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Energy

  • August 8, 2018

    Lenders In $25B EFH Loan Row Get No Priority, 3rd Circ. Says

    The Third Circuit on Tuesday found Marathon Asset Management LP and several Polygon Global Partners funds do not have a priority claim on the $1.25 billion remainder of a $24.5 billion loan in the Energy Future Holdings Corp. bankruptcy.

  • August 8, 2018

    Texas Court Affirms $16M Mexico Power Plant Arbitration Win

    A Texas appeals court on Wednesday affirmed a $16 million arbitration award in a dispute between an electrical equipment maker and a power company over the construction of a Mexico power plant, ruling that the lack of a record in the arbitration proceedings isn’t grounds to reverse its finding.

  • August 8, 2018

    Va. Power Co. Wants Insurers To Defend It In Injury Suit

    A Virginia power company has filed suit in federal court accusing Continental Western Insurance Co. and other carriers of shirking their contractual duty to defend it against a lawsuit filed by a man who was shocked after his vehicle was hit by a downed power line.

  • August 8, 2018

    3 Firms Steer Starwood's $2.6B GE Energy Finance Biz Deal

    Starwood Property Trust on Wednesday expanded its reach beyond traditional real estate, striking a deal with GE Capital to acquire an arm of its energy finance business for $2.56 billion, with Sidley Austin LLP and Paul Hastings LLP guiding the buyer and Shearman & Sterling LLP guiding the seller.

  • August 8, 2018

    China Strikes Back At US Over Latest IP Tariff Escalation

    Hours after the Trump administration teed up a new tranche of tariffs on $16 billion in Chinese industrial goods as part of its effort to reform the country’s intellectual property rules, Beijing came forward Wednesday with new duties on U.S. chemicals, petroleum products, medical equipment and other items.

  • August 7, 2018

    Reinsurers Freed From Battle Over Finance Co.'s $26M Award

    A District of Columbia federal judge on Monday dismissed Vantage Commodities Financial Services LLC’s claims that seven reinsurers must help cover a $26 million arbitration award that the finance company won against its insurer, but he allowed Vantage to proceed with negligence claims against the broker that lined up the reinsurance coverage.

  • August 7, 2018

    Economist Urges DOI To Rethink Climate Cost Of Coal Leases

    American economist Michael Greenstone has told a Montana federal court that advances in climate change science justify requiring a more thoughtful assessment from the U.S. Department of the Interior than it used in making its decision to lift a moratorium on federal coal leasing, pointing to the social costs of carbon and other greenhouse gases.

  • August 7, 2018

    Seismic Owes Attys' Fees As Sinclair Won, 5th Circ. Told

    An agreement that stated a winning party in any underlying dispute was entitled to attorneys' fees means Sinclair Companies didn't need to “specially plead” its request for the funds after beating Seismic Wells in a contract fight, the Fifth Circuit was told Tuesday.

  • August 7, 2018

    FTC, Tronox Duel Over Bid To Halt $2.4B Cristal Merger

    Mining and chemical company Tronox Ltd. squared off in D.C. federal court Tuesday against the Federal Trade Commission’s effort to stall its $2.4 billion acquisition of Saudi Arabia-based Cristal, telling a federal judge that the government is unlikely to win an order that would quash the deal.

  • August 7, 2018

    Level Solar Grilled By Court Over Ch. 11 Case Progress

    A New York bankruptcy judge on Tuesday pressured an attorney for solar panel installer Level Solar Inc. to address delays in moving the company toward a restructuring plan amid calls to liquidate the estate while ordering a holdback of nearly half of his request for legal fees.

  • August 7, 2018

    Most Of Obama Oil And Gas Royalty Rule Kept By Wyo. Judge

    A Wyoming federal judge has largely backed an Obama-era rule that the American Petroleum Institute had said would put entities that hold oil and gas leases on federal and Native American land at risk for harsh penalties under a law governing royalty payments.

  • August 7, 2018

    DC Circ. Keeps Helmerich Unit Out Of Rig Seizure Suit

    The D.C. Circuit on Tuesday affirmed a decision cutting Helmerich & Payne Inc.'s Venezuelan unit from a suit accusing the South American nation of illegally seizing the company’s drilling rigs, after the U.S. Supreme Court ruled that expropriation claims need to clear a high bar in order to be heard by U.S. courts.

  • August 7, 2018

    Kazakhstan Wants No Security During $506M Award Appeal

    Kazakhstan asked a D.C. federal judge not to force it to put up security while it challenges enforcement of a more than $506 million arbitral award issued to two Moldovan oil and gas investors, arguing that the investors have already frozen enough of its assets abroad.

  • August 7, 2018

    Sidley Austin Steers Quantum Energy To $5.58B Fund Closing

    Texas-based Quantum Energy Partners, with assistance from legal adviser Sidley Austin LLP, has clinched its latest investment vehicle after bringing in almost $5.58 billion from investors, the energy-focused private equity firm said Tuesday.

