http://en.wikipedia.org/wiki/Oral_contract
Quote:
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For example, in 1984, after Getty Oil was sold to Pennzoil in a handshake deal, which is legally binding under New York law, Texaco made a higher offer, and the company was sold to Texaco. (Even though the case was tried in Texas, New York law applied.) Pennzoil filed a lawsuit alleging tortious interference with the oral contract, which the court upheld and awarded $11.1 billion in damages, later reduced to $9.1 billion (but increased again by interest and penalties).[3]
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Excellent precedent case here that I've done some research on in the past. Interesting that is is also filed in the State of New York. This could end up with Wang coughing up some change. Too early to tell though.