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LENOIS v. SOMMERS AS TR. FOR ERIN ENERGY

No. 33, 2021.

268 A.3d 220 (2021)

Robert LENOIS, on behalf of himself and all other similarly situated stockholders of Erin Energy Corporation, and derivatively on behalf of Erin Energy Corporation, Plaintiff-Below, Appellant, v. Ronald J. SOMMERS, AS Chapter 7 TRUSTEE FOR Nominal Defendant-Below ERIN ENERGY CORPORATION, Movant-Below, Appellant, v. Kase Lukman Lawal, Lee P. Brown, William J. Campbell, J. Kent Friedman, John Hofmeister, Ira Wayne McConnell, Hazel R. O'Leary, and CAMAC Energy Holdings, Limited, Defendants-Below, Appellees, and Erin Energy Corporation, Nominal-Defendant-Below, Appellee.

Supreme Court of Delaware.

Decided: December 9, 2021.

Attorney(s) appearing for the Case

Michael J. Barry, Esquire , Rebecca A. Musarra, Esquire , Grant & Eisenhofer P.A., Wilmington, Delaware. Of Counsel: David Tejtel, Esquire (argued), Friedman Oster & Tejtel PLLC, Bedford Hills, New York for Appellants.

Myron T. Steele, Esquire , Jaclyn C. Levy, Esquire , Potter Anderson & Corroon LLP, Wilmington, Delaware. Of Counsel: David T. Moran, Esquire , Christopher R. Bankler, Esquire (argued), Jackson Walker L.L.P., Dallas, Texas for Appellees Kase Lukman Lawal and CAMAC Energy Holdings, Limited.

Srinivas M. Raju, Esquire , Robert L. Burns, Esquire , Andrew J. Peach, Esquire , Richards, Layton & Finger, P.A., Wilmington, Delaware. Of Counsel: Greg Waller, Esquire , Hunton Andrews Kurth L.L.P., Houston, Texas for Appellees John Hofmeister, Ira Wayne McConnell, and Hazel O'Leary.

David J. Teklits, Esquire , Kevin M. Coen, Esquire , Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware. Of Counsel: Mark Oakes, Esquire , Ryan Meltzer, Esquire , Norton Rose Fulbright US LLP, Austin, Texas for Appellees Lee P. Brown, William J. Campbell, and J. Kent Friedman.

Before SEITZ, Chief Justice; VALIHURA, and TRAYNOR, Justices.

Introduction

In this appeal, Appellants claim that their well-pleaded claims arising from a controlling stockholder's "egregious, self-dealing transaction that bankrupted a Delaware corporation" have been condemned to perish in a "procedural blackhole."

In 2017, the Court of Chancery held that Plaintiff...

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