Bandera Fund Questions Loews Legal Advice in Pipeline Buyout (1)

Legal advice that Loews Corp. considered in its take-private buyout of Boardwalk Pipeline Partners LP is at the heart of a hedge fund’s effort to reclaim $690 million in damages after being squeezed out of the deal.

One’s law firm’s underlying recommendation must be considered even if a second law firm separately supports the guidance, an attorney for affiliates of Bandera Partners LLC argued Wednesday before the Delaware Supreme Court.

“Does the substance of the first opinion even matter so long as you have a second opinion blessing the form of analysis and process?” Justice Karen L. Valihura asked during ...