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IN RE OXBOW CARBON LLC UNITHOLDER LITIGATION

C.A. No. 12447-VCL.

IN RE OXBOW CARBON LLC UNITHOLDER LITIGATION.

Court of Chancery of Delaware.

Decided: February 12, 2018.

Attorney(s) appearing for the Case

Kenneth J. Nachbar , Thomas W. Briggs, Jr. , Richard Li, MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware; R. Robert Popeo , Michael S. Gardener , Breton Leone-Quick , MINTZ, LEVIN, COHN, FERRIS, GLOVSKY & POPEO, P.C., Boston, Massachusetts; Attorneys for Oxbow Carbon LLC.

Stephen C. Norman , Jaclyn C. Levy , Daniyal M. Iqbal , POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; David B. Hennes , C. Thomas Brown , Daniel V. McCaughey , Adam M. Harris , Elizabeth D. Johnston , ROPES & GRAY LLP, New York, New York; Attorneys for Oxbow Carbon & Minerals Holdings, Inc., Ingraham Investments LLC, Oxbow Carbon Investment Company LLC, and William I. Koch.

Kevin G. Abrams , Michael A. Barlow , April M. Ferraro , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Michael B. Carlinsky , Chad Johnson , Jennifer Barrett , David Elsberg , Silpa Maruri , QUINN EMANUEL URQUHART & SULLIVAN, LLP, New York, New York; Attorneys for Crestview-Oxbow Acquisition, LLC, Crestview-Oxbow (ERISA) Acquisition, LLC, Crestview Partners, L.P., Crestview Partners GP, L.P., Crestview Advisors, L.L.C., Robert J. Hurst, and Barry S. Volpert.

Brock E. Czeschin , Matthew D. Perri , Sarah A. Galetta , RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware; Attorneys for Crestview-Oxbow Acquisition, LLC, Crestview-Oxbow (ERISA) Acquisition, LLC, Crestview Partners, L.P., Crestview Partners GP, L.P., Crestview Advisors, L.L.C., Robert J. Hurst, and Barry S. Volpert.

J. Clayton Athey , John G. Day , PRICKETT, JONES & ELLIOTT, P.A., Wilmington, Delaware; Dale C. Christensen, Jr. , Michael B. Weitman , SEWARD & KISSEL LLP, New York, New York; Attorneys for Load Line Capital LLC.

MEMORANDUM OPINION

This post-trial decision addresses whether Oxbow Carbon LLC ("Oxbow" or the "Company") must be sold. Two minority members, who together own approximately one-third of Oxbow's equity, contend that they have a contractual right under Oxbow's limited liability company agreement1

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