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Business Associations Keyed to Bainbridge
In re El Paso Pipeline Partners, L.P. Derivative Litigation
Citation:2014 WL 2768782 (Del. Ch.)
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El Paso MLP is a Delaware limited partnership headquartered in Houston, Texas. It owns interests in companies that operate natural gas pipelines, liquid natural gas terminals, and storage facilities throughout the United States. In August 2007, El Paso Corporation formed El Paso MLP (master limited partnership) and contributed to El Paso MLP an initial set of MLP-qualifying assets. Consistent with the typical MLP structure, El Paso Parent indirectly owns 100% of defendant El Paso Pipeline GP Company, the general partner of El Paso MLP. On February 9, 2010, El Paso Parent offered to sell to El Paso MLP interests in Southern LNG and Elba Express for $1,053 billion. By 2010, when El Paso Parent proposed the drop-down, domestic discoveries of shale gas and improved techniques for its extraction had led to higher levels of domestic production and lower gas prices. As a result, the market for imported LNG had weakened.
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