Inflation results in more than high prices for tomatoes and toilet paper. After nearly a decade in which the price of money hovered near zero, persistent inflation has apparently hammered down the appetite for M&A from private equity, dropping global M&A by 48 percent and global private equity deals by 57 percent — 46 percent in the U.S. Claire Poole analyzes reasons for the current drought in this week’s Corporate Deal Tracker Roundup, along with the names of the lawyers who fought the headwinds against last week’s deals.
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PUC Appeals Court Decision Striking Down $9K Electric Rates During Winter Storm Uri
The Public Utility Commission of Texas claims that a decision issued 11 days ago by a Texas appeals court declaring that the emergency pricing orders issued by the agency in 2021 during Winter Storm Uri were unlawful needs to be immediately reversed because it “has thrown Texas’s electricity and associated markets into confusion.”
Lawyers for the PUC filed an official petition for review with the Texas Supreme Court on Friday arguing that the Third Court of Appeals in Austin “had no jurisdiction to validate or invalidate already-expired orders.”
Beyond Fraud: How the SEC’s Activision Case Portends Expansion of the Agency’s ESG Reach
The Securities and Exchange Commission doesn’t regulate everything a public company does. Or does it?
SEC practitioners are grappling with that question in the wake of the agency’s recent $35 million settlement with video game developer Activision Blizzard, where the SEC leveraged an inconspicuous internal controls rule to sanction alleged corporate conduct that had no evident impact on the company’s public reporting. Despite the hefty civil penalty, the Activision settlement does not entail allegations of fraud or deceit, or that Activision misstated or omitted anything at all. There are also no allegations that investors were harmed or put at risk.
Litigation Roundup: Wins for Baylor, A&M in Immunity Rulings, Cinemark Loses Covid Biz Interruption Fight with Insurer
In this edition of Litigation Roundup, the Texas Supreme Court upholds Texas A&M’s governmental immunity in a crash suit, and Cinemark loses a Covid business interruption claim against an insurer while Baylor University beats back a Covid-related breach of contract claim brought by two students.
Erin McDowell: Range Resources New GC in ‘An Especially Dynamic Industry’
When Range Resources long-time GC David Poole retired 10 days ago, the board named his handpicked successor Erin McDowell to fill his role. In an exclusive interview with The Texas Lawbook, McDowell discusses the factors that impacted her career, the path she took to become a chief legal officer of a $6 billion natural gas company and the challenges she and Range face.
Sheppard Mullin Steals Real Estate Group from Jones Day
Market demand for law firm partners with books of business continues to be hot. Sheppard Mullin announced Monday that it has added five Texas corporate real estate transactional lawyers — four partners and a special counsel — from rival Jones Day. The group has worked together for more than a decade and represents public and private equity companies and developers of multifamily and other commercial real estate in real estate finance matters, M&A transactions and joint venture formations.
Energy Transfer buys EnCap’s Lotus for $1.45B
Vinson & Elkins, Sidley Austin and Shearman & Sterling advised on the cash and stock acquisition, which includes about 3,000 miles of pipeline through major areas of the Permian. After closing, Dallas-based Energy Transfer plans a new 30-mile connection with the Cushing hub in Oklahoma. Claire Poole details the deal and the names of the lawyers involved.
Pro Bono Opportunities Abound in Guardianship Cases
Legal guardianships in Texas pose high stakes for the families seeking them. If not obtained, parents may lose their ability to make important medical decisions and obtain critical care for their disabled children after they turn 18. One Houston lawyer, Audrey Momanaee, has devoted eight years and hundreds of pro bono hours to this work. Natalie Posgate recently talked with Momanaee, one of her clients and another expert in the field who makes the case for why more attorneys are needed to step up.
P.S. — AZA Iftar Dinner to Raise Funds for Earthquake Victims; DBA Offers Free Legal Clinics
In this week’s edition of P.S., one Houston firm prepares for a fourth-annual dinner that celebrates Muslim culture and, this year, raises funds for earthquake victims in the Middle East. Plus, details on multiple legal clinics conducted by Dallas lawyers throughout the month of April. Natalie Posgate reports.
These Four Women Helped Shape My Legal Career
I was recently asked about which women in my life helped to shape my career. It was an idea I was drawn to because it is something naturally prevalent in most women lawyers’ lives, but it really doesn’t come to mind until someone sits down to take note of it. From these four women I learned resiliency, how to balance relationships in the workplace and politics, client service and the power of your personal brand.