Methane emissions are a sticky business in Texas, especially in the Permian where the colorless, odorless substance is simply a by-product of exploration and production for oil and gas on a massive scale. An $88 million satellite set into orbit in March, however, has begun to visualize and quantify the problem. The picture isn’t pretty. But situation is complicated, as the CDT Roundup reports this week — along with its usual survey of transactions.
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Citi: Texas Firms Experiencing Headcount, Revenue Growth So Far in 2024
Texas-based corporate law firms experienced strong headcount, demand and revenue growth during the first nine months of 2024, according to new Citi Law Firm Group data provided to The Texas Lawbook. The dozen or so law firms headquartered in Texas increased their year-over-year lawyer headcount during the first three quarters by three percent, compared to 1.3 percent for firms nationwide. Those firms grew equity partnership by 2.2 percent, which compares to zero percent nationally, according to Citi’s exclusive data.
Porter Hedges, Latham Lead Vroom’s Bankruptcy
Houston-headquartered Vroom Inc. filed for Chapter 11 bankruptcy protection Thursday in the Southern District of Texas, citing about $305 million in liabilities but only $44 million in assets. An automotive finance company and digital service platform for car retailers, Vroom selected Porter Hedges as its lead legal advisor and Latham & Watkins as special advisory counsel. The company also selected Stout Risius Ross as its financial advisor and Verita Global as claims and noticing agent.
How Instant Brands Went From Victim to Accused, According to Bankruptcy Trustee
A New York firm apparently victimized by questionable bookkeeping in an M&A deal was accused by a bankruptcy trustee last week of using that same questionable bookkeeping to pay $345 million in dividends to itself and its investors from a fraudulently obtained loan.
Self-Driving Truck Company TuSimple Sues Co-Founder’s New Venture Over Alleged Theft of Trade Secrets, Proprietary Technology
Autonomous trucking company TuSimple Holdings Inc. is suing a new venture led by TuSimple’s co-founder and ex-CEO in one of the first Texas business court cases. Lawyers for TuSimple say the case is among the earliest and largest nationwide in which artificial intelligence technology is at the core.
Spicey Partners Real Estate, aka Cosmed, Files for Bankruptcy in Houston
Rhode Island-based sterilization company Cosmed Group and its affiliated company Spicey Partners Real Estate have filed for bankruptcy in the Southern District of Texas.
P.S. — This Week’s Givers: Haynes Boone, Squire Patton Boggs, John DeWitt Gregory Trust and Witherite
The Dallas Bar Association’s Equal Access to Justice Campaign is about one-third of the way to its $1.4 million goal. Texas Appleseed raised $544,000 at its annual Good Apple Dinner last week, including a $1,000 donation from The Texas Lawbook. A Dallas plaintiff’s law firm is the first in the legal industry to announce it is sponsoring a Thanksgiving food giveaway. And a Squire Patton Boggs senior partner in Dallas will be honored next week for a career of professionalism.
2024-2025 Partner Promotions
The Texas Lawbook tracks promotions to partner by law firms in Texas. Promotions for the 2024/2025 class have started and are available to subscribers in a searchable database that will update as new Texas-based partners are announced.
FourPoint Acquires $2B in Uinta Assets from Ovintiv
Denver-based Ovintiv was also involved on the buyer side of a $2B+ purchase of Canadian upstream assets in the Alberta Montney Basin. More than 50 V&E, Kirkland, Latham and Gibson Dunn lawyers were involved.
SkyWest Airlines Lawyer Seeks to Challenge Ex-Worker’s Sexual Harassment Claim
Under cross-examination, the former employee, Sarah Budd, acknowledged that she provided few details when she complained to her supervisor in 2019 about what she called pervasive crude and demeaning conduct by the overwhelmingly male force of mechanics she worked with at DFW International Airport.