Regency Energy Unitholders Try Again For Merger Damages

By Leslie Pappas (October 20, 2021, 8:32 PM EDT) -- Regency Energy Partners LP took actions leading up to its $10.1 billion merger with Energy Transfer Partners LP that "undermined" and "subverted" its partnership agreement and triggered damages even if the resulting 2015 merger was deemed fair, unitholders argued to the Delaware Supreme Court Wednesday.

Urging the five justices to reverse a February Chancery Court decision that rejected their $1.6 billion damage claim, unitholders argued that bad faith actions behind a misleading proxy statement and failures to disclose conflicts would themselves be contract breaches worthy of damages.

"Our primary argument is, if you breach the implied covenant of good faith and...

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