Ch. 7 Trustee Sues Ex-Conex Execs Over $246M Buyout

Law360, Wilmington (February 19, 2013, 4:07 PM EST) -- The bankruptcy trustee for Texas-based Conex International LLC on Friday sued the oil industry contractor’s former owners and management over a $246 million leveraged buyout that allegedly tipped the company into Chapter 7.

The 2008 buyout was designed to cash out shareholders — led by Conex founder and Chairman John Duplissey and his family — while shifting the risk of the transaction to the company’s creditors and the buyer, Heico Companies LLC, according to an adversary complaint filed in Delaware bankruptcy court.

“The leveraged buyout, tainted...
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