TGI Friday’s Inc. and 23 of its subsidiaries filed for Chapter 11 bankruptcy protection in the Northern District of Texas over the weekend. In its bankruptcy petition, TGI Friday’s claims $100 million to $500 million in debts and the same range for assets. The Dallas-based company owns 39 actual bar-and-grill restaurants across the U.S. None of the TGI Friday’s franchised operations are part of the Chapter 11.
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Joint Ventures Demystified — A Practitioner’s Guide to Structuring Successful Partnerships
In today’s global business environment, market participants continuously seek innovative ways to grow their businesses, obtain capital to execute their business plans and leverage shared resources. One popular strategy is forming a joint venture, which is a business arrangement where two or more parties pool resources to achieve a common commercial goal. Structuring a JV is complex, and success hinges on careful planning, negotiation and management, as poorly structured JVs can lead to conflicts, inefficiencies and ultimately failed outcomes.
This article explores several key issues to be addressed when forming a joint venture and provides a roadmap for avoiding some common pitfalls that derail many partnerships. By carefully defining a JV’s scope, negotiating for appropriate consent rights, protecting against leakage from affiliate agreements, addressing fiduciary duties and establishing clear transfer provisions, parties can create a JV structure that helps to ensure alignment and maximizes the likelihood of success for all involved.
CDT Roundup: 12 Deals, 11 Firms, 107 Lawyers, $52.8B
A $50 billion data center joint venture is nothing to ignore. Neither are the footnotes that occasionally accompany a monumental deal. The CDT Roundup this week looks at the big numbers that are building up around AI-driven data centers, and a few tiny cautions about what to expect of them. FYI, we didn’t ignore our usual roster of last week’s deals — even those under $50 billion.
Nokia Says Dallas-Area Company is ‘Overreaching’ in Pursuit of $35M Patent Infringement Verdict
Correct Transmission, which offices in Allen, rested its case Friday after a damages expert testified that Nokia owes $35 million for its alleged infringement of three patents covering technology used in routers. Nokia denies it uses the patented technology and is challenging the validity of one of the patents.
P.S. Spotlights Chevron, Jennifer Banda, Lael and Peter Brodsky, Latham, Sidley and Haynes Boone
In this week’s P.S. column, we highlight upcoming events such as Texas Appleseed’s annual Good Apple Dinner and the Institute for Energy Law’s Excellence in Diversity and Inclusion Award reception. The Center for Women in Law at the University of Texas School of Law has a new executive director. Haynes Boone gives the Dallas Volunteer Attorney Program $25,500. And the Texas Chapters of the American Board of Trial Advocates honor Fort Worth trial lawyer Steve Laird with its first-ever Ethics and Civility Award.
Plus, The Texas Lawbook seeks your contributions or efforts in helping those in need for the holidays.
Sonida Selects a New GC: Tabitha Bailey
Dallas-based Sonida Senior Living Corporation has hired former Avantax General Counsel Tabitha Bailey as its new chief legal officer starting Jan. 1.
V&E Announces New Denver Office
The Houston-based firm announced on Halloween that it is launching a Denver office led by three leading corporate partners at the firm. V&E has been involved in several deals in the region this year.
Texas Lawyer Leads Trump Lawsuit Against CBS in Amarillo
Former president Donald Trump has hired Amarillo lawyer Christopher D. Parker, a shareholder at Farris, Parker & Hubbard, as one of three attorneys to file a lawsuit against CBS Broadcasting claiming that the TV network committed “unlawful acts of election and voter interference through malicious, deceptive and substantial news distortion” by editing interviews with Vice President Kamala Harris that were broadcast in early October.
DOJ’s Updated Corporate Compliance Guidance Gives Companies More Reasons to Focus on AI and Technology
Tracking themes apparent in other recent guidance issued by DOJ, companies now have more reason to focus on AI and the effective use of emerging technologies and data analytics, even when engaging in M&A deals, to enhance corporate compliance programs. Perhaps most significantly, the DOJ now asks companies to demonstrate how they are utilizing newly available technology such as AI and whether the companies have adequately prepared for the risks associated with using such technologies.
Trial Begins in $30M Patent Infringement Case Against Nokia
Lawyers for a Dallas-area company that holds the patents told an East Texas jury tech giant Nokia of America Corporation used its technology to improve Nokia routers without paying royalties as trial began Wednesday. Nokia denies it uses the patented technology and alleges the marketplace wasn’t interested in the technology.