Delaware Supreme Court to hear Nicholas Olenik v. Frank A. Lodzinski, et al. and Earthstone Energy
The Delaware Supreme Court will hear the case of Nicholas Olenik v. Frank A. Lodzinski, et al., and Earthstone Energy Inc. at 11 a.m. on Wednesday, Feb. 6.
Olenik is seeking to reverse the July 2018 of the Court of Chancery.
The original case revolved Olenik, an Earthstone Energy stockholder, and his suit challenging a "self-dealing transaction in which Earthstone’s controlling stockholder, private equity firm EnCap Investments L.P. merged its cash-starved and struggling portfolio company, Bold Energy III LLC, into Earthstone in a transaction that provided Bold with more than 60 percent of the combined equity and EnCap with a substantially higher ownership percentage," according to his brief.
Delaware Supreme Court case number 392, 2018