When Bill Munck started his law firm in 1998, he made three decisions that proved critical for success. The firm would be technology-focused. It would be based in DFW. And the partners he chose to join him would be make or break. During the past 25 years, Munck Wilson Mandala has jumped from six to 94 lawyers, has expanded to eight offices, has increased firm revenues and revenue per lawyer each year and developed a national reputation as a leading technology firm. Munck, Wilson, Mandala and several more deserve the credit.
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Big Day for the Ho Family at SCOTUS
Allyson Ho called her husband, Fifth Circuit Judge James Ho, with exciting news: She’ll get to argue before the U.S. Supreme Court, her fifth time before the high court. He looked up the case and discovered SCOTUS was also taking on a case he’d drawn attention to.
Jury Says No Breach, No Bad Faith, No $30M
A Harris County jury recently heard three weeks of evidence in a breach of contract and bad faith lawsuit stemming from the $90 million sale of a business that rents pumps used in the oil and gas industry. Jurors had to answer two questions: Did GR Energy Services breach a noncompete agreement by communicating with SpaceX about the possible purchase of pumps after it sold its Flex Flow pump business? And did Odessa Pumps act in bad faith in managing Flex Flow after the purchase from GR to keep profits artificially low in order to avoid paying GR a $30 million earnout? No, and no, the jury said.
P.S. — Noche de Luz Honorees, Walls of Honor, A Six-Figure Grant
This week’s edition of P.S. features opportunities to support the ABA’s public service, policy and education initiatives, the unveiling of three displays at the University of Houston Law Center honoring notable Hispanic and African American alums and faculty, a group of lawyers recognized by the Dallas Hispanic Bar Association’s annual gala, Volunteer Legal Services of Central Texas’ honoring of volunteer lawyers in the Austin area and a six-figure grant gifted from one Dallas-area nonprofit to another.
Fallout in SDTX Bankruptcy Court
Have large corporations filed their Chapter 11 restructurings in Houston because the rules are favorable to debtors or because of Bankruptcy Judge David Jones’ expertise? Several bankruptcy lawyers fear it was the latter that made the Southern District of Texas the busiest jurisdiction over the past six years for complex business restructurings.
With Judge Jones’ resignation over the weekend amid a Fifth Circuit investigation, experts say that there is a danger of returning to the days when Texas lost billion-dollar restructurings to other jurisdictions.
Fifth Circuit Cites SCOTUS Precedent, Axes Win for McKinney Woman Whose Home Cops Destroyed
The panel determined that because the actions of the McKinney police took to end the hostage situation and standoff were “objectively necessary,” Vicki Baker isn’t entitled to compensation on her Fifth Amendment takings claim. The Fifth Circuit said U.S. Supreme Court precedent, which has long recognized an exception to the takings clause, mandated the outcome and that, as a lower court, “it is not for us to decide that fairness and justice trump historical precedent.”
‘Marketing’ or ‘Bribery’? Closing Arguments in Federal Pharma Fraud Trial in Dallas
The defense lawyer for Quintan Cockerell says he did nothing illegal by telling doctors they should consider using the costly medications prepared by 2 pharmacies that paid Cockerell millions of dollars. The government says he was taking kickbacks for inducing doctors to send prescriptions to the pharmacies.
Canadian Marine Logistics Provider Logistec to Go Private in Deal with Blue Wolf, Stonepeak
Blue Wolf Capital and Stonepeak announced Monday that they are acquiring the Canada-based shipping specialists Logistec in an all-cash deal that values the company at $1.2 billion. Sidley advised Stonepeak on the transaction.
A Bar Member’s Visit to the Supreme Court
Though I have been counsel on SCOTUS cert petitions and responses and the occasional amicus brief over the years, I never had the opportunity to argue before the High Court. I realized I needed to make my own arrangements to watch our Supremes in action.
The argument I observed involved a lawsuit out of Texas and the Fifth Circuit challenging the constitutionality of the Consumer Financial Protection Bureau’s funding mechanism. The nine justices were active in asking questions of counsel.
CDT Roundup: 14 Deals, 13 Firms, 125 Lawyers, $67.8B
The $59.5 billion acquisition of Pioneer Natural Resources by ExxonMobil last week produced the largest week by value ever recorded by the Corporate Deal Tracker Roundup. The deal caused upward movement in the stocks of other significant stakeholders in the Permian Basin, perhaps with other consolidation targets in mind. The Roundup wondered which Permian players might be next, and we have that list, along with the usual tally of lawyers and firms that helped produce last week’s record showing.