Glasscock Ruling Bolsters Former Energy Execs' Case for Damages
A Delaware Court of Chancery judge has removed a hurdle for two former executives of Louis Dreyfus Highbridge Energy to pursue potentially millions of dollars in damages stemming from the firm's $1.9 billion sale of its energy storage and processing plants in 2011.
April 25, 2018 at 06:23 PM
4 minute read
Delaware Court of Chancery Vice Chancellor Sam Glasscock III.
A Delaware Court of Chancery judge has removed a hurdle for two former executives of Louis Dreyfus Highbridge Energy to pursue potentially millions of dollars in damages stemming from the firm's $1.9 billion sale of its energy storage and processing plants in 2011.
Vice Chancellor Sam Glasscock III on Wednesday granted a request by Kevin Capone and Steven Scheinman to cancel the dissolution of two Delaware limited liability companies used to effectuate the deal, clearing the way for the plaintiffs to argue in New York state court that they are owed at least $11 million in bonuses.
Capone, former head trader for LDH Energy, and Scheinman, who served as the firm's general counsel, had sued in Delaware after a year of legal wrangling over an incentive plan, which entitled high-level employees to redeem their shares after being terminated without cause from the company.
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