Investors Can't Revive Suit Over Failed $60M Oil Rig Deal

Law360, Houston (May 14, 2013, 8:00 PM EDT) -- A Texas appeals court on Tuesday ruled that a pair of oil and gas investors could not recover a commission their broker made on a $60 million offshore oil rig acquisition after allegedly misappropriating the investors’ business plan to steer the deal to another client.

The First District Court of Appeals held that because Brian Shanklin and Todd Rimmer did not pay the commission to Bassoe Offshore (USA) Inc., they could not invoke the penalties imposed by the Texas Real Estate License Act on unlicensed brokers to disgorge millions the company made after it purportedly cut them out as buyers in...

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