7th Circ. Axes Contempt Sanction In Oil Lease Dispute

Law360, New York (May 2, 2012, 6:59 PM EDT) -- The Seventh Circuit on Tuesday partially vacated a district court's contempt order against SonCo Holdings LLC, affirming that SonCo failed to operate oil leases acquired from a $31 million securities settlement, but nixing the sanction imposed because of a judge's vague use of a single word.

The Seventh Circuit denied SonCo's appeal of an Indiana judge's decision that it violated an agreed order requiring it to operate Texas oil leases obtained through a January 2010 settlement with Alco Oil and Gas Co. LLC, the receiver and lessor in a $31...
To view the full article, register now.