Bankrupt Oil Co. Creditor Sues In Chancery Over 2016 Sale

Law360 (September 6, 2019, 8:43 PM EDT) -- A former noteholder of bankrupt Triangle Petroleum Corp. on Friday sued three company directors and others involved in the $58 million sale of an oilfield services affiliate in 2016, seeking damages in Delaware's Chancery Court based on the affiliate's quick, allegedly conflicted resale for $284 million.

Gordian Triangle Holdings LLC secured rights from a noteholder predecessor and TPC's top Chapter 11 creditor — J.P. Morgan Securities — to pursue the derivative claims over the sale of oilfield services affiliate RockPile Energy Services before TPC opened a now-confirmed, prepackaged Chapter 11 in the U.S. Bankruptcy Court for Delaware in May 2019....

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