Judge Riled By Conflicts In $21B El Paso-Kinder Morgan Deal

Law360, Wilmington (February 9, 2012, 9:32 PM EST) -- A Delaware judge expressed deep concern Thursday that Kinder Morgan Inc.’s $21.1 billion buyout of El Paso Corp. was soiled by conflicts of interest on the part of El Paso’s CEO and its financial adviser Goldman Sachs & Co.

At a hearing in Delaware Chancery Court, El Paso shareholders fought to secure a preliminary injunction against the deal to allow the company to entertain other options and found a receptive ear in Chancellor Leo Strine Jr. when it came to the conflict allegations.

But the judge...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.