NewsWire

Nowitzki’s Hard Court Sacrifice a Boardroom Rarity
NBA star Dirk Nowitzki’s apparent willingness to agree to a new contract that’s roughly $16 million less than he could have received gives the Dallas Mavericks some salary flexibility to sign other top talent, but that type of a sacrifice rarely occurs in the corporate arena.  “Most often, when executives are called on to lower salaries in order to achieve a corporate goal, they attempt to negotiate an equity return to justify that significant contractual change,” says attorney Geoff Weisbart, who counsels executives and corporations in compensation and severance matters.  “I hate to say it, but corporate culture could take some lessons from his playbook. The type of sacrifice Nowitzki is making really distinguishes him from what I see on a day-to-day basis.”  For more information, contact Barry Pound at 800-559-4534 or barry@androvett.com.

Foreign Investors Targeting U.S. Shale Reserves
Although the development of U.S. shale reserves was once a niche market dominated by independent producers, major energy companies are now active in the sector while international companies also are seeking joint ventures and outright purchases. “These cross-border deals are not new, but they’re increasingly attractive in today’s economic climate,” says Houston’s Scott Schwind of Thompson & Knight. “Domestic producers need capital, due to lower gas prices and the current high costs and restrictions of conventional bank financing.” In just the last three months, Schwind has provided legal counsel for two transactions totaling more than $2.75 billion involving foreign investment in U. S. shale production. “Even though gas prices are low, international companies are looking for investment in a comparatively stable and developed market, with expertise and technology they can use globally.” For more information, contact Barry Pound at 800-559-4534 or barry@androvett.com.

Amazon Teaches Video Professor a Lesson
A recent court loss for software maker Video Professor provides an important lesson for businesses about keyword advertising and protecting their trademarks, says Dallas trademark attorney Dyan House at Munck Carter. Video Professor and Amazon.com agreed that Amazon would sell Video Professor computer learning software online. To fuel business, Amazon purchased Google keywords containing Video Professor’s principal trademark, and continued doing so even after Video Professor terminated the agreement. Video Professor sued for trademark infringement, but lost because the agreement with Amazon granted a perpetual, worldwide, royalty-free trademark license. “Unfortunately for Video Professor, it learned the hard way that you must carefully consider the terms of agreements, especially concerning rights that may survive post-termination,” Ms. House says. For more information, please contact Mark Annick at 800-559-4534 or mark@androvett.com.

Feds Cracking Down on Mortgage Fraud
The U.S. Justice Department and FBI are pursuing more than 3,000 mortgage fraud prosecutions as part of an unprecedented crackdown following the housing market collapse.  As part of “Operation Stolen Dreams,” a government task force has filed criminal charges in recent months against 1,200 mortgage brokers and others accused of cheating banks and borrowers of more than $2.3 billion. The numbers reflect a steady, nationwide increase in the number of open mortgage fraud cases, from fewer than 500 in 2003 to more than 3,000 in May.  “The Fraud Enforcement and Recovery Act of 2009 provided the government with more tools to investigate and prosecute financial fraud in the mortgage industry,” says Richard Roper of Thompson & Knight and a former U.S. Attorney.  “I anticipate even greater multi-agency enforcement efforts in the future.” For more information, contact Bruce Vincent at 800-559-4534 or bruce@androvett.com.