2/24/15

UPCOMING EVENTS

3/3 Public Finance Partner Presentation, 11:30-1:30pm – presented by Tom Sage and Adrian Patterson of Andrews Kurth. This will be a round table luncheon and due to limited space will be open only to dues paying members. Lunch will be catered by CHLSA Fajita Fest. Please RSVP by filling out this form:
TBLS is on Twitter! Love the 5 things? Looking for a more frequent and even quicker way to see what’s going on in the markets and transactional law world? Follow us @TxBLS

3/11 Crash Course in Private Equity, 11:30-1:30pm  – presented by Kirkland & Ellis. This will be a lunchtime presentation by attorneys from Kirkland & Ellis and will be followed by an early evening Happy Hour with K&E’s attorneys.  Additional information and RSVP instructions will be coming in the following week.

TBLS 2nd Annual M&A School, April 10 & 11 – Our biggest event of the year will take place Friday afternoon and Saturday morning. Partners and associates from Norton Rose Fulbright will present and entire M&A deal from start to finish. There will also be a networking reception after the Friday session. More information to come!

TERM OF THE WEEK

INVESTMENT GRADE

A rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such as Standard & Poor’s, use different designations consisting of upper- and lower-case letters ‘A’ and ‘B’ to identify a bond’s credit quality rating. ‘AAA’ and ‘AA’ (high credit quality) and ‘A’ and ‘BBB’ (medium credit quality) are considered investment grade. Credit ratings for bonds below these designations (‘BB’, ‘B’, ‘CCC’, etc.) are considered low credit quality, and are commonly referred to as “junk bonds”.

5 THINGS TO KNOW THIS WEEK

1. She Runs S.E.C. He’s a Lawyer. Recusals and Headaches Ensue.

Their legal careers, and by extension their marriage, are the stuff of lore. Mary Jo White leads the Securities and Exchange Commission; her husband, John, practices law at an old-guard firm as elite as the corporations it represents. Together, they are a legal power couple that straddles Wall Street and Washington like few others.

Their careers, however, can at times collide, generating headaches for the S.E.C. as it pursues wrongdoing in the nation’s financial markets, according to interviews with lawyers and a review of federal records. In the nearly two years since Ms. White took over the agency, she has had to recuse herself from more than four dozen enforcement investigations, the interviews and records show, sometimes delaying settlements and opening the door, in at least one case, to a lighter punishment.

2. Oil Continues to Fall, and OPEC Isn’t Helping

It was another down day in the oil market: Crude prices fell more than 2 percent, with WTI finishing Feb. 23 below $50 a barrel for the first time in almost two weeks.

For a moment, things looked like they might go the other way. OPEC President Diezani Alison-Madueke said in a Financial Times report that she would call an emergency meeting of OPEC if prices continue to fall. Oil prices were buoyed by the news—briefly—until they fell again.

 3. Calculating the Odds of a Comcast-Time Warner Cable Deal

Time Warner Cable’s deal risk is going down to the wire.

The $45 billion sale of Time Warner to its larger rival, Comcast, has already been under consideration for nearly a year by regulators. A Federal Communications Commission, preoccupied with its decision to treat the Internet like a utility, caused part of the delay. The agency’s decision to raise the standard for high-speed broadband also set off fresh concerns that it might influence the Justice Department’s analysis. The implied chances for success are now at 60 percent, close to the lowest in the market since the transaction was announced.

 4. 5 Things to Watch for in Janet Yellen’s Testimony

Federal Reserve Chairwoman Janet Yellengoes to Capitol Hill this week to deliver her semiannual testimony on monetary policy and the economy. Every utterance is potentially market-moving, coming at a time when the Fed is considering when to start raising short-term interest rates after holding them near zero since late 2008. Here is a smattering of the types of questions she is likely to get from lawmakers—and the sorts of answers Ms. Yellen can be expected to deliver. She testifies before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday.

5. 5 Things to Know About Spoofing in Financial Markets

“Spoofing” is an illegal type of market manipulation that works like bluffing: A trader places big orders for stocks, bonds or futures to get others to think the price is going up or down. Then, in the blink of an eye, the spoofer cancels those orders and puts in opposite orders to take advantage of those traders. Spoofing can earn a big payoff but can undermine confidence in the markets and hurt other traders, The Wall Street Journal reports.

2/17/15

UPCOMING EVENTS

Executive Board Applications due 5 PM TODAY!

TJOGEL Symposium Thursday & Friday: 

Meet and network with practicing oil and gas attorneys! The Texas Journal of Oil, Gas, and Energy Law (TJOGEL) would like to invite you to attend our 10th Annual Symposium on Thursday, February 19th at the AT&T Executive Education and Conference Center.  
 
