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More than 200 injury circumstances were filed and subsequently mixed into multi-district litigation. Again representing the board of a serious firm, we represented the Directors of British Petroleum in connection with shareholder litigation challenging BP’s acquisition of the minority curiosity in Sohio. By 1987, BP had grown weary of its passive majority shareholder position whereas observing Sohio management make a number of investments that turned out poorly. In March 1987, deciding to take full control of the company, BP changed the incumbent Sohio board and made a tender supply for the outstanding forty five{a53fe789aa668aeea22dfc4617df528281a419a93bd12e94807c5a58e511180e} minority shares. We represented the brand new board of administrators in a series of sophistication motion suits which claimed that the BP share price supply was too low. After either side had obtained somewhat differing valuation opinions from Goldman Sachs and First Boston, the suits were lastly settled based mostly upon a considerably sweetened offer from BP including a slightly increased share worth and a warrant for BP shares. During this period, the Firm represented General Motors as national coordinating counsel in the Cadillac V8-6-four litigation, within the passive restraint cases, and in the airbag litigation.
Following conflicts with GM management after its acquisition of Perot’s EDS, GM purchased out Perot’s GM stock and severed ties. But a dispute soon arose over the terms of the buyout settlement, with GM and Perot disagreeing about how and when Perot may start up a rival concern. This enlargement, and its home counterpart, had been predictably not instantly profitable … Read More