Things just keep getting worse for BetonSports. Now it emerges that Mishcon de Reya dumped it as a client in a rare example of a law firm turning down money.
The firm dropped BetonSports in January, around the same time that betting and gaming partner Grant Gordon left the firm to set up his own practice. The firm helped float the company on AIM in July 2004 for £54.6m.
So why did the relat-ionship break down? Predictably, partners at the firm had no comment to make on this, but what is certain is that they will miss out on all the fun surrounding BetonSports' US adventure. Either the firm had incredible foresight, or it had an inkling that a crackdown was just around the corner.
A chain of dismissals has surrounded the BetonSports case. As BetonSports sacked its beleaguered chief executive David Carruthers, so Mishcons dumped BetonSports as a client. It's timing was just a bit better.