Global law firm Greenberg Traurig, LLP vindicated Chalker Energy's rights obtaining a major decision from the Texas Supreme Court.
After seven years, the $240 million-dollar landmark case that came from the Court of Appeals for the First District of Texas came to an end. The central argument brought before the court was the effect of unambiguous contract language precluding the creation of any agreement or legal obligations during negotiations unless and until a "definitive agreement" was executed and delivered by the parties.
Key data points: The growth forecast = 5.0% annually for the next 7 years. Scroll below to get more insights. This market report covers trends, opportunities and forecasts in tight gas market to 2031 by type (processed tight gas and unprocessed tight gas), application (residential, commercial, industrial production, power generation, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
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Greenberg Traurig attorneys Kendyl T. Hanks and Dale Wainwright argued the appeal on behalf of Chalker Energy and successfully convinced the court that, as a matter of law, a piece of an email communication with a losing bidder in negotiations for valuable oil and gas assets in the Texas Panhandle did not constitute a definitive agreement. Thus, Chalker Energy was free to strike a deal with another buyer.
"Contracting parties in all industries across the state of Texas needed to hear that a clear condition precedent to formation of a contract will be enforced," said Hanks and Wainwright. "We couldn't be more pleased with the Texas Supreme Court's ruling and the clarification and certainty it will bring to future negotiations in industries."
Hanks is an experienced business litigator and appellate advocate who is licensed in Texas and New York and represents clients throughout the country in state and federal forums. She represents clients from entrepreneurs, investors, executives and partnerships to Fortune 500 companies and burgeoning multinational firms.
Wainwright, co-chair of the firm's National Appellate Practice, has more than three decades of experience. He represents clients in complex commercial, energy, and administrative disputes in state and federal trial and appellate courts, and is frequently engaged to handle precedent-setting and high-stakes appeals.
