Porter Hedges founder Bill Porter must have seen something special when he recruited Vanderbilt University second-year law student Joyce Soliman in 1996. Twenty-seven years later, the Houston-based, 125-attorney, full-service law firm has named Soliman, a corporate finance lawyer and the past chair of the Asian American Bar Association’s board of trustees, as its new co-managing partner.
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CDT Roundup: 16 Deals, 13 Firms, 165 Lawyers, $6.8B
This week’s transactions include two take-private deals. According to studies by Bloomberg and White & Case, turmoil across the equity capital markets is making such deals attractive, with more companies being taken private so far this year than traditional public offerings. In the 18 months from January 2022 through June 2023, there were 47 P2P transactions in the U.S. versus 39 IPOs. And the P2P pace for 2023 may be even quicker. Claire Poole has the specifics, along with the usual roundup of deals and dealmakers for the week.
Litigation Roundup: Ernst & Young Beats Fraud Claims, Sandy Hook Families Prevail in Alex Jones Bankruptcy
In this edition of Litigation Roundup, a massage company pays $1 million to end the sex assault claims lodged by two female customers, a lawsuit between the parent company of Ace Cash Express and a former business partner seeks as much as nine-figure damages, and American Airlines wins an appeal in a discrimination lawsuit venue fight.
Texas Attorneys for Chevron Co-Lead on $60B Acquisition of Hess
A pair of in-house attorneys for Chevron in Texas is co-leading on the company’s purchase of New York-based Hess Corp. for $60 billion, including debt. Paul Weiss is serving as outside counsel to Chevron, while Wachtell Lipton advised Hess.
Bill Munck’s Silver Jubilee: ‘Finding Larry and Mike’
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.
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.”