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LOWRANCE v PLAINS ALL AMERICAN Click to find out why . . .



Keywords & Phrases
CaseNo: C.A. No. 17,655, CourtCode: CC, CourtName: IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE, Plaintiff: LOWRANCE, State: DE Delaware, UniqueCaseRef: DE>CC>00017655, Partnership, Plains, General Partner, Directors, Trading, Controls, Fiduciary Duties, Trading Losses, Alleges, Class Action, Unitowners, Plains Resources, Management, Oil, Audit, Practices, Committees, Public Unitowners, Adequate, Accounting, Officer, Wrongful, Supervision, Executive Officer, Reasons, Trades , ContentID: 120240578

Case Documents
1 1999-12-10 DERIVATIVE COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 101525
14 pages
PDF
Total Documents: 1 document , 14 pages
Price: $ 19.95


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1 . DERIVATIVE COMPLAINT

EXTRACTED KEY WORDS
DEFENDANTS
PLAINS
GENERAL PARTNER
DIRECTORS
TRADING
CONTROLS
FIDUCIARY DUTIES
TRADING LOSSES
ALLEGES
CLASS ACTION
UNITOWNERS
PLAINTIFF
PLAINS RESOURCES
MANAGEMENT
OIL
BUSINESS
AUDIT
PRACTICES
COMMITTEES
PUBLIC UNITOWNERS
ADEQUATE
ACCOUNTING
OFFICER
WRONGFUL
SUPERVISION
EXECUTIVE OFFICER
MEMBER
REASONS
TRADES
           IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
                     IN AND FOR NEW CASTLE COUNTY
-_--_--------------------------~-- -X
WILLIAM B. LOWRANCE,

                  Plaintiff,               Civil Action No. }  g&3Jc

     V.

PLAINS ALL AMERICAN INC., GREG L
ARMSTRONG, HARRY N. PEFANIS,
ROBERT V. SINNOTT, ARTHUR L.
SMITH and EVERADO GOYANES,

                 Defendants,
     - and  -
PLAINS ALL AMERICAN PIPELINE,         :
L.P., a Delaware Limited
Partnership                           :

                 Nominal Defendant. .
---------------------------------- -;


                          DERIVATIVE COMPLAINT

            Plaintiff, by his undersigned attorneys, alleges upon

information and belief based upon the investigation of counsel,

except for the allegations relating to plaintiff, which are based

upon knowledge, as follows:




INTRODUCTION

     1. Plaintiff, at all times relevant hereto, has been an

unitowner of the nominal defendant Plains All American Pipeline,



L.P.  (l'Plains" or the "Limited Partnership"), a Delaware limited

partnership.

SNIPPETS:
  • Plaintiff, by his undersigned attorneys, alleges upon
  • unitowner of the nominal defendant Plains All American Pipeline,
  • L.P. (l'Plains" or the "Limited Partnership"),
  • The individual defendants, at all times relevant
  • have been directors of defendant Plains All American Inc.
  • (the "General Partner"), the general partner of the Limited
  • Partnership and a wholly owned subsidiary of Plains Resources
  • by defendants in breach of their fiduciary duties owed to Plains and its public unitowners.
  • intrastate crude oil transportation, terminalling and storage, as
  • business and managing the operations of the Limited Partnership.
  • of the persons responsible for the operation or management of the
  • Chairman of the Board of Directors and Chief Executive Officer of
  • director of the General Partner and member of the Audit and
  • Compensation Committees since September 1998.
  • Partnership's financial and accounting systems and internal
  • controls were and are wholly inadequate.
  • Audit Committee knowingly or recklessly permitted the wrongful
  • practices, controls and financial affairs of the Limited Partnership.
  • To exercise reasonable control and supervision
  • expenses related to the defense of numerous class action lawsuits
  • trading activity by an employee in the Limited Partnership's
  • As a result of these unauthorized trading losses,
  • unauthorized trades on or about November 19, 1999, when officials
  • The stated reasons for the downgrade and ratings
  • Plaintiff has no adequate remedies at law.
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