If M&A markets seemed slow, capital markets appeared dead. According to a study by PwC, a record year in 2021 has been followed by near silence. The CDT Roundup this week looks at the stats behind a precipitous drop in IPOs and some recent, long-overdue attention to SPACs by the SEC. All that and the usual roster of Texas-related transactions reported last week.
More Stories
Three Lawyers, Six Texas Justices Take Center Stage in Winter Storm Uri’s Biggest Case
Six Texas Supreme Court justices peppered three lawyers with about two-dozen questions during an hour of oral argument Tuesday morning in an effort to determine whether the state’s Public Utility Commission was within its power to manually set electric rates at $9,000 per megawatt-hour during the four days of Winter Storm Uri in 2021 or if a massive, multibillion-dollar repricing needs to take place.
“The question before this court is a narrow, legal one: Does the plain text of PURA authorize the PUC to order ERCOT to restore competitive scarcity pricing signals to the electricity market and ensure the reliability of the electric grid?” Macey Reasoner Stokes, an appellate partner at Baker Botts in Houston who represents Calpine and Talen Energy, told the state’s highest court. “We submit the answer is a resounding yes.” Lawyers for Luminant disagreed. The Texas Lawbook has the details.
The Corner Office: Q&A with Brian Bullard
In this Q&A, the Polsinelli Dallas office managing partner weighs in on the challenges associated with succession planning at a law firm, what he is seeing in private equity dealmaking, and the benefits of taking a “generalist” approach as a young attorney. Plus, he shares the classic children’s book on repeat at his home.
Dealmaker Jay Hughes Leaves Willkie to Return to McGuireWoods
The M&A attorney has worked on transactions primarily in the energy sector, including representing private equity firms on deals.
Litigation Roundup: Electric Co-op Draws $100M Injury Suit; ‘Red Flags’ Doom $20.8M Recovery
In this week’s edition of Litigation Roundup, the Dallas appellate court undoes a $20.8 million award in a fight between a landlord and a grocery company after finding “red flags” during the negotiation process were ignored, a federal jury convicts a software company CEO of bilking investors out of at least $25 million and prosecutors go after a business mogul who they say hasn’t paid taxes since 1992.
New Dallas Litigation Firm IMcP Established by Former Partners at Rogge Dunn Group
Three partners from the Rogge Dunn Group decided the time was right to start their own firm this month.
‘Twas the Week Before Christmas
A lawyer walks into a courtroom, puts on a Santa hat and reads a Christmas poem to the jury. That’s no one-liner, but rather a factual account of something that happened in San Diego the week before Christmas. And I know that because I’m the lawyer who did it.
Now, of course, this whole thing was not without risk. But a favorable verdict in the trial last week proves the spirited move didn’t hurt either.
Justices to Review Landfill’s Property Valuation Dispute
After Texas Disposal System successfully persuaded the Travis Appraisal Review Board to lower the valuation of its landfill by more than 80 percent, the Travis Central Appraisal District sought a district court’s review. TDS successfully argued that the trial court did not have subject matter jurisdiction over the appraisal district’s claim that the property was below market value because it had brought only an unequal-appraisal protest. SCOTX will review a court of appeals decision to allow the appraisal district to proceed with its case. Business taxpayers are weighing in as the dispute presents major questions for the handling of appraisal protests.
Multibillion-dollar Winter Storm Uri Showdown at the Texas Supreme Court
More than a dozen of the largest electric power companies operating in Texas will face off with their state regulator Tuesday at the Texas Supreme Court. At stake are billions of dollars paid and received under emergency circumstances during Winter Storm Uri three years ago. The energy companies, led by Dallas-based Luminant and Houston-headquartered Pattern Energy, claim that the Texas Public Utility Commission illegally and unnecessarily increased the rates to buy and sell electricity for the four days that unprecedented cold temperatures and freezing rain engulfed the state in February 2021 — rate increases that caused some companies to lose billions of dollars while providing other energy companies billions of dollars in sudden profits.
Matt Orwig Says Goodbye to the Billable Hour
After 17 years with the U.S. Department of Justice and 20 years as a trial lawyer and white-collar criminal defense lawyer with some of the largest corporate law firms in the world, Matt Orwig officially retires from the law practice Monday. From federal judges to corporate general counsel, lawyers tell The Texas Lawbook the impact Orwig had on their career.
“In addition to being a skilled advocate, he was a wonderful teacher, mentor, and colleague who always made time to answer my questions and to strategize about cases,” Judge Irma Ramirez, who was recently confirmed to the U.S. Court of Appeals for the Fifth Circuit, said. “Matt is a genuinely kind person who cares about everyone around him, and he is the kind of friend on whom you can always count.”