The Delaware Court of Chancery on Wednesday appointed a monitor to oversee the sale of Oxbow Carbon and ordered CEO William Koch to pay tens of millions of dollars in damages to two private equity firms for derailing a deal for the energy company in 2016.
The order from Vice Chancellor J. Travis Laster followed a post-trial opinion in February, which found Koch had improperly denied Crestview Partners and Load Line Capital their right as investors to seek an exit sale under Oxbow’s LLC agreement. According to Wednesday’s ruling, Koch will have to cover the investor’s expenses for lawyers and deal advisers and make up any lost value resulting from the delay.
