Christopher Cottrell, Winston & Strawn, gives an update on how their legal offices are handling the coronavirus pandemic and COVID-19 Shutdown.
“… really like you mentioned that you got to be creative, you got figure out a way to get it back out in the marketplace. You know your character is really determined not by the situations where everything’s going great, right, when you’re winning. It’s the situations where you’re losing and you’re facing adversity that that’s really when you determine someone’s true character.
Are you gonna be a quitter or you gonna give up or are you gonna do it the American Way? Are you gonna get out there and and figure out how to make it work and how to win and how to take it to the next level? Time again this country has proven that we have the smartest and most talented people in the world and everyday I wake up I’m just excited to be here, to live here and I know that we’re all gonna figure it out together.”
Cottrell discusses some of the recent M&A activity in the oil and gas industry as well as the recent news of Whiting Petroleum filing for bankruptcy. Although not a bankruptcy attorney, Cottrell gives a basic overview of what type of bankruptcy Whiting has filed.
Cottrell said the M&A activity had been pented up, and reiterated that many of the companies having financial struggles still have valuable assets to optimize.
The interview dives into “force majeure” within contracts. Starting in the NBA, the phrase ” force majeure ” began making the rounds within contractual law circles are “acts of God”, “epidemic” and “pandemic” become important words in today’s world.
Recently, in response to the COVID-19-related market disruption, China’s largest natural gas and liquefied natural gas (“LNG”) importers have declared force majeure to provide relief and excuse performance from their contractual obligations. Major suppliers are contesting these assertions of force majeure.
Cottrell believes “force majeure” has the potential to become an issue in the oil and gas industry and suggested that the Texas Railroad Commission get ahead and define some terms.
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