Changing financial and legal conditions can create and destroy wealth in the blink of an eye. How does a negotiator take advantage of such periods of change? During the financial crisis of 2008, Wachovia Corporation found itself looking for a buyer to avoid collapse while the financial industry as a whole was the grips of crisis and disintegration. The Wachovia negotiations offer excellent dealmaking examples of negotiating without preparation, or improvisation in negotiation. This article describes the events of that day and the lessons and negotiation skills negotiators can learn from it.