Gas Co. Can't Nix Suit Over $515M Reserves Sale

Law360, New York (September 30, 2011, 5:55 PM EDT) -- A New York federal judge on Thursday denied Falcon Gas Storage Co. Inc.’s bid to toss a suit brought by Tide Natural Gas Storage I LP alleging Falcon's $515 million sale of two natural gas reserves to Tide was overpriced.

In the complaint, filed in August 2010, Tide accuses Falcon of fraudulently overstating the value of NorTex Gas Storage Co. LLC, and asks for an injunction preventing Falcon from collecting $70 million it had placed in an escrow fund as part of the deal.

Tide says...
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Case Information

Case Title

Tide Natural Gas Storage I, LP et al v. Falcon Gas Storage Company, Inc. et al


Case Number

1:10-cv-05821

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Kimba M. Wood

Date Filed

August 2, 2010

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