Texas Court Revives Suit Over $2.6B Gas Co. Sale

Law360, New York (July 29, 2011, 3:39 PM EDT) -- A Texas appeals court on Thursday revived an investor's suit claiming he sold his shares in Chief Holdings LLC two years before the gas exploration company sold for $2.6 billion because its founder hid the lucrative possibilities of horizontal drilling.

Robert B. Allen's lawsuit against Chief Holdings LLC founder Trevor Rees-Jones, who sold the company to Devon Energy Production Co. LP for $2.6 billion in 2006, has factual issues to resolve, and shouldn't have been dismissed by a lower court, the appeals court ruled.

"A fact...
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