Free Speech, Due Process and Trial by Jury
As the first Chapter 11 filing by a utility co-op in the wake of Winter Storm Uri rolls on, the billable hours by lawyers for both sides are piling up – with no end in immediate sight. More than 30 lawyers in the bankruptcy case are billing at more than $1,000 an hour.
The dispute, which stems from emergency pricing for electricity imposed during February’s devastating Winter Storm Uri, could have far-ranging implications for other electric providers who were forced to pay up to $9,000 per megawatt hour – 300 times the normal rate – during the winter storm.
ERCOT, operator of the Texas electric grid, says it was just following orders when it charged Brazos Electric Power Coop roughly $2 billion for power and related services provided during the deadly storm in February – a staggering bill that drove Brazos, the state’s largest and oldest electric cooperative, into bankruptcy. The Texas Lawbook has the story.
Corporate bankruptcies in Texas fell significantly during the first six months of 2021 compared to the record numbers that were filed last year as a result of Covid-19 and the recession. But bankruptcy judges are still much busier than they were before the pandemic thanks to Winter Storm Uri. SDTX Bankruptcy Chief Judge David Jones and legal experts explain why in this report.
Weil Gotshal announced Monday that one of its New York bankruptcy partners, Gabe Morgan, is moving to the firm's Houston office. The New York-based Weil is the latest large national corporate law firm to relocate partners and associates from their other offices to Texas due to the tight legal market where the demand for legal services has far outpaced the supply of experienced legal talent.
A bankruptcy filing by a defendant can be a daunting prospect. But plaintiffs with high-value claims who approach the process strategically can achieve a strong recovery. Amy Geise of Omni Bridgeway explains.
A bankruptcy petition filed by the National Rifle Association in January was dismissed Tuesday afternoon by a federal bankruptcy judge who declared the controversial petition as having been filed in bad faith.
A North Texas bankruptcy judge is set to determine — as early as today — whether a solvent National Rifle Association will be allowed to proceed with its request for bankruptcy protection in Texas. The petition has been challenged as a bad faith filing designed by the NRA to wrest itself from accountability in New York, where the organization was created in 1871. The Lawbook has the details.
Haynes & Boone has been tracking Chapter 11 bankruptcies for energy companies since 2015. Here’s the data on the latest quarter for midstream, oilfield services and oil and gas producer companies.
For a year, Bankruptcy Court in Houston has been the setting for A Tale of Two Calamities. A raging disease and a crippled economy tugged the court in two directions. Wave after wave of businesses sought haven from creditors. Covid-19 rendered the court uninhabitable, but also made it indispensable. A flood of cases and no courtrooms in which to try them. Along came two trial lawyers from the two most competitive law firms in the corporate bankruptcy space. This is their story.
The Fort Worth company is represented by a solo attorney and lists assets ranging from $0 to $50,000 and debts ranging from $1,000,001 to $10,000,000.
The buffet-style pizza chain has emerged from the U.S. Bankruptcy Court for the Northern District of Texas in less than two months after filing for Chapter 11.
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