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.
Posted in Weekly Updates.