Dela. Court Grants Williams Request to Speed Up ETE Lawsuit

court-gavel.jpgA Delaware court has granted a motion by Williams to hurry-it-up with their recently filed lawsuit against Energy Transfer Equity (ETE)–the company trying to buy Williams. No, Williams is not trying to fend off the purchase. They’re trying to ensure Williams stockholders (and the managers of Williams) get the agreed-to price. Last week Williams sued ETE and its CEO Kelsy Warren for issuing private shares of stock to select investors to help finance the deal (see Merger Turns Sour: Williams Sues ETE/CEO Kelcy Warren). Williams believes the private stock offering is a sweetheart deal that in the end devalues or puts at a disadvantage Williams stockholders. The court has granted Williams request to speed things up. The Williams board still maintains they want the merger/buyout to go forward. Strange way to show you love your new owner–by suing him. But this isn’t about affection and getting along and kumbaya–it’s about money…

Please Login to view this content. (Not a member? Join Today!)
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.