Free Speech, Due Process and Trial by Jury
Houston-based Talen Energy filed the largest Texas corporate bankruptcy case of 2022 late Tuesday citing more than $3 billion in debt. A plethora of large law firms – Akin Gump, Paul Weiss, Kirkland & Ellis, Davis Polk, V&E and King & Spalding – are involved, but Talen GC Andrew Wright chose Weil Gotshal as lead debtor's counsel.
Hess Corp. subsidiary Honx Inc. filed for Chapter 11 reorganization Thursday in Houston federal court, citing asbestos claims brought by contractors and employees at a former oil refinery in the U.S. Virgin Islands.
Can Alex Jones and his InfoWars media companies successfully utilize the increasingly popular “Small Business Reorganization” scheme found in Subchapter V of Chapter 11 of the Bankruptcy Code? This case may be the first prominent example of bad faith or inappropriate use of a newly enacted reorganization regime finding widespread use among debtors in all types of industries.
The two firms have developed a close working relationship through the U.S. Bankruptcy Court in Houston over the past several years.
Chief U.S. Bankruptcy Judge David Jones encourages the two sides to reach an agreement and move forward for ‘the person that lives in a trailer in Central Texas… that can’t afford a doubling of their electric bill.’
Clifton Karnei also testified that the emergency pricing of electricity during the storm at $9,000 per megawatt hour – hundreds of times the normal rate – did nothing to accomplish what state regulators intended.
Brazos, the state’s largest and oldest electric co-op, contends that it was plunged into bankruptcy by the $9,000-per-megawatt-hour price imposed by ERCOT during the deadly storm.
The chief federal bankruptcy judge in Houston publicly questioned the truthfulness of the former chair of the Public Utility Commission who testified Thursday under oath about her role in the Winter Storm Uri power-grid fiasco.
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