'A Long 6 Years': No $150M for Goldman Sachs Investors
Manhattan Civil Court’s Justice Joel Cohen tossed the case, finding that the investors were “unreasonabl[y]” attempting to use notice agreements to make Energy Transfer liable for delays beyond July 1, 2018.
January 29, 2025 at 08:09 PM
4 minute read
A group of Goldman Sachs investment vehicles lost their bid to force the developer of the failed Revolution pipeline to repay its $150 million investment in an energy company after a Manhattan state court found that the developer hadn’t breached contracts requiring construction updates.
GSCP VI EdgeMarc Holdings LLC, GSCP VI Parallel EdgeMarc Holdings LLC, WSP and Bridge 2012 EdgeMarc Holdings LLC and EM Holdco LLC argued that the Dallas-based ETC Northeast Pipeline LLC had misled them on whether the pipeline would be ready by July 1, 2018.
The pipeline’s later explosion in September 2018 cast into doubt every certification that the project was progressing without delays, the investors argued in a complaint lodged in 2019.
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