Investment Firm Sues Rimrock Over Pipeline Finance Deal
Law360, Dallas (March 27, 2014, 7:07 PM EDT) -- A Texas investment banking firm on Monday accused Rimrock Midstream LLC of trying to dodge a multimillion-dollar success fee owed after Rimrock teamed up with private equity firm Energy Capital Partners in a $160 million deal.
Wilcox Swartzwelder & Co. LLC says after it recommended Energy Capital as a potential financing partner for Rimrock, the oil services company violated the terms of a financial advising agreement and began negotiating directly with the private equity firm. The Dallas-based investment banking company says it’s owed a success fee of between 1 percent and 5 percent of the $160 million financing and may be...
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