The Georgia Court of Appeals upheld a decision to hold Turner Broadcasting System to its apparent verbal agreement to transfer ownership of the Hawks and Thrashers franchises, ordering the payment of the original $281-million award.

Facts: During the course of negotiations with Texas business man David McDavid, Turner entered into a Letter of Intent that precluded binding negotiations without a  signed agreement. However, that contract had expired by the time Turner representatives purportedly said “we have a deal” in continued verbal negotiations. McDavid had prepared a press release to announce the purchase when Turner retracted the offer, prompting McDavid to sue

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