Few would have predicted that a company’s inability to complete a Texas to California rail line in the late 1880’s would result in the creation of one of the oil and gas industry’s most valuable assets. The Texas Pacific Land Trust (TPL) was established in 1888 following the Texas and Pacific Railway Company’s failure and subsequent bankruptcy. The railway’s over 3.5 million acres of land were deeded into the TPL as part of the bankruptcy. The TPL sold much of this land over time, but its remaining 900,000 acres are mostly situated in the Permian Basin — one of the most oil rich basins in the country.
American Airlines employs over 31,000 mechanics to keep its planes in the air, but its four-year-long contract dispute with its mechanics’ unions may soon change that. The problem started in 2013 when American Airlines merged with U.S. Airways. At the time, each airline had a contract with a different union. Mechanics at American Airlines had a contract with the Transport Workers Union (TWU) and U.S. Airways mechanics had a contract with the International Association of Machinists and Aerospace Workers (IAM). American Airlines has unsuccessfully tried to renegotiate a collective bargaining agreement with the two unions since 2015.
Occidental Petroleum’s acquisition of Anadarko Petroleum was huge news in the oil and gas industry. The $38 billion sale was a two-year ordeal that pitted Occidental against energy giant Chevron in a bidding war. While many applauded Occidental for the acquisition, others weren’t so sure. Billionaire investor Carl Icahn has filed a lawsuit seeking access to Occidental’s books and records relating to the Anadarko acquisition. Icahn alleges the acquisition “raises very real questions about competence” due to the hefty price tag.
Kawhi Leonard is a powerhouse on the basketball court. As an NBA champion and MVP, his name earns him lucrative endorsement deals. One such deal is turning sour, as reported in a new lawsuit filed in the U.S. District Court for the Southern District of California. Leonard alleges Nike is infringing upon the copyright of his logo. The case is Leonard v. Nike, Inc. 3:2019cv01035.
Sporting events are big business for teams and their hometowns. This is the case for Tucson, Arizona, which is not only the home to the Arizona Bowl, but also the center of a lawsuit between the Arizona Bowl owners and the Arizona Sports and Entertainment Commission (ASEC).
The U.S. Securities and Exchange Commission (SEC) is floating a new proposal that proponents hope will encourage more Initial Public Offerings (IPOs) by reducing auditing requirements for smaller public companies. However, experts have pointed out the proposal creates a new grey area that leaves questions for regulators and for small businesses too.
The State of Texas is known for many things, like BBQ and live music, that bring visitors to the state. But one federal district’s reputation is sending Apple and other large companies running away. The Eastern District of Texas has become the home of “patent trolls” — individuals or companies that buy up patents and then search for companies that may be infringing on them. These patent trolls and their favored venues have been a huge and costly nuisance not only to Apple, but companies like Microsoft, Skype, and Cisco.
The oil and gas industry is often considered the backbone of the Texas economy. As a state rich in resources, the fluctuations of the oil and gas industry are felt deeply, and an optimistic industry outlook is always welcome. Upswings in the oil and gas industry, however, are frequently accompanied by upswings in related litigation.
Texans have enjoyed the Hays Street Bridge in San Antonio, Texas for decades. Originally constructed in 1881 for pedestrians and cyclists and moved to its current location in 1910, the bridge is a piece of San Antonio history. Because of this, many were surprised when the city sold the land the bridge is located on to a local brewery in 2012. The sale launched a seven-year legal battle that remains ongoing. The case is Hays Street Bridge Restoration Group v. City of San Antonio.