for Microsoft's stock price.

They control an entity that accepted $10B from Microsoft. Someone signed that term sheet.

>>jsolso+(OP)
For such a basic action as a board exercising one of the most fundamental of its rights, I don't think it's necessary to spend 100K hours. And I don't think the board consulted to random lawyers off the street.

> Someone signed that term sheet.

Do you think that the term sheet holds OpenAI liable for changes in Microsoft's stock price?

>>laserl+72
The board folded.

> Do you think that the term sheet holds OpenAI liable for changes in Microsoft's stock price?

There’s nothing binding on a term sheet.

>>peyton+M2
> There’s nothing binding on a term sheet.

The confidentiality part and the 'no shop' part of a terms sheet are definitely binding and if you break those terms you'll be liable for damages.