AUSTIN – State securities regulation has always been something of a whack-a-mole endeavor, but today’s moles have gotten quite clever. As older Texans become more comfortable with smartphones and online interactions, scammers use websites like Craigslist and Facebook to troll for victims, Joseph Rotunda, director of enforcement for the Texas State Securities Board, told The Texas Lawbook in an exclusive interview.
Language Edges Custom in SCOTX Farmout Case
AUSTIN – SCOTX held to its preference for plain language over industry custom, rejecting a $27.7 million verdict in a closely-watched farmout dispute. But the narrow 5-4 decision generated two very vigorous dissents. Janet Elliott reports.
SCOTX Walks Back Hyder
Saying a lower court misconstrued its 2015 decision in Chesapeake Exploration v. Hyder, the Texas Supreme Court ruled unanimously that the deductibility of production costs from energy company royalties is a matter commanded by contractual language. Janet Elliott, who has followed the controversy, explains.
SCOTX Hears Arguments Over Oysters
AUSTIN – When a navigation district leased out underwater acreage to an oyster farming business, the State of Texas took exception. Now their argument over leasing authority and oyster regulation has reached the Texas Supreme Court. Janet Elliott explains.
SCOTX Rules Out Punitive Damages in Crane Plane Purchase Case
AUSTIN – It may have been “reprehensible” to sell as “new” a $19.85 million Bombardier Challenger 300 with a used and troubled engine, but when the contract limits liability then liability is limited, the Texas Supreme Court ruled last week. The decision snuffs a $5.39 million of an $8 million jury award, as Janet Elliott explains.
SCOTX: Insurers Must Pay For Anadarko’s Deepwater Defense
Anadarko has emerged the winner in a coverage clash with its surplus liability insurers as the Texas Supreme Court ruled last week that the underwriters are contractually obligated to pay Anadarko’s $112.5 million defense costs related to the Deepwater Horizon disaster. The Lawbook’s Janet Elliott has the details.
SCOTX Mulls Role of Reasonableness in ‘Farm Out’ Agreements
After spending $22 million on some dry holes in North Texas, Barrow-Shaver Resources Co. jumped at a $27.7 million offer for its development rights. But one of 32 parties blew up the deal by asking $5 million for its approval. Now the Texas Supreme Court is being asked to resolve a question of industry use vs. oil and gas tradition. Janet Elliott explains.
SCOTX Endorses Arbitration – Yet Again
In yet another show of support for mandatory arbitration, the Texas Supreme Court has ruled unanimously that a duly assigned arbitrator has the power to decide a dispute, even when it involves conflicting court orders. The Lawbook’s Janet Elliott explains.
SCOTX To Decide Fate of $8M Jury Verdict For Astros Owner
When Houston Astros owner Jim Crane and another investor bought a new aircraft for $19.85 million in 2010, they apparently expected it to be…well, new. When they discovered two years later it had been equipped with a used left engine with a troubled history, they sued. Now the SCOTX is weighing whether the evidence supports their $8M verdict.
Rowlett Condemnation Case Tests Post-Kelo Statute
Amid a flurry of amicus briefs from property rights advocates, business groups and municipal planners, the Texas Supreme Court heard arguments last week in an eminent domain dispute from Rowlett. The case is a test of a Texas statute designed to protect private property rights following Kelo v. City of New London.
