When a Massachusetts fantasy baseball contestant sued the Houston Astros in Manhattan federal court in January, legal commentators thought the case would take several months or even years before being resolved. But Hilary Preston and Michael Holmes knew better about U.S. District Judge Jed Rakoff. Nine weeks later, the case against the Astros has been dismissed. Here’s how it happened.
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Thompson & Knight Adds Three IP Partners
Even the coronavirus and stay-at-home orders cannot contain the ever-hot Texas lateral market. Thompson & Knight announced Monday that three intellectual property trial lawyers – Phillip Philbin, Jamie McDole and Michael Karson – have joined the firm’s Dallas office as partners.
Dwindling Oil Storage Capacity and Impacts on Energy Companies
Commodity prices fell precipitously in the first quarter of 2020 as crude producers are getting hit on both the supply and demand sides. The U.S. is reportedly only weeks away from running out of crude oil storage capacity. Many E&P and midstream companies are evaluating whether to reduce production or pipeline capacity and/or shut in wells. The issue became more urgent last weekend when the Texas Railroad Commission reported that some oil companies are already receiving letters from shippers demanding production cuts and citing the unavailability of storage capacity.
Legal Industry Experts: Law Firms Should Start Making Cuts Now
Gibson Dunn managing partner Rob Walters, fresh out of the hospital after testing positive with the coronavirus, has a unique perspective on the potential impact that COVID-19 and cheap oil prices could have on Texas law firms: “This will affect the entire legal industry [and] prove fatal for some fine businesses and law firms.”
Legal industry experts say corporate law firms across Texas should be more worried than they appear to be. Many need to cancel summer associate programs, tell new lawyers that they may not be needed this fall, start reductions in associate salaries and hold back partner draws. “It could get very bad and the Texas legal market will take an even bigger hit than others,” says an Altman Weil analyst. The Texas Lawbook provides an exclusive, in-depth report.
“Could the Parties have Anticipated the Unthinkable?” Force Majeure in the Texas Energy Industry after COVID-19
Refineries, pipelines, oil and gas rigs and energy and petrochemical production facilities are suddenly subject to suspension or shutdown as a result of a major shock in oil prices combined with the global COVID-19 pandemic.
Baker McKenzie partners C. Thomas Kruse and J. Denmon Sigler analyze how these events impact current contracts and customer relationships and how disputes over these shutdowns will be treated.
SCOTX Modifies COVID-19 Civil Case Filing Deadlines
The Texas Supreme Court issued a new emergency order Wednesday that officially stays or tolls “any statute-of-limitations deadlines for the filing or service of any civil case” between March 13 and June 1. The new order takes discretion away from trial judges.
State Bar Discipline: 3 Judges, 9 Lawyers
The State Bar of Texas has made its April update on disciplinary actions. Violations include an injudicious quarrel, a judicial threat and a lawyer with an apparent penchant for forging official documents.
DBJ: Dean Foods Finds Buyer for ‘Substantial Portion’ of Business Operations Amid Chapter 11 Proceedings
Dairy Farmers of America will acquire 44 of Dean’s fluid and frozen assets for $433 million in cash. The Dallas Business Journal has more on the story.
Report: Borrowing Bases Expected to Slide at Least 20% After Oil Free-Fall
The results contrast with Haynes and Boone’s fall survey, which found the largest share of respondents predicting a 10% decrease during redetermination season.
Fed Circuit Gives Schlumberger, Latham Huge Win in Patent Dispute
A widely monitored and hotly contested patent dispute in the oil patch likely ended Tuesday when a federal appeals court ruled that energy giant Schlumberger did not infringe on the intellectual property of legendary Houston energy inventor and lawyer, Dr. Claude Cooke.