Texas Supreme Court Answers Certified Questions in a Way that Package Liquor Stores Worry May Open Floodgates to Big Retailers
The court answered certified questions from the Fifth Circuit asking it to interpret state liquor laws banning public corporations from owning package-store permits in Texas. But, in doing so, justices determine an exempt corporation, exempted by a grandfather clause that allows a public corporation to own liquor stores, should not forfeit its exemption by selling interests to ease debt in a Chapter 11 reorganization.