This year presentations will be given by partners from Vinson & Elkins, Bracewell & Giuliani, Kirkland & Ellis, Latham & Watkins, and Jones Day.  There will also be a regulatory update panel including the Chairman of the Railroad Commission as well as the Chairman of the Texas House Committee on Natural Resources. 
 
You can register to attend the event for free at: https://utexas.qualtrics.com/SE/?SID=SV_eM42HqE2dikUHgV
UT Law Day Friday, March 13
This year Law Day will teach 80 middle school students from Fulmore Middle School and Webb Middle School about what law school and a legal career entails. It is our goal to expose and educate these kids to the legal profession through a lesson, mock trial, career panel and tour of the law school. Professors Morse and Jinks are teaching our lessons and we need law student volunteers to participate in the mock trial and to show the kids around the law school.
Please visit the google doc to sign up for a volunteer slot:
https://docs.google.com/spreadsheets/d/1h1EI9SkYP16fYzEm_OIqdFXLIMAZbWL8qH6D1riUn88/edit#gid=0
If you have any questions, comments or concerns please contact ashley.carlisle@live.com.
3/3 Public Finance Partner Presentation – presented by Tom Sage and Adrian Patterson of Andrews Kurth. This will be a round table luncheon and due to limited space will be open only to dues paying members. Additional information and RSVP instructions will be coming in the following week.

3/11 Crash Course in Private Equity – presented by Kirkland and Ellis. This will be a lunchtime presentation by attorneys from Kirkland and Ellis and will be followed by an early evening Happy Hour with K&E’s attorneys.  Additional information and RSVP instructions will be coming in the following week.

TBLS 2nd Annual M&A School, April 10 & 11 – Our biggest event of the year will take place Friday afternoon and Saturday morning. Partners and associates from Norton Rose Fulbright will present and entire M&A deal from start to finish. There will also be a networking reception after the Friday session. More information to come!

TERM OF THE WEEK

ARTICLES OF INCORPORATIONA legal document filed with the state that sets forth the purposes and regulations for a corporation. Each state has different regulations.

5 THINGS TO KNOW THIS WEEK

1. Hacking Conference Brings Together Corporate and Law Enforcement Heavyweights

Executives from Bloomberg, Citigroup, Deloitte, First Data, IAC/InterActiveCorp, IBM and Mohegan Sun joined officials from the F.B.I., the Secret Service and the Justice Department to discuss cooperation in fighting cybercrime.

2. Billionaire Pickens Energy Holdings Lose Half Their Value

Billionaire investor T. Boone Pickens’ energy holdings fell by almost half last quarter as he sold shares of battered oil producers including Goodrich Petroleum Corp. and EP Energy Corp.

The value of Pickens’ Dallas-based TBP Investments Managements fund fell by $50.7 million in the fourth quarter to $51.5 million, according to data compiled by Bloomberg from filings with the Securities and Exchange Commission on Tuesday. The fund sold out of eight companies, including 339,550 shares in Goodrich, which lost 70 percent of its value in the fourth quarter. EP Energy fell by 40 percent.

 3. 5 Things to Watch on the Economic Calendar

Next week’s roster of economic reports lack the market-moving punch of top-tier data like the payrolls release. That doesn’t mean the numbers won’t give us clues about where the economy—and monetary policy—may be headed. Here are five things to watch.

 4. S.E.C. Asks Alibaba About Dispute With Chinese Regulator

Alibaba disclosed on Friday that it has received a request from the S.E.C. for more information about the clash with China’s State Administration for Industry and Commerce.

5. Law Students Leave Torts Behind (for a Bit) and Tackle Accounting

A group of 170 Brooklyn Law School students cut short their winter break and headed back to campus in January for an intensive three-day training session. But not in the law.

Instead, they spent the “boot camp” sessions learning about accounting principles, reading financial statements, valuing assets and other basics of the business world — subjects that not long ago were thought to have no place in classic law school education.

2/10/15

UPCOMING EVENTS

Executive Board Applications – We are now accepting applications for the 2015-2016 Board. The application is attached to the bottom of this email and is due next Tuesday, 2/17 by 5 pm.

President – Leslie Vaughn, lvaughn@alumni.nd.edu
Vice President – Garrett McKuin, gcm644@utexas.edu
Director of Membership – Lizz Dye, lizzdye@gmail.com
Director of Professional Events – Randy Santa Ana, randy.santaana@gmail.com
Director of Development – Auri Jalili, aurijalili@gmail.com

MARK YOUR CALENDARS! TBLS 2nd Annual M&A School, April 10 & 11 – Our biggest event of the year will take place Friday afternoon and Saturday morning. Partners and associates from Norton Rose Fulbright will present and entire M&A deal from start to finish. There will also be a networking reception after the Friday session. More information to come!

