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.
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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.
Litigation Roundup: Hunton AK Tapped to Defend Aetna in $1.3B Suit, Waco Jury Slams California Co. With $240M Infringement Verdict
In this edition of Litigation Roundup, Texas juries find infringement in one case involving smart thermostats and another involving cloud storage, a group of doctors want a Harris County judge to confirm a $153.5 million arbitration award in a dispute with UnitedHealthcare and federal prosecutors in Houston drop a female genital mutilation case.
Searchlight, BCI Take Consolidated Private in $3.1B Deal
Illinois-based Consolidated Communications was advised by Latham & Watkins on the deal. Searchlight Capital Partners already held 34 percent of Consolidated’s common stock and all of its Series A perpetual preferred. Claire Poole has details.
Harry Reasoner, the ‘Quintessential Advocate,’ Retires
Six decades ago, a rookie Vinson & Elkins lawyer named Harry Reasoner tried his first case in court. Hundreds of jury and bench trials and 59 years later, Reasoner, now 84, tells The Texas Lawbook that he has decided to retire on Dec. 31.
Reasoner has won billion-dollar courtroom victories for plaintiffs and corporate defendants. His service of pro bono is unparalleled. He guided V&E through a time of tremendous growth, adopted progressive workplace policies in the 1990s such as same sex benefits and helped the Houston firm survive the Enron financial scandal.