Data from Pitchbook for the first three quarters of 2024 shows that global M&A has rebounded both in volume and value over the same period last year. The CDT Roundup parses their report and looks at how those global numbers compare with North America in general and Texas in particular. The numbers, extracted from the Corporate Deal Tracker database, surprise. That, and the usual summary of deal traffic during what proved to be an ironically light week.
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Vertex Energy Bankruptcy Fees Hit $2,450 an Hour
The legal and financial advisors in the Vertex Energy bankruptcy and restructuring have filed their applications for official employment, and the numbers never cease to amaze. Kirkland, Bracewell, Alvarez & Marsal and Perella Weinberg Partners filed their fees to be approved by SDTX Bankruptcy Judge Christopher Lopez.
Keurig Dr Pepper to Acquire Ghost Brand for $990M
Under the deal KDP will pay $990 million in cash for a 60 percent stake in Ghost Lifestyle and Ghost Beverages, with purchase of the remaining 40 percent to follow in 2028. Ghost will operate as part of KDP but will continue to be run by Ghost co-founders, Dan Lourenco and Ryan Hughes.
Bell Nunnally Recruits FINRA Enforcement Pro
John Guild has joined Bell Nunnally after seven-plus years as a senior attorney for the Financial Industry Regulatory Authority.
Jackson Walker Adds Cathy Garza to Electric Regulatory Practice in Austin
Garza said it was time to “embark on a new journey” and leave her “professional home” at Eversheds Sutherland, where she practiced for nine years.
Gibson Dunn Leads Industry Challenge to FTC ‘Click to Cancel’ Rule
The Fifth Circuit has shown a willingness to invalidate agency actions like the FTC rule being challenged here. In recent years, the court has struck down a variety of rules after finding their implementation ran afoul of either the enacting agency’s authority or the federal Administrative Procedure Act.
H.T. Flanagan Joins Kirkland & Ellis
The debt finance lawyer moves from Freshfields where he officed in New York.
Dallas Real Estate Partner Conrad Steele Returns to Jones Day
Steele, who started his career in private practice at Jones Day in 2015, was most recently at Winstead. He has handled large acquisitions of distressed hospitality loan portfolios, single-family housing portfolios, self-storage portfolios, and life sciences properties.
The Ghosts of Loper Bright
October was a fitting month for the Court to take up the ghost gun case. After all, the discretion left to an administrative agency after Loper Bright might be as elusive as a spirit in the night.
Who Qualifies as an ‘Officer of the United States?’ The Answer May Surprise You
Courts have historically wrestled with who qualifies as an “Officer of the United States”— a term that is used five times in the Constitution and its amendments. Considering that the federal government employs nearly 3 million people, some of the confusion is warranted. But not all. Earlier this year, the U.S. Supreme Court faced the question of whether the president qualified as an officer of the United States. The Court ultimately decided the case on different grounds without clarification on this point.
A federal district court in Florida ruled three weeks ago that any individual who files a qui tam lawsuit under the False Claims Act is an officer of the U.S. and that the FCA’s qui tam provisions are unconstitutional because whistleblowers are not appointed by the executive branch.