Substantial work was done to review established principles of business law and shareholder rights. We helped our client navigate a very complex, technical dispute on an urgent timeline.
This challenging legal work was accomplished while Smoothwater was using the pressure of the media and investor websites.
The Court of Appeal determined that Smoothwater did not have any rights to vote on the proposed arrangement of Marquee or otherwise prevent the closing of a legitimate business transaction.
After succeeding on appeal, AOS and Marquee were able to negotiate a successful settlement of Smoothwater’s opposition to the transaction and the deal closed as intended with full court approval.
In the end, AOS successfully merged with Marquee, with $35 million of capital from AOS to be invested into Marquee’s oil and gas assets for further development.