DUES – If you have not yet paid your dues, they are still $30 and can be left in a clearly marked envelope with your name and email at the TBLS mail box at the communications center in the atrium. Please email txbusinesslaw@gmail.com when you drop off dues so that someone can collect them. As you will see below, several of our events and society shirts are only available for dues paying members.

3/3 Public Finance Partner Presentation – presented by Tom Sage and Adrian Patterson of Andrews Kurth. This will be a round table luncheon and due to limited space will be open only to dues paying members. Additional information and RSVP instructions will be coming in the following week.

3/11 Crash Course in Private Equity – presented by Kirkland and Ellis. This will be a lunchtime presentation by attorneys from Kirkland and Ellis and will be followed by an early evening Happy Hour with K&E’s attorneys.  Additional information and RSVP instructions will be coming in the following week.

Outline Bank – The outline bank is now live! To gain access fill out the Outline Bank form. The outline bank is also available only to dues paying members.

10-Q Newsletter – The first issue of our Newsletter is now available. Check it out here.

Bloomberg Law Write on Competition – Sign up by February 25 to submit an original article (from 1,000 up to 1,600 words) that analyzes legal trends and developments. Up to 5 law students will be selected to receive $5,000 and their articles published in one of the following BNA Law Reports: 

  • Corporate Law & Accounting Report
  • Employment Discrimination Report
  • Health Law Reporter
  • Patent, Trademark & Copyright Journal
  • U.S. Law Week

For more information and to sign up go to http://about.bna.com/Write-On-Bloomberg-Law-Contest or stop by the table in the atrium Tuesdays from 11:30-1:30

TERM OF THE WEEK

PROMISSORY NOTEA signed, written instrument which acknowledges a debt, with the promise to pay the debt on specified terms (i.e. payment amount, payment date(s), interest rate).

5 THINGS TO KNOW THIS WEEK

1. Activist Investors Take Aim at G.M.

A former member of the Obama administration’s auto task force, Harry J. Wilson, has teamed up with big hedge funds to seek a seat on the auto maker’s board.

2. ALABAMA’S CHIEF JUSTICE FAILS IN BID TO BLOCK GAY MARRIAGES

Same-sex marriages began in Alabama after the U.S. Supreme Court issued a brief order rejecting a request by Alabama’s attorney general to postpone the implementation of a federal judge’s ruling allowing such marriages. The high court’s move set up a potential clash with the state’s chief justice, who on Sunday night ordered probate judges and state employees not to issue or recognize same-sex marriage licenses. However, at least some county courts were choosing to abide by the federal court ruling and issuing licenses to same-sex couples.

 3. Winklevoss Twins Aim to Take Bitcoin Mainstream

Bitcoin, the virtual currency that was once the talk of the financial world, has been taking a beating over the last year with the price tumbling downward.

Now two of the biggest boosters of the virtual currency, Cameron and Tyler Winklevoss, are trying to firm up support by creating the first regulated Bitcoin exchange for American customers — what they are calling the Nasdaq of Bitcoin.

 4. Private Investment Firms Win the Right to Keep Money in the Family

(Bloomberg) — Private investment firms in the U.S. that manage the wealth of a single family are winning the right to service in-laws and their relatives.

For the descendants of William E. Simon, Treasury Secretary under Presidents Richard Nixon and Gerald R. Ford in the 1970s, that means they can keep managing money for Meryl Streep and her foundation within their family office.

5. Citi: Oil Could Plunge to $20, and This Might Be ‘the End of OPEC’

The recent surge in oil prices is just a “head-fake,” and oil as cheap as $20 a barrel may soon be on the way, Citigroup said in a report on Monday as it lowered its forecast for crude.

Despite global declines in spending that have driven up oil prices in recent weeks, oil production in the U.S. is still rising, wrote Edward Morse, Citigroup’s global head of commodity research. Brazil and Russia are pumping oil at record levels, and Saudi Arabia, Iraq and Iran have been fighting to maintain their market share by cutting prices to Asia. The market is oversupplied, and storage tanks are topping out.

2/3/15

UPCOMING EVENTS

DUES – If you have not yet paid your dues, they are still $30 and can be left in a clearly marked envelope with your name and email at the TBLS mail box at the communications center in the atrium. Please email txbusinesslaw@gmail.com when you drop off dues so that someone can collect them. As you will see below, several of our events and society shirts are only available for dues paying members.

