Client confidentiality question:
I do UHNW luxury good transactions. About a year ago we represented buyer and seller on a deal. Deal fell apart because the buyer was shady and actively trying to engage in illegal acts. Buyer reached out asking us to represent them in a new purchase attempt, we declined.

They found new counsel and made an offer on the same asset. The owner doesn’t wish to engage with them. Can I give the owners reasons to the new counsel without violating duty to my old client

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You have raised a confidentiality question, but what strikes me here is a conflict of interest issue.
Previously, you represented both parties in an attempt to transfer this asset. Now you represent just one. Seems to me that you are adverse to your former client on the same matter. And, in fact, you have (I’m guessing confidential) information about your former client that could be detrimental to him achieving his goal of purchasing that same asset.
Can you be involved in this transaction at all? If it were me, I would seriously consider getting an ethics consult for guidance. I have never regretted spending $1,000 to have that peace of mind.

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But will still get ethics consult thanks for advice

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P.S on old deal they were very intent on an ownership structure that would have violated AML laws. I highly suspect that they have now put that plan into play but structured it in advanced so that we “or new counsel” could ethically submit the AML declarations without actual knowledge of real ownership.

Does the situation require an explanation? Can you just say your client isn’t interested in the offer?

Tell them to ask their client.

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I think P1's comments make sense. An ethics consult would be helpful here.

BTW, was the buyer's waiver in writing?

Ok. Just checking. Still, consult re ethics.

Agree with P1 you have huge conflicts here, you also absolutely have a confidentiality issue. I would say I can’t explain due to privilege.

Although I’ve come to disagree as to confidentiality issue in first place. The new Buyer is very much aware of what happened on the last deal, in fact the only contact i ever had with the Principal on the last deal was a brief phone call to verbally confirm that he had no questions about the conflict waiver.

Any and all privledge/ confidential
Information would have flowed through the new Buyer.

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