Venture capital is on a tear. Valuations remain at record levels, outlier IPOs seem likely to boost exit values and fundraising should accelerate. So why are PE investments in energy nothing to cheer about? Claire Poole explains in her weekly roundup of Texas deals.
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DBJ: Dallas Developer Prevails in Power Struggle at Possum Kingdom Lake Resort
The Dallas developer of an upscale golfing community on the shores of Possum Kingdom Lake was cleared Friday of wrongdoing and won’t have to pay millions of dollars in damages to resort property owners who claimed they were harmed by a slew of alleged misdeeds spread over 20-plus years. Bill Hethcock of the DBJ has been following the saga.
Fifth Circuit Tosses Bulk of $21M Latitude Solutions Judgment
A three-judge panel at the U.S. Court of Appeals for the Fifth Circuit has tossed all but $400,000 of a $21 million judgment against key players in the now-bankrupt Fort Worth-based company, Latitude Solutions Incorporated, which included Paul Mitchell and The Patrón Spirits Company co-founder John Paul DeJoria.
The court said trial evidence was insufficient to support the bankruptcy trustee’s contention of a “pump and dump” stock scheme. Natalie Posgate has more.
Fluor Promotes CLO Carlos Hernandez to Interim CEO
Fluor Corp’s long-time chief legal officer Carlos Hernandez is now the company’s interim CEO. While Fluor has not announced who will replace Hernandez as CLO, it lists two lawyers , Dawn Stout and Kevin Hammonds, as holding the general counsel title. This article looks back at Hernandez’ extraordinary life and career.
Houston Chronicle: Exxon Sues Cuba Over Seized Assets by Castro
Exxon Mobil, Standard’s successor, filed a federal lawsuit last Thursday against Cuba’s national oil company and a state-owned industrial conglomerate for approximately $280 million, seeking compensation for the value of the assets plus almost six decades of interest. James Osborne of the Houston Chronicle reports.
SCOTX Blasts Texas Agency For Misrepresenting Rules
Citing a state agency’s misrepresentation of its own procedures, the Texas Supreme Court Friday reinstated the administrative appeal of a group home employee who was about to be placed on a state misconduct register. The per curiam opinion was bold, even acerbic, and included a reference to Animal House. Allen Pusey explains.
Jackson Walker Advises KCI on $6.725B Sale to 3M with Simpson
Jackson Walker bagged a piece of a pretty big deal, the sale of Apax Partners-backed Acelity Inc. and its KCI units to 3M for $6.725 billion, a move that preempts KCI’s planned initial public offering. Claire Poole has the details.
Munsch Hardt Announces Shareholder Promotions
The Dallas-based firm has promoted two attorneys to equity shareholder and one attorney to shareholder.
DBA Receives Texas Bar Foundation Grant for New Initiative
The grant will help launch a program, set to launch this fall, that seeks to create a pipeline of socially conscious lawyers that are well equipped to launch a financially sustainable solo or small firm practice that caters to a lower income clientele.
Reflections on an Acquittal
A multi-defendant white-collar criminal case in federal court presents unique challenges, from managing a multitude of lawyers to the avoidance of conflicts. Tom Melsheimer of Winston & Strawn, who represented the only defendant acquitted in the Forest Park Medical Center bribery case, reflects on the strategies and disciplines that helped the jury single out his client as the only one among nine defendants they could unanimously regard as innocent.