The Delaware Court of Chancery on Monday ruled that billionaire William I. Koch could not block a private equity firm from forcing the sale of his Oxbow Carbon energy company, finding gaps in the LLC agreement were being used to scuttle members’ attempts to force an exit sale.

In a 178-page post-trial opinion, Vice Chancellor J. Travis Laster said that the implied covenant of good faith and fair dealing allowed Crestview Partners and Load Line Capital to pursue the full-company sale the firms had bargained for when they invested in Oxbow back in 2007.

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