Crimson Exploration Inