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1
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DEFENDANT MCMORAN OIL & GAS COS REPLY BRIEF IN SUPPORT OF ITS MOTION TO DISMISS
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EXTRACTED KEY WORDS
PLAINTIFFS PLP FTX COURT DELAWARE PARTICIPATION DEFENDANTS DEL PARTY STANDING CASTLE ACTS AGREEMENT TRANSACTION DISMISS EQUITY BANGOR PUNTA EQUITABLE RESCISSION COMPLAINT DELAWARE LAW LLC IGL MEMORANDUM CHANCERY DEFENDANT MCMORAN OIL WRONGFUL LACKS STANDING MIDLAND FOOD SERVICES CASTLE HILL HOLDINGS MOXY |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IMC GLOBAL, INC. and PHOSPHATE )
RESOURCE PARTNERS LIMITED >
PARTNERSHIP, >>
Plaintiffs and Counterclaim )
Defendants, >> C.A. No. 16387-NC
V . 1
)
JAMES R. MOFFETT, RICHARD C. )
ADKERSON, B.M. RANKIN and )
HENRY A. KISSINGER >>
Defendants and >
Counterclaim Plaintiffs, )
>
and >>
MCMORAN OIL & GAS CO., >1
Defendant. >
DEFENDANT MCMORAN OIL & GAS CO.`S
REPLY BRIEF IN SUPPORT OF ITS MOTION TO DISMISS
MORRIS, JAMES, HITCHENS & WILLIAMS
Henry N. Hemdon, Jr.
Lewis H. Lazarus
James E. Dmec
222 Delaware Avenue, 10th Floor
P.O. Box 2306
Wilmington, Delaware 19899
(302) 888-6800
Attorneys for Defendant McMoRan Oil & Gas Co.
August 10, 1999
TABLE OF CONTENTS
TABLE OF AUTHORITIES . . . . h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii.
PRELIMINARYSTATEMENT .ee ~........~*~.~......~ . ...=.... 1
ARGUMENT:
SNIPPETS:
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2
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REPLY MEMORANDUM OF LAW OF DEFENDANT DR. H. KISSINGER IN SUPPORT OF MOTION FOR JUDGMENT ON THE PLEADINGS
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EXTRACTED KEY WORDS
CONTROLLING IGL WRONGDOING DEFENDANTS BANGOR PUNTA PARTNER DIRECTORS DEL PLP PLAINTIFF SUIT DOCTRINE COURT GENERAL PARTNER ASSERT COUNTERCLAIM FTX RECOVER SUPRA COURTLAND SOUTH BETHANV TRANSACTION PURCHASE REASONS BASIS FIDUCIARY DUTY DISABILITY PRIMARY WRONGDOERS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IMC GLOBAL INC. and PHOSPHATE >
RESOURCE PARTNERS LIMITED >
PARTNERSHIP, >>
Plaintiffs and >
Counterclaim >
Defendants, >>
V. > Civil Action No. 16387
- N C
)
JAMES R. MOFFETT, RICHARD C. >
ADKERSON, B.M. RANKIN and >
HENRY A. KISSINGER, >>
Defendants and >
Counterclaim >
Plaintiffs, >>
and >>
MCMORAN OIL & GAS COMPANY, >>
Defendant. >
REPLY MEMORANDUM OF LAW OF DEFENDANT __
-3
DR. HENRY A. KISSINGER IN SUPPORT OF HIS
MOTION FOR JUDGMENT ON THE PLEADINGS
David C. McBride
YOUNG CONAWAY STARGATT
OF COUNSEL: & TAYLOR, LLP
1 lth Floor, Rodney Square North
Warren R. Stern P.O. Box 391
Paula -N. Gordon Wilmington, Delaware 19899-03 9 1
WACHTELL, LIPTON, (302) 571-6639
ROS.EN & KATZ
51 West 52nd Street
New York, New York 100 19
(212) `103-1000
WP3: M:U)OCS3U'UBL\031'~RIEF~262352-1 54725.1001
TABLE OF CONTENTS
SNIPPETS:
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3
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PLAINTIFFS MEMORANDUM OF LAW IN OPPOSITION TO MOTION TO DISMISS
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EXTRACTED KEY WORDS
PLAINTIFFS MOTIONS COURT PLP DISMISS PARTICIPATION AGREEMENT DEL DELAWARE IGL OPPOSITION AMENDED COMPLAINT LAW MOXY FTX RESCISSION FIDUCIARY DUTIES MEMORANDUM GENERAL PARTNER FIRST AMENDED COMPLAINT BANGOR PUNTA TRANSACTIONS PARTNERSHIP FRP DIRECTORS WRONGDOING SHAREHOLDERS UNITHOLDERS AUTHORITIES ALLEGATIONS |
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IMC GLOBAL INC. and PHOSPHATE :
RESOURCE PARTNERS LIMITED :
PARTNERSHIP, ..
.
Plaintiffs and ..
Counterclaim Defendants, :
V. : C. A. No. 16387-NC
..
JAMES R. MOFFETT, RICHARD C. :
ADKERSON, B. M. RANKIN, and :
HENRY A. KISSINGER, ..
Defendants and ..
Counterclaim Plaintiffs, :..
and ..
MCMORAN OIL & GAS CO., ...
Defendant. ..
PLAINTIFFS' MEMORANDUM OF LAW IN OPPOSITION
TO DEFENDANTS' MOTIONS TQ DISMISS
William A. Brewer III Jay W. Eisenhofer I
James S. Renard Stuart M. Grant L -
BICKEL & BREWER Megan D. McIntyre '
4800 Bank One Center GRANT & EISENHOFER, P.A.
1717 Main Street 1220 N. Market Street, Suite 500
Dallas, Texas 75201 Wilmington, Delaware 19801
Telephone: (214) 653-4000 Telephone: (302) 622-7000
Telecopier: (214) 653-1014 Telecopier: (302) 622-7100
Dated: May 19, 1999
TABLE OF CONTENTS
TABLE OF AUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I. PRELIMINARY STATEMENT . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
II. PROCEDURAL BACKGROUND . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . .
SNIPPETS:
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4
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FIRST AMENDED COMPLAINT
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EXTRACTED KEY WORDS
MOFFETT DEFENDANTS FTX MOXY FRP PARTNER PLAINTIFFS TRANSACTIONS GAS OIL ADKERSON PARTNERSHIP DIRECTORS LIMITED PARTNERSHIP RANKIN ASSETS SPECIAL COMMITTEE FRP-MOXY TRANSACTIONS DAVIS POLK PARTICIPATION AGREEMENT FIDUCIARY DUTIES CHIEF EXECUTIVE OFFICER PLP EXPLORATION MANAGING GENERAL PARTNER FCX INDIVIDUAL DEFENDANTS UNITHOLDERS MERRILL LYNCH |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE '
IN AND FOR NEW CASTLE COUNTY
IMC GLOBAL INC. and PHOSPHATE 9
RESOURCE PARTNERS LIMITED 8
PARTNERSHIP, 9 L. 1
3
Plaintiffs, 98
vs. 9§ CIVIL ACTION NO. 16387-NC
JAMES R. MOFFETT, RICHARD C.
ADKERSON, B.M. RANKIN, HENRY 0
A. KISSINGER, and MCMORAN OIL 9
& GAS CO., 99
Defendants. 8
FIRST AMENDED COMPLAINT
Plaintiffs IMC Global Inc. and Phosphate Resource Partners Limited Partnership ("PLP")
file this First Amended Complaint, on personal knowledge with respect to themselves and their own
acts and on information and belief as to all other matters, against defendants James R. Moffett,
Richard C. Adkerson, B.M. Rankin, Henry A. Kissinger, and McMoRan Oil & Gas Co. ("MOXY"),
as follows:
I.
PRELIMINARY STATEMENT
1. It is often said that loyalty divided leads to trust betrayed. This case relates how
defendant James "Jim Bob" Moffett and the "daisy chain" of publicly-traded entities he controls
have consistently and repeatedly betrayed the trust others have placed in them. Employing a highly-
sophisticated shell game, Moffett and his cohorts have moved assets and shifted risks among
affiliated companies in cavalier disregard of the rights of their public owners and always to his
benefit. The success of those schemes, as well as Moffett's continued dominance over those
was assured through his clever utilizationof nearly-identical,overlapping boards comprised of hand-
picked directors.