  • August 7, 2018

    FERC Says NY Officials Too Late On $455M Pipeline Permit

    A split Federal Energy Regulatory Commission on Monday found that New York state environmental regulators waived their authority to deny a Clean Water Act permit for a $455 million natural gas pipeline project by blowing a one-year deadline.

  • August 7, 2018

    EU To Shield Finance Sector From New US Sanctions On Iran

    The European Union has pledged to help financial services companies continue trading with Iran after rules designed to allow a wider range of European firms to bypass reimposed U.S. sanctions entered into force on Tuesday.

  • August 6, 2018

    Court Declines Fast Ch. 11 Hearing On $2.4M Ryckman Claim

    A liquidating trustee for bankrupt natural gas storage venture Ryckman Creek LLC lost a bid Monday for quick rejection of $2.4 million in purchase deductions sought by the company’s Chapter 11 buyer, just ahead of a fight over a disputed $11 million equity payment.

  • August 6, 2018

    Insurers Look To End Power Plant Defect Coverage Battle

    Two insurers for Black & Veatch Corp. on Friday urged a Kansas federal judge to rule they don't have to cover any costs the engineering company has incurred as a result of construction defects at four power plants, while Black & Veatch countered that the Tenth Circuit's recent ruling in the case established that the carriers must shell out. 

  • August 6, 2018

    Ex-NY Public Utility Manager Pleads Guilty In $4M Fraud

    The former manager of a public utility company pled guilty in New York federal court on Monday to four felony charges over a scheme to defraud the unnamed company out of more than $4 million between 2005 and 2016.

  • August 6, 2018

    Oil Co. Investors Should Get Cert. In Stock Suit, Judge Says

    A New York federal judge recommended class certification Monday for investors accusing associates of now-defunct Miller Energy of overstating the value of oil and gas assets in filings with the U.S. Securities and Exchange Commission.

Expert Analysis

  • Opinion

    BigLaw's Associate Salary Model Is A Relic Of A Bygone Era

    William Brewer

    Legal industry compensation practices are once again in the news as BigLaw firms continue to match the new high watermark of $190,000 for first-year associate salaries. The typical model of increasing associate salaries uniformly fails star associates, the firms they work for and, ultimately, the clients they serve, says William Brewer, managing partner of Brewer Attorneys & Counselors.

  • A Practical Method For Utility Property Interest Allocation

    Bradley Seltzer.jpg

    Certain utility companies are exempt from the 30 percent limitation on the deductibility of interest expenses under Internal Revenue Code Section 163(j), but the IRS has yet to define how companies involved in both exempt and nonexempt activities should allocate interest expenses on their tax returns. We suggest a practical approach consistent with congressional intent, say attorneys at Eversheds Sutherland LLP.

  • Growing Opportunities In NY’s Energy Storage Industry

    Danielle Mettler-LaFeir

    To meet the ambitious energy and environmental goals of New York’s Reforming the Energy Vision program, the state is putting in place policies to increase the use of energy storage — sending out a strong signal to the growing energy storage industry to invest in New York, says Danielle Mettler-LaFeir of Barclay Damon LLP.

  • #MeToo At Law Firms And What We Can Do About It

    Beth Schroeder.JPG

    While some may say it’s ironic, it’s also embarrassing and enraging that the very industry that offers anti-harassment training, policies and counsel now finds itself the subject of #MeToo headlines. The American Bar Association recommendation that will bring about the greatest change is the call to provide alternative methods for reporting violations, says Beth Schroeder, chair of Raines Feldman LLP's labor and employment group.

  • New Licenses Ease Ukraine, Russia Business Wind-Downs

    Seetha Ramachandran

    The U.S. Department of Treasury Office of Foreign Assets Control continues its effort to allow U.S. persons to wind down operations or existing contracts that would otherwise violate Ukraine- and Russia-related sanctions. Even though OFAC has issued general licenses for this purpose, U.S. persons may need to obtain specific licenses to fully divest their interests, say attorneys with Schulte Roth & Zabel LLP.

  • Knowledge Lawyers Can Help Firms Stay Ahead Of The Curve

    Vanessa Pinto Villa

    In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.

  • Congressional Forecast: June

    Layth Elhassani

    In advance of their weeklong July 4 recess, members of Congress are pursuing a busy legislative schedule, focused on the fiscal year 2019 National Defense Authorization Act and other appropriations bills, reform of export controls, immigration and border security, and the farm bill authorization, says Layth Elhassani of Covington & Burling LLP.

  • An Unprecedented Look Inside The FARA Unit

    Brian Fleming

    For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.

  • 5 Takeaways From Tax Court's Solar Project Ruling

    David Burton

    In the matter of Golan v. Commissioner of Internal Revenue, the U.S. Tax Court sustained the taxpayer's energy credit and bonus depreciation deductions. In this unusual case where the IRS had the burden of proof, attorneys from Mayer Brown LLP discuss five interesting takeaways.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 2

    John Reed Stark

    The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.