In this edition: Energy Transfer’s big shift to TXSE, more news out of the GOP convention, and Paxton backs putting the brakes on data-center development.

Photographer: Ronald Martinez/Getty Images for Texas Motor Speedway

The Texas Stock Exchange landed two big gets this week: Sunoco and Energy Transfer will switch their primary listings from the New York Stock Exchange, becoming TXSE’s first such listings. Sunoco said its units will stop trading on the NYSE on Oct. 2, and Energy Transfer said its units will begin trading on the TXSE on Oct. 5.

Energy Transfer owns a stake in Sunoco, and an entity tied to the pipeline company’s billionaire chairman, Kelcy Warren, has a significant holding in TXSE Group.

I checked in with AJ Ericksen, a partner at White & Case who’s been watching the exchange closely on behalf of clients. He said it’s too early to tell whether this’ll be the first in a series of moves.

“Like the early wave of companies reincorporating to Texas, it will probably begin with companies like Energy Transfer that are controlled by a founder or have other governance features that already limit the influence of other shareholders,” he said. “If there is enough successful movement, then TXSE may be pursued more broadly.”

There are also hurdles to think about, Ericksen said. For companies with existing convertible notes or warrants, one question may be whether those instruments account for the the underlying stock being listed on an exchange other than the NYSE or Nasdaq. One example: Whether a switch to TXSE counts as a delisting event that triggers put rights, as opposed to a dual listing that preserves the existing NYSE or Nasdaq listing.

Ken Paxton discusses his tight Texas US Senate race against James Talarico

President Donald Trump sought to emphasize the differences between his administration and Democrats in his second day of speaking at the Republican convention in Dallas. He touted the end of DEI initiatives across the federal government, efforts to require voter ID and opposition to transgender ideology in comments that he kept relatively brief.

Gov. Greg Abbott, who is in a tight race with Democrat Gina Hinojosa, did some of the same, highlighting the state’s border security initiatives and opposition to Sharia law, among his talking points.

Paxton, who spoke earlier Thursday with Bloomberg TV, meanwhile emphasized the parallels between himself and Trump — though, in contrast to the president, he does support putting a pause on data centers.

Paxton also acknowledged his fundraising disadvantage with Talarico due to his focus prior to the May 26 runoff on ousting incumbent US Sen. John Cornyn, but said his campaign will now be spending on TV ads.

Read More on the Midterms:

• Trump’s $5,000 Offer Is a Gimmick, Says Beto O’Rourke
• Talarico Calls on Paxton to Address Epstein Survivors’ Demands
• Kimmel Pulls Talarico Interview After Alleged FCC Threat
• Trump’s Housing Chief Stresses Cutting Rules as Aiding Buyers
• Trump’s $5,000 Check Gambit Threatens Key GOP Messaging Strategy

Christian Hurt’s recent win for AT&T and Verizon against an infringement claim was a great way to “ride off into the sunset” before joining Finnegan as part of its Texas expansion. The Dallas-based IP litigation lawyer said the firm’s blue-chip client list and his longtime relationships in the region make for an exciting opportunity.

This conversation has been edited for length and clarity.

What’s an emerging law industry trend you’re watching?

The changes in the patent office during the current administration have swung the pendulum back toward patent owners a little bit. It has taken a risk that would cut the value of the case at least in half, and has largely gotten rid of that risk. It’ll be interesting to see with the new director if it changes, and how.

In Texas, it’ll be interesting to see how filings shift now that Judge Albright has retired. My suspicion is that — and we’ve seen some of it — is that people will try to get, and are getting, more cases in the Eastern District.

What’s a game-changing lawsuit you’re watching in state or federal court?

There are challenges to the discretionary denial practice working their way through the court system right now. They are pending at the Supreme Court at the petition for cert stage. The main one is the Intel v. Squires.

What’s most challenging about practicing law in Texas right now?

I don’t think anyone knows yet what the impact of AI is going to be on legal practice. You’ve seen all of these cases where lawyers get in trouble for signing pleadings that may have had errors because the briefs were AI-generated. The [other big question] is how AI changes litigation practice. Is it going to change the way law firms charge for services? How do associates get trained if they don’t have to go through the process?

I think what it’ll end up doing is putting a premium on stuff that AI can’t do, like being able to speak in court and being able to deal with clients.

Where’s the best barbecue in Texas?

I’m going to go out on a limb and say the best barbecue in the state is at Stanley’s in Tyler.

Know a Texas legal star we should feature? Email skamal@bloombergindustry.com.