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....
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!