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BRICKELL PARTNERS v. WISE

Civ.A. No. 18145.

794 A.2d 1 (2001)

BRICKELL PARTNERS, Plaintiff, v. William A. WISE, Robert G. Phillips, James H. Lytal, H. Brent Austin, Michael B. Bracy, H. Douglas Church, Malcolm Wallop, El Paso Energy Corporation, Deeptech International, Inc. and Crystal Gas Storage, Inc., Defendants, and El Paso Energy Partners, L.P., Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: August 20, 2001.

Attorney(s) appearing for the Case

Norman M. Monhait, of Rosenthal, Monhait, Gross & Goddess, Wilmington; of counsel: Matthew M. Houston, Wechsler Harwood Halebian & Feffer, New York City, for Plaintiff.

James F. Burnett, of Potter Anderson & Corroon, Wilmington, for Defendants.

Henry E. Gallagher, Jr., of Connolly Bove Lodge & Hutz, Wilmington, for Nominal Defendant.

OPINION

STRINE, Vice Chancellor.

Plaintiff Brickell Partners brought this action challenging the acquisition of Crystal Gas Storage, Inc. by El Paso Energy Partners, L.P. ("El Paso" or the "Partnership"). Brickell Partners is a limited partner in El Paso and has sued derivatively on its behalf. Crystal Gas is owned by El Paso Energy Corp. ("Energy"), which also owns and controls El Paso's general partner, DeepTech International, Inc. Energy also holds 34...

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