T-SHIRTS! TBLS will be ordering our society shirts at the end of this week. All dues paying members will receive a shirt. Please fill out this T-shirt Form by THURSDAY 2/5 in order to guarantee your size. Only dues paying members who fill out the form will be guaranteed their size shirt.

2/10 Associate Luncheon, 11:30-1:30pm Sheffield Room. The Spring Associate Luncheon will be next Tuesday 2/10. Attending firms include Akin Gump, Locke Lord, Andrews Kurth, and Bracewell & Giuliani. To RSVP send an email to txbusinesslaw@gmail.com. Due to the limited number of spaces, the event is only open to dues paying members. We cannot hold a seat for you until your dues have been paid.

Executive Board Applications – TBLS will be publishing the application for Executive Board 2015-2016 next week. All positions are open to all rising 2Ls and 3Ls. If you have an interest in any of the positions, please contact the person currently holding the office or send an email to txbusinesslaw@gmail.com. The current E-Board is as follows:

President – Leslie Vaughn, lvaughn@alumni.nd.edu
Vice President – Garrett McKuin, gcm644@utexas.edu
Director of Membership – Lizz Dye, lizzdye@gmail.com
Director of Professional Events – Randy Santa Ana, randy.santaana@gmail.com
Director of Development – Auri Jalili, aurijalili@gmail.com

Outline Bank – The outline bank is now live! To gain access fill out the Outline Bank form. The outline bank is also available only to dues paying members.

10-Q Newsletter – The first issue of our Newsletter is now available. Check it out here.

Bloomberg Law Write on Competition – Sign up by February 25 to submit an original article (from 1,000 up to 1,600 words) that analyzes legal trends and developments. Up to 5 law students will be selected to receive $5,000 and their articles published in one of the following BNA Law Reports: 

  • Corporate Law & Accounting Report
  • Employment Discrimination Report
  • Health Law Reporter
  • Patent, Trademark & Copyright Journal
  • U.S. Law Week

For more information and to sign up go to http://about.bna.com/Write-On-Bloomberg-Law-Contest or stop by the table in the atrium Tuesdays from 11:30-1:30

TERM OF THE WEEK

ESCROWA deed, a bond, money or other piece of property delivered to a third person to be delivered by him/her to the grantee only upon the fulfillment of a condition.

5 THINGS TO KNOW THIS WEEK

1. Slump in Oil Prices Brings Pressure, and Investment Opportunity

American history is littered with oil busts that created big winners and losers.

Now, as the cracks appear in the latest energy boom, the forces of failure and opportunity are stirring again. Resolute Energy, a Colorado company that borrowed big in the boom, is among those in an endgame that is being played up and down Wall Street and in the vast oil fields that new drilling methods have opened in recent years.

2. Court Sets Up a Hurdle, Not a Barrier, for Insider Trading Cases

An appeals court ruling that narrows the grounds for insider trading cases may not be the cataclysm that the government contends it will be, Peter J. Henning writes in the White Collar Watch column.

It is interesting to see how a few words in a judicial opinion can mean so much. One sentence in the recent appeals court decision in United States v. Newman that overturned the convictions of two hedge fund traders has caused the Justice Department and the Securities and Exchange Commission to cry foul and ask for its removal, contending the statement will imperil the government’s efforts to crack down on insider trading.

 3. When Consumers Give Up Their Right to Trial in Financial Disputes

Constitutional rights are the most fundamental rights Americans enjoy. So you might think it would be hard to get people to give them up. But every day, people unknowingly surrender their constitutional rights, including a right mentioned in the Declaration of Independence. And if bank lawyers have their way, Americans will continue relinquishing such rights without even realizing it.

If you have a credit card or a checking account or use prepaid cards, there’s a good chance you have waived your constitutional rights. And if you have a cellphone from Verizon Wireless, AT&T Mobility or Sprint, or an account with Skype, you definitely have, whether you know it or not.

 4. 5 Things to Know About Turkey and the Chinese Uighurs

Growing numbers of people from China’s mostly Muslim Uighur ethnicity have been fleeing via Southeast Asia in the last year, as China conducts a sweeping counterterrorist campaign in their homeland of Xinjiang. Many of them find refuge in Turkey, which has strong cultural links to the Uighurs, threatening an otherwise robust Turkey-China relationship, The Wall Street Journal reportsRead More »

5. 5 HIGHLIGHTS OF SUPER BOWL XLIX

The New England Patriots rallied to beat the Seattle Seahawks 28-24 in Super Bowl XLIX. Here are five key moments in the game.