Texas Driller ‘Death Spiral’ Suit Against Investor Dismissed
Law360, New York (May 22, 2017, 2:03 PM EDT) -- A Texas federal judge on Monday dismissed oil and gas company Camber Energy Inc.'s suit against a key investor for allegedly forcing it to issue shares that drove down its stock value into a “death spiral” based on a strained interpretation of an “unconscionable” contract.
The joint, one-paragraph filing dismisses the case without prejudice and requires each party to bear its own costs and attorneys’ fees after the oil company and the investor jointly requested dismissal. Camber had sued Discover Growth Fund on May 9, saying that the offshore lender’s conversions were ruining the company. And earlier this month, U.S. District...
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