Vice Chancellor Sam Glasscock III is leaving for trial open questions regarding the propriety of partnership unit issuances Energy Transfer Equity made in the run-up to its since-scuttled merger with The Williams Cos. Inc.
On Wednesday, Glasscock said he needed a more complete record to determine whether the disputed transaction met a contractual safe harbor in the company’s limited partnership agreement and if they actually qualified as a non-pro rata distribution in violation of the agreement.
