Investors Owed $171M in Lawsuit Over Gas Infrastructure Deals
The Delaware Court of Chancery on Monday decided that a deal to transfer full interest in companies owning and operating two pieces of natural gas infrastructure was so flawed as to cost common unitholders in the partnership that bought the companies $171 million.
April 22, 2015 at 06:29 AM
4 minute read
By Michael A. Riccardi
The Delaware Court of Chancery on Monday decided that a deal to transfer full interest in companies owning and operating two pieces of natural gas infrastructure was so flawed as to cost common unitholders in the partnership that bought the companies $171 million.
Vice Chancellor J. Travis Laster, in a memorandum opinion in In re El Paso Pipeline Partners Derivative Litigation, said a committee representing the interests of El Paso Pipeline Partners did not adequately look into the benefits of the transaction to its investors. The flawed inquiry, Laster said, amounted to a breach of the duty owed by the general partners in El Paso Pipeline Partners to those holding a common equity stake in the company.
The vice chancellor agreed with the plaintiffs expert who said El Paso Pipeline Partners overpaid by $171 million for the items of infrastructure. Laster added that the award would be subject to pre- and post-judgment interest.
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