U.S. Bankruptcy Judge Christopher Sontchi has given his approval for Energy Future Holdings to sell its 80 percent ownership stake in Oncor to Sepra Energy for $9.45 billion in cash. The judge’s thumbs up means the deal heads to the Texas Public Utility Commission, which is the regulatory authority that must give its blessing before the deal can be final.
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Haynes and Boone Lures Two Energy Litigation Partners in Houston
Craig Stahl and Jeffrey Kuehnle were formerly at Andrews Kurth Kenyon, where Stahl was the co-chair of the firm’s energy litigation practice.
Stahl says HayBoo had offices in key locations for their clients.
Texas GCs Steven Scheinthal and Rafael Stone — The Legal Minds Behind $2.2B Houston Rockets Deal
Non-Texas lawyers at DLA Piper and White & Case did the paperwork, but the Houston-based general counsel for Fertitta’s restaurant, entertainment and hotel company Landry’s and the longtime general counsel for the Rockets and its home court the Toyota Center negotiated the deal. “That is how we kept it quiet and it was done fast,” Scheinthal told The Texas Lawbook.
Why Judge Mazzant Terminated Proposed Overtime Rule
The proposed update to the overtime exemptions rule under the Fair Labor Standards Act was finally put out of its misery last week U.S. District Judge Amos Mazzant. The court ruled that the department cannot create a minimum salary so high that it makes the duties test irrelevant.
Updated – GC Forum Names 2017 Magna Stella Recipients
The Texas General Counsel Forum has awarded its prestigious Magna Stella Awards to five corporate general counsel, two corporate legal departments and three managing counsel. The recipients include four women and four men. The Texas Lawbook has updated this article to make a correction from an earlier version.
Jackson Walker Closes Texan’s Nine-Figure Colorado Ranch Purchase
JW partner Alfie Meyerson cannot identify the buyer or the exact amount of the deal, but the Cielo Vista Ranch in Colorado was listed at $105 million, making it almost certainly the biggest ranch sale in the U.S. so far this year. The property covers 83,000 acres and features the 14,053-foot Culebra Peak, the highest privately-owned summit in the world. “It’s like buying your own national park,” Meyerson told The Texas Lawbook in an exclusive interview.
M&A Round Up: Trio of Deals Keeps Lawyers Busy in the Waning Days of Summer
The end of August found oil and gas lawyers busy cranking out deals before the Labor Day weekend — and the unexpected wrath of Hurricane Harvey. This week’s dealmaking includes: Baker Botts, V&E Counsel on Forum-Global Tubing Hookup; and V&E Counseling NCS Multistage on Spectrum Tracer Acquisition.
Munck Wilson Wins $10.1M Jury Award for iLife
A federal jury ruled Thursday that gaming company Nintendo infringed on patented motion detection technology developed by Dallas-based iLife Technologies. The jury, which heard more than a week of evidence and arguments, awarded $10.1 million to iLife, a technology firm that develops vital sign monitors and other technology.
Sharply Divided 5th Circuit Rejects J&J’s Mandamus Request in Hip Implant MDL
The Fifth Circuit refused to intervene in the massive Johnson & Johnson hip implant multidistrict litigation cases that have been consolidated in federal court in Dallas. But two of the three judges on the panel criticized Judge Ed Kinkeade and asked him to reconsider moving forward with a bellwether trial set to start Sept. 5. The Texas Lawbook has full details.
Corporate Lawyers: TX AG Paxton ’s Defense of Pro-Insurance Industry Law is Misleading, Wrong
Texas Attorney General Ken Paxton and lawyers representing large and midsized businesses in the state are providing contradictory information about the impact of a new law governing the rights of people and businesses to legally challenge insurance companies decision in paying property owners in storm-related losses. Paxton says new law is no big deal and that the lawyers are deliberately misleading their clients.