CDT Roundup: 17 Deals, 11 Firms, 245 Lawyers, $11.5B

Methane emissions are a sticky business in Texas, especially in the Permian where the colorless, odorless substance is simply a by-product of exploration and production for oil and gas on a massive scale. An $88 million satellite set into orbit in March, however, has begun to visualize and quantify the problem. The picture isn't pretty. But situation is complicated, as the CDT Roundup reports this week — along with its usual survey of transactions.

November 17, 2024 Allen Pusey

Citi: Texas Firms Experiencing Headcount, Revenue Growth So Far in 2024

Texas-based corporate law firms experienced strong headcount, demand and revenue growth during the first nine months of 2024, according to new Citi Law Firm Group data provided to The Texas Lawbook. The dozen or so law firms headquartered in Texas increased their year-over-year lawyer headcount during the first three quarters by three percent, compared to 1.3 percent for firms nationwide. Those firms grew equity partnership by 2.2 percent, which compares to zero percent nationally, according to Citi’s exclusive data.

November 17, 2024 Mark Curriden

Porter Hedges, Latham Lead Vroom’s Bankruptcy

Houston-headquartered Vroom Inc. filed for Chapter 11 bankruptcy protection Thursday in the Southern District of Texas, citing about $305 million in liabilities but only $44 million in assets. An automotive finance company and digital service platform for car retailers, Vroom selected Porter Hedges as its lead legal advisor and Latham & Watkins as special advisory counsel. The company also selected Stout Risius Ross as its financial advisor and Verita Global as claims and noticing agent.

November 17, 2024 Mark Curriden

How Instant Brands Went From Victim to Accused, According to Bankruptcy Trustee

A New York firm apparently victimized by questionable bookkeeping in an M&A deal was accused by a bankruptcy trustee last week of using that same questionable bookkeeping to pay $345 million in dividends to itself and its investors from a fraudulently obtained loan.

November 17, 2024 Allen Pusey

Self-Driving Truck Company TuSimple Sues Co-Founder’s New Venture Over Alleged Theft of Trade Secrets, Proprietary Technology

Autonomous trucking company TuSimple Holdings Inc. is suing a new venture led by TuSimple’s co-founder and ex-CEO in one of the first Texas business court cases. Lawyers for TuSimple say the case is among the earliest and largest nationwide in which artificial intelligence technology is at the core.

November 15, 2024 Krista Torralva

Spicey Partners Real Estate, aka Cosmed, Files for Bankruptcy in Houston

Rhode Island-based sterilization company Cosmed Group and its affiliated company Spicey Partners Real Estate have filed for bankruptcy in the Southern District of Texas.

November 15, 2024 Mark Curriden

FourPoint Acquires $2B in Uinta Assets from Ovintiv

Denver-based Ovintiv was also involved on the buyer side of a $2B+ purchase of Canadian upstream assets in the Alberta Montney Basin. More than 50 V&E, Kirkland, Latham and Gibson Dunn lawyers were involved.

November 14, 2024 Allen Pusey

SkyWest Airlines Lawyer Seeks to Challenge Ex-Worker’s Sexual Harassment Claim

Under cross-examination, the former employee, Sarah Budd, acknowledged that she provided few details when she complained to her supervisor in 2019 about what she called pervasive crude and demeaning conduct by the overwhelmingly male force of mechanics she worked with at DFW International Airport.

November 14, 2024 Bruce Tomaso

November 14 — The Day Fulbright & Jaworski Changed the Texas Legal Landscape Forever

Fulbright & Jaworski was the biggest of the Big Three in Texas a dozen years ago. For the past century, Fulbright, Baker Botts and Vinson & Elkins reigned as the masters of corporate law in Texas. Lawyers at the trio didn’t need to do much business development because clients rushed to their offices when they needed big-time help. Fulbright and her two sister firms — all headquartered in Houston — represented Texas’ biggest businesses and wealthiest citizens. Each employed about 700 attorneys, and they reported roughly the same revenues and profits. The best students at all the Texas law schools prayed one of the Big Three would extend them an offer. Lawyers joined Fulbright and stayed until they retired. Even as national law firms dipped their toes in the Texas legal market waters, leaders at the Big Three swore they would never merge. Texas forever.

Then came Nov. 14, 2012. And everything changed.

November 14, 2024 Mark Curriden

Coterra Acquires Permian Assets for $3.95 Billion

Gibson Dunn advised Coterra and Kirkland advised two Denver-based sellers, Franklin Mountain Energy and Avant Natural Resources, on two separate deals involving as many as 550 net well locations and 125 miles of pipeline in New Mexico.

November 13, 2024 Allen Pusey