News & Resources

LRM Alerts & Guides

Enforcing Real Estate Contracts In Texas Using Specific Performance

October 29, 2008 - Most real estate contracts include a provision for “specific performance”, which is a remedy sometimes available to force a party to complete a transaction. However, the Texas Supreme Court recently handed down a decision in the case of DiGiuseppe v. Lawler that might remove the ability to enforce specific performance unless certain requirements are met at the time of closing. For the first time, the Court has suggested that a party must prove they were “ready, willing and able” to close the transaction in order to force specific performance of the contract. related article

What To Do When You Are In A Maze of Financial Troubles

October 3, 2008 - Whether it results from a general economic downturn, loss of a large customer, or increased competition, every business hits a rough patch at some time. Vendors understand this, banks understand this, and investors understand this; what they do not understand are action or inaction on the part of management that make matters worse. And in the worst case where a bankruptcy or reorganization results, management’s missteps are usually magnified with a parallel increase in the negative consequences, sometimes resulting in personal liability for the company’s board and management. read more | related article

Supreme Court Issues Major Opinion On Hydraulic Fracing

September 17, 2008 - The Supreme Court of Texas has issued a long-awaited opinion in Coastal Oil & Gas Corp., et al. v. Garza Energy Trust, et al. The primary issue was whether subsurface hydraulic fracturing of a gas well that extends into another’s property is a trespass for which the value of gas drained as a result may be recovered in damages. The court held that this issue need not be decided because the nature of the plaintiff’s injury and damages sought were barred by the rule of capture. This decision acknowledges the importance of fracing in the development of oil and gas resources in Texas, and resolves doubts about the right of an operator to frac near a boundary line in favor of the right to frac. Because the broader issue of whether fracing constitutes a trespass was not decided and the implications of the court’s decision may adversely affect mineral owners, the matter will almost certainly be a continuing source of discussion and debate. read more | related article

Justice Dept Challenges Offshore Private Banking

December 3, 2008 - Federal prosecutors and the Internal Revenue Service are getting serious about pursuing Americans who have parked money in offshore bank accounts. Last month, the government disclosed the indictment of a high-ranking executive of the Swiss bank UBS. The indictment alleges that as many as 20,000 Americans have accounts with UBS totaling over $20 billion dollars. The indictment charges that the income on such accounts - unreported to the Internal Revenue Service in violation of U.S. tax laws that require American citizens to report their world-wide income - amounts to over $300 million per year. read more

New Blog Focuses on Texas Metal Recycling Law

November 17, 2008 - Looper Reed & McGraw is pleased to announce the addition of Texas Metal Recycling Law (www.texasmetallaw.com) to its blogging network. Matthew Sanderson, an attorney with Looper Reed & McGraw, started the blog with a focus on cutting-edge news and legal topics related to metal recycling. read more | related article

Energy Alternatives, Solutions Remain Work in Progress

November 14, 2008 - Houston Business Journal - Donald Looper is quoted in the November 14th Houston Business Journal article on energy alternatives. read more | related article

Upcoming Events

President-Elect Obama's Proposed Tax Plan: Are You Prepared

December 5, 2008 - Now that the election is over, are you ready for the new Administration? Curious about the Obama Administration's proposed tax plan? Didn't know about the retroactive tax increase or the higher maximum income tax bracket? Do you understand when and how changes will impact you, your family, or your company? Are there deductions you should take this year or next year? How can you plan now to save in 2009? Join GLO CPAs' tax experts and Attorney Aaron Ball of Looper Reed & McGraw, with specializations in the areas of complex business transactions, for a breakfast panel discussion. It will include an overview and Q&A to address questions you may have. read more

What Cancer Patients and Their Families Need to Have in Place Today and Tomorrow

November 3, 2008 - Norm Lofgren, a Member at Looper Reed & McGraw, will be speaking on “What Cancer Patients and Their Families Need to Have in Place TODAY and TOMORROW” at Cvetko Patient Education Center in Dallas on Monday, Nov. 3, 2008. The free event is from noon to 1 p.m. in the Folsom Room of 17 Roberts Building. Registrations is required. To RSVP, please call 214-820-2608. read more

Energistics 3rd Annual Standards Summit & Reception

October 23, 2008 - Aaron Ball, a Member at Looper Reed & McGraw, will be speaking at Energistics 3rd Annual Standards Summit & Reception at the Intercontinental Houston Hotel on Thursday, October 23, 2008. Corporate sponsors for the event include Looper Reed & McGraw, Schlumberger, TIBCO, Oracle, and Microsoft. read more | related article