Investors Want 2nd Shot At Bank Over Oilfield Co. Foreclosure
Law360, Houston (August 8, 2019, 4:17 PM EDT) -- A group of investors argued before the Fifth Circuit on Thursday that a lower court wrongly dismissed their claims that Heartland Bank fraudulently convinced them to invest in a struggling oilfield services company the bank later foreclosed on.
The investors behind Magna Equities II LLC allege that Heartland promised them that if oilfield services company HII Technologies could raise $2.7 million in equity, the bank would allow it to acquire a profitable oilfield water management company, Water Transfer LLC. The investors relied on that promise but then lost their money when Heartland ended up foreclosing on HII's assets and sweeping its...
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