SNIPPETS:
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5
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BRIEF IN SUPPORT OF MOTION TO DISMISS
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EXTRACTED KEY WORDS
FTX MERGER PLAINTIFFS PLP COURT STANDING DEFENDANTS RESCISSION MOXY FRP SELF DEFEATING ALLEGATIONS COMPLAINT TRANSACTIONS EQUITY MCMORAN OIL GAS DISMISS CIRCUMVENT PARTNERSHIP BANGOR PUNTA OWNERSHIP IGL LACKS DISABILITY JOINT PROXY MANAGING GENERAL PARTNER STOCKHOLDERS SHAREHOLDERS PARTICIPATION AGREEMENT IGL-FTX MERGER |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IMC GLOBAL INC. and PHOSPHATE )
RESOURCE PARTNERS LIMITED )
PARTNERSHIP, 11
Plaintiffs and Counterclaim )
Defendants, 1) C.A. No. 16387-NC
V. >
)
JAMES R. MOFFETT, RICHARD C. )
ADKERSON, B.M. RANKIN and 1
HENRY A. KISSINGER 11
Defendants and )
Counterclaim Plaintiffs, )
1
and 11
MCMORAN OIL & GAS CO., )1
Defendant . )
DEFENDANT MCMORAN OIL & GAS CO.`S
OPENING BRIEF IN SUPPORT OF ITS MOTION TO DISMISS
MORRIS, JAMES, HITCHENS & WILLIAMS
Henry N. Herndon, Jr.
Lewis H. Lazarus
James E. Drnec
222 Delaware Avenue, 10th Floor
P.O. Box 2306
Wilmington, Delaware 19899
(302) 888-6800
Attorneys for Defendant McMoRan Oil & Gas Co.
March 31, 1999
TABLE OF CONTENTS
TABLEOFAUTHORITIES.........................................ii
NATURE AND STAGE OF THE PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . 1
STATEMENTOFFACTS..........................................3
SNIPPETS:
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6
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ANSWER OF DEFENDANT MCMORAN OIL & GAS
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EXTRACTED KEY WORDS
PARAGRAPH ALLEGATIONS DENIES MOXY ADMITS PARTNERSHIP AGREEMENT PLAINTIFFS FTX RESPONSE DEFENSE IGL REFERS LIMITED PARTNERSHIP DEFENDANT PURPORT FRP DOCTRINE MCMORAN OIL GAS ADMISSION PLP FULLY SET PARTICIPATION AGREEMENT MASTER AGREEMENT MOXY INCORPORATES REFERENCE RELIEF DIRECTORS |
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IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE C!OUNTY
IMC GLOBAL INC. and PHOSPHATE
RESOURCE PARTNERS LIMITED
PARTNERSHIP,
;
Plaintiffs,
! Civ. A. No. 16387-NC
_... , '. .
V . r .' .-.'.:
-. ..(
; ..,'I I
.I :r . ".:
JAMES R. MOFFETT, RICHARD C. --._ ..,^-
ADKERSON, B.M. RANKIN, HENRY A. ; i: j
KISSINGER and MCMORAN OIL & GAS _^._
.-
co., i -. _..
_
Defendants, i !. .
y.. _-
-- -_ ., \
ANSWER OF DEFENDANT &
--.,
MCMORAN OIL & GAS C O .
Defendant McMoRan Oil & Gas Co. ("MOXYtl), by its
undersigned attorneys, answers the Complaint of plaintiffs
IMC Global Inc. ("IGL") and Phosphate Resource Partners
Limited Partnership ("PLP") (collectively the "Plaintiffs*1),
as follows:
1. Denies generally the allegations of paragraph
1 of the complaint and avers that the allegations contained
in the second, third and fourth sentences of paragraph 1,
which purport to state legal conclusions, require neither
admission nor denial, except admits u:pon information and
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