GenOn Holdings Inc. and Strategic Value Partners LLC executives and board members allegedly conducted a “brazen scheme” to circumvent its subsidiary’s right to acquire a valuable power plant on the verge of its bankruptcy.
GenOn secretly negotiated with the owner of a natural gas plant in Pennsylvania, preventing Heritage Power Intermediate Holdings LLC from exercising its right of first offer, according to a complaint docketed Dec. 5 in the Delaware Chancery Court.
The suit asserts claims for tortious interference with several agreements, breach of fiduciary duty, fraudulent conveyance, and corporate waste, among others. It seeks declaratory relief, damages, and a ...
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