![]() Because the then-prospective Merger posed a potential conflict of interest, Encore GP sought and received Special Approval from its Conflicts Committee before approving the Merger and submitting it for unitholder approval. Vanguard s indirect subsidiary, however, was Encore s general partner ( Encore GP or the General Partner ). In a transaction that closed on December 1, 2011, Vanguard Natural Resources, LLC ( Vanguard ) acquired all of the outstanding common units of Encore in a unit-for-unit exchange (the Merger ). This class action is the latest in a series of relatively recent cases challenging the use of a contractual Special Approval process by which the general partner of a master limited partnership may authorize otherwise self-interested transactions without breaching any duty to the partnership or its limited partners.1 The master limited partnership in this case is Encore Energy Partners LP ( Encore or the Partnership ). Daniel Witschey, Esq., Jonathan Sandlin, Esq., BRACEWELL & GIULIANI LLP, Houston, Texas Attorneys for Defendants David Baggett, John E. Remming, Esq., RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware J. Oran, Jr., VINSON & ELKINS LLP, Houston, Texas Attorneys for Defendants Vanguard Natural Resources LLC, Encore Energy Partners LP, Encore Energy Partners GP LLC, Scott W. Brandon, Esq., VINSON & ELKINS LLP, Dallas, Texas Ronald L. Bradley, Esq., YOUNG, CONAWAY, STARGATT & TAYLOR, LLP, Wilmington, Delaware Michael C. ![]() Sun, Esq., WEISS & LURIE, New York, New York Attorneys for Plaintiffs. Wohl, Esq., Allie Lin, Esq., WOHL & FRUCHTER LLP, New York, New York Joseph H. Ernst, Esq., O KELLY & ERNST, LLC, Wilmington, Delaware Ethan D. Keener, Esq., ROSENTHAL MONHAIT & GODDESS, P.A., Wilmington, Delaware Ryan M. 6347-VCP MEMORANDUM OPINION Submitted: Decided: AugCarmella P. IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE In re: ENCORE ENERGY PARTNERS LP UNITHOLDER LITIGATION ) ) ) Cons.
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