10/14/14

UPCOMING EVENTS

Tomorrow Night at 9 pm Capital Gains faces off in IM football against TJOGEL’s Frack City. Come support the team at the IM fields off Guadalupe (across from the triangle apartments) and wear RED! The team and fans will go for drinks after the game, first round is on me!

10/20 Fall Partner Panel, Francis Auditorium, 4-5:30pm. TBLS will be bringing the following partners to speak to students about their practice areas and what they expect from their associates.

Bart Huffman, Locke Lord, IP

Marlen Whitley, Reed Smith, Corporate/Securities

Tom Adkins, Bracewell & Giuliani, Corporate/Securities

Alan Laves, Akin Gump, Debt Finance

This will be a great way to learn more about the different transactional/corporate practices and meet some great firms and their partners! Also, we’ll be serving Tiff’s Treats. Please RSVP by emailing txbusinesslaw@gmail.com, signing up on Symplicity under the Events tab, or by stopping by the TBLS table in the atrium.

10/24 Fall BBQ Friday 5 pm at Randy & Cesar’s house.

Dues: If you still have not paid dues, please take them to the communications desk in the atrium and ask the attendant to place them in the Texas Business Law Society box. Be sure to put them in an envelope with  your name on them.

TERM OF THE WEEK

PURCHASE AGREEMENT – The agreement setting out the terms for the purchase of a business.  A purchase agreement is the “road map” followed by the buyer and the seller in a business transaction.  It would include items such as a description of what is being purchased, the down payment and repayment terms, buyer and seller representations, warranties, and indemnification’s, and so on.

5 THINGS TO KNOW THIS WEEK

1. Judge Halts Transfer of Incinerated Ebola Waste to Louisiana

A Louisiana judge has approved a request by the state’s attorney general to keep the incinerated belongings of the first U.S. Ebola patient away from Louisiana.

2. 5 Things To Know About a Possible Canadian Pacific-CSX Merger

Canadian Pacific Railway has approached CSX about combining into one of North America’s largest railroad operators, according to people familiar with the matter. CSX was said to have rebuffed the overture but just the possibility of such a deal will likely reverberate through the industry. Here are five things to consider were CP and CSX to reach an agreement

 3. Former UBS Executive Having Trouble Bringing Spooked Witnesses to U.S.

A former Swiss banker and top UBS AG executive slated to go on trial for allegedly aiding U.S. tax evasion has asked that witnesses too spooked to step foot in America be able to testify on his behalf via videoconference.

Raoul Weil, a former top wealth management executive at Switzerland’s biggest bank, was indicted in 2008, kicking off a legal dragnet in the Alpine country that continues today. After being detained in Italy last year, Mr. Weil was voluntarily extradited to the U.S. and is scheduled to go on trial later this year. Mr. Weil has denied any wrongdoing.

In the meantime, Mr. Weil is having some trouble emboldening peers to step up in his defense.

 4. When the Art of the Deal Becomes a Crime

Two cases raise the question about what role the courts should play in policing negotiations and the limits that can be applied to the tactics one side can use in making a deal, Peter J. Henning writes in the White Collar Watch column.

5. Corporations Drive Drop in Law Firms’ Use of Starting Lawyers, Study Finds

Corporations, looking to slash their legal costs, have cut their billable hours steeply in the last five years, a report found, and those cuts have fallen particularly hard on entry-level lawyers.

10/7/14

UPCOMING EVENTS

10/10 LawMeet Team Application Due by 5 pm: The LawMeet application (attached here) is now open. UT will be sending two teams of three (6 total) to the competitions as well as training two practice teams of three, for a grand total of 12 spots. Please follow the application instructions. Applicants selected for interviews will be notified Tuesday 10/14 and interviews will take place next week Wednesday through Friday.

Dues: If you still have not paid dues, please take them to the communications desk in the atrium and ask the attendant to place them in the Texas Business Law Society box. Be sure to put them in an envelope with  your name on them.

10/20 Fall Partner Panel, Francis Auditorium, 4-5pm. TBLS will be bringing in partners from several firms to speak to students about their practice areas and what they expect from their associates. RSVP and additional info coming next week.

10/24 Fall BBQ Friday afternoon we will be having a BBQ at the home of two Board Members. More details coming next week!

TERM OF THE WEEK

CLOSING DOCUMENTSThe legal documents that are part of a business closing.  They might include: a definitive purchase contract, promissory notes, mortgage, security agreements, financing statements, subordination agreements, bill of sale, covenant-not-to-compete, consulting agreements, employment agreements, leases, assignments, escrow agreement, releases, tax clearances, director and shareholder consents, legal opinions, environmental opinions, fairness opinions, and IRS Form 8594 Asset Acquisition Statement.

5 THINGS TO KNOW THIS WEEK

1. SUPREME COURT CLEARS WAY FOR GAY MARRIAGE IN 5 STATES

The U.S. Supreme Court declined to consider whether same-sex couples have the constitutional right to marry, an action that cleared the way for gay couples to wed in five states that had banned same-sex marriage: Indiana, Oklahoma, Virginia, Utah and Wisconsin. The development casts doubt on whether the court will take up the issue in its 2014-15 term, which began Monday. Entering this week, 19 states and the District of Columbia have legalized gay marriage. Judges in more than a dozen other states have issued rulings that favored gay marriage. Other cases remain pending in lower courts.

2. HEWLETT-PACKARD SPLITS INTO TWO COMPANIES

Hewlett-Packard confirmed it will split into two parts, setting the two companies on very different courses. One part, HP Inc., will contain the personal computer and printer business. The other part, Hewlett-Packard Enterprise, will sell computer servers, data-storage gear, software, consulting operations and other services. Each of the companies will be about the same size, with more than $50 billion in annual revenue. Separately, the company now expects 55,000 layoffs, 5,000 more layoffs than previously thought, after finding “incremental opportunities for reductions.”

 3. Goldman Ordered to Pay Some Costs in Libya Case

Libya’s sovereign wealth fund is suing Goldman over $1.2 billion worth of derivative transactions the bank designed and executed in 2008. The bank sought to dismiss the lawsuit but later reversed course.

 4. Legal Costs Weighed on Wall Street’s First-Half Profits

Wall Street firms’ profit declined 13 percent from results in the period a year earlier, according to a report on Tuesday by the New York State comptroller.

5. ‘Spoofing,’ a New Crime With a Catchy Name

A big hurdle in the “spoofing” case against a high-frequency trading firm is that a jury must decide whether one computer fooling another is a crime, Peter J. Henning writes in the White Collar Watch column.