Exxon Reaped $2B By Selling Land From Under Flight Co.: Suit

Law360, Houston (April 4, 2013, 8:35 PM EDT) -- Exxon Mobil Corp. on Wednesday was hit with a suit in Texas court that alleges it ignored a contractual purchase option held by an aviation services company on acreage the energy giant agreed to sell to Denbury Resources Inc. in a $1.6 billion transaction.

Freeman Holdings LLC, which owns the Million Air chain of fixed-based operators that provide aeronautical services at airports around the world, claims it has exercised its right to buy 35 acres near Houston but that Exxon is imposing unreasonable conditions on the...
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