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Constellation Energy Partners LLC Message Board

  • lizahuang54321 lizahuang54321 Sep 6, 2013 12:03 PM Flag

    lawsuit details

    On August 30, 2013, a lawsuit was filed in the Chancery Court of the State of Delaware, C.A. No. 8856-, by Constellation Energy Partners Management, LLC ("CEPM"), a subsidiary of PostRock Energy Corporation, Gary M. Pittman and John R. Collins against Stephen R. Brunner, Richard S. Langdon, Richard H. Bachmann, John N. Seitz, Sanchez Oil & Gas Corporation ("Sanchez Oil & Gas"), Sanchez Energy Partners I, LP ("SEP I"), Antonio R. Sanchez, III, Gerald F. Willinger and Constellation Energy Partners LLC (the "Company") in connection with the previously reported closing on August 9, 2013 of the Company's purchase of oil and natural gas properties from SEP I and the issuance by the Company of units to SEP I in connection therewith. The plaintiffs contend, among other things, that the issuance of the units to SEP I in connection with the acquisition was not permitted under the Company's operating agreement, that Messrs. Pittman and Collins should not have been removed as the Class A managers of the Company's board of managers, and that SEP I, Sanchez Oil & Gas and Messrs. Sanchez and Willinger participated in the bad faith conduct of the other defendants and interfered with CEPM's contractual rights under the Company's operating agreement. The plaintiffs allege claims against the Company and certain of its managers and officers relating to breach of contract, breach of the duty of good faith, and breach of the implied covenant of good faith and fair dealing; the plaintiffs also allege aiding and abetting and tortious interference claims against Sanchez Oil & Gas, SEP I and Messrs. Sanchez and Willinger. The plaintiffs seek, among other things, declaratory relief reappointing Messrs. Pittman and Collins to the Company's board of managers and removing Messrs. Sanchez and Willinger therefrom, an injunction against the Company taking any further action outside the ordinary course of business during the pendency of the litigation, declaratory relief rescinding the units issued

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