Garcia-Moreno, Mills, Berber-Thayer in Texas Lawyer: Traxys Deal Dodged Harvey

09/29/2017

It was a day before Hurricane Harvey was forecast to strike Texas, and with the deadline looming to complete a complicated transaction for a client, Haynes and Boone, LLP Partner Ricardo Garcia-Moreno in Houston said he started to panic.

"To put it mildly, at about 2 o'clock on Thursday, I started to freak out. We were a week away from closing," said Garcia-Moreno, who dealt with no power at home when Hurricane Ike hit Houston in 2008 and was worried he would have the same issue with Harvey.

Garcia-Moreno told Texas Lawyer that he and Chad Mills, a Haynes and Boone partner in Houston also working on the deal, decided to send Associate Valisa Berber-Thayer to Dallas because that's where Akin Gump Strauss Hauer & Feld lawyers on the other side of the deal were.

Berber-Thayer flew out the next morning, and she spent the next week working long hours out of Haynes and Boone's headquarters office as the point person in Dallas for Traxys in its acquisition of CMC Cometals from Irving-based Commercial Metals Co.

The deal closed on Aug. 31 as planned. Traxys North America and Traxys Europe purchased the CMC raw materials trading division.

"Haynes and Boone gets all the credit for positioning their assets where they needed to be so they didn't affect the deal," said Garrett DeVries, a partner in Akin Gump in Dallas who represented CMC on the transaction.

"It was a smooth closing," he said.

Excerpted from Texas Lawyer. To read the full article, click here. (Subscription required)