Psychologists warn that the holiday season can bring about loneliness and rash behavior. Case in point: Minneapolis IP firm Merchant & Gould. Last December the firm sent out a Christmas card announcing its merger with Chicago IP firm Welsh & Katz.

Merchant & Gould celebrated too soon. In March the firm’s partnership voted to suspend merger talks. A sober one-sentence press release announced the deal’s collapse. According to Merchant & Gould managing director and Chief Executive Randall King, the two firms had “cultural differences.” He declined to elaborate.