Back in May, a number of unhappy Crestwood Midstream unitholders staged what some could call a mutiny against the company’s board of directors. The unitholders were not pleased with what they alleged were breaches of fiduciary duty by the members of the company’s board of directors in connection with a proposed merger with Crestwood Equity.
The proposed merger was originally announced on May 5 by Crestwood Equity and Crestwood Midstream, when the two energy companies publicly stated that they had entered into a definitive agreement to merge the two publicly traded partnerships and simplify Crestwood’s corporate structure into a single publicly traded partnership. [See "Energy Companies Announce $7.5 Billion Merger," Texas Lawyer, May 8, 2015.]
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