OXBOW CARBON HLDGS v. CRESTVIEW-OXBOW ACQ.

No. 536, 2018.

202 A.3d 482 (2019)

OXBOW CARBON & MINERALS HOLDINGS, INC., Ingraham Investments LLC, Oxbow Carbon Investment Company LLC, William I. Koch, and Oxbow Carbon LLC, Plaintiffs and Counterclaim Defendants-Below, Appellants, v. CRESTVIEW-OXBOW ACQUISITION, LLC, Crestview-Oxbow (Erisa) Acquisition, LLC, Crestview Partners, L.P., Crestview Partners GP, L.P., Crestview Advisors, L.L.C., and Load Line Capital LLC, Defendants and Counterclaim Plaintiffs-Below, Appellees.

Supreme Court of Delaware.

Decided: January 17, 2019.


Attorney(s) appearing for the Case

Stephen C. Norman, Esquire , Jaclyn C. Levy, Esquire , Potter Anderson & Corroon LLP, Wilmington, Delaware. Of Counsel: David B. Hennes, Esquire (argued), C. Thomas Brown, Esquire , Adam M. Harris, Esquire , Elizabeth D. Johnston, Esquire , Ropes & Gray LLP, New York, New York for Appellants Oxbow Carbon & Minerals Holdings, Inc., Ingraham Investments LLC, William I. Koch and Oxbow Carbon Investment Company LLC.

Kenneth J. Nachbar, Esquire , Thomas W. Briggs, Jr., Esquire , Richard Li, Esquire , Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware. Of Counsel: R. Robert Popeo, Esquire , Michael S. Gardener, Esquire , Breton Leone-Quick, Esquire , Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., Boston, Massachusetts for Appellants Oxbow Carbon LLC.

Kevin G. Abrams, Esquire , Michael A. Barlow, Esquire , April M. Kirby, Esquire , Abrams & Bayliss LLP, Wilmington, Delaware; Brock E. Czeschin, Esquire , Matthew D. Perri, Esquire , Sarah A. Galetta, Esquire, Richards, Layton & Finger, P.A., Wilmington, Delaware. Of Counsel: Michael B. Carlinsky, Esquire (argued), Chad Johnson, Esquire , Jennifer Barrett, Esquire , Silpa Maruri, Esquire , Quinn Emanuel Urquhart & Sullivan, LLP, New York, New York; Christopher Landau, P.C., Quinn Emanuel Urquhart & Sullivan, LLP, Washington, D.C. for Appellees Crestview-Oxbow Acquisition, LLC and Crestview-Oxbow (ERISA) Acquisition, LLC.

J. Clayton Athey, Esquire , John G. Day, Esquire , Prickett, Jones & Elliott, P.A., Wilmington, Delaware. Of Counsel: Dale C. Christensen, Jr., Esquire , Michael B. Weitman, Esquire , Seward & Kissel, LLP, New York, New York for Appellee Load Line Capital LLC.

Before STRINE, Chief Justice; VALIHURA, VAUGHN, SEITZ and TRAYNOR, Justices, constituting the Court en Banc.


Two of Oxbow Carbon LLC's ("Oxbow") minority Members—Crestview Partners, L.P. and Load Line Capital LLC (together, the "Minority Members")—have attempted to force a sale of Oxbow over the objection of Oxbow's majority Members, William I. Koch and his affiliates (the "Koch Parties").1...

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