Del. M&A Case Clamps Down On MLP General Partner Liability

Law360 (November 22, 2019, 5:44 PM EST) -- Dieckman v. Regency GP LP et al., decided Oct. 29 by the Delaware Chancery Court, reflects the potential for general partners of master limited partnerships (i.e., publicly traded limited partnerships) to be subject to scrutiny and possible liability in connection with approving conflicted transactions. More broadly, the decision underscores the critical importance of clarity in drafting and compliance with the precise terms of agreements.

The decision is the latest issued in long-standing litigation challenging the 2015 acquisition of Regency Energy Partners LP, a master limited partnership, by Energy Transfer Partners LP, in an $11 billion unit-for-unit merger representing a 13.2% premium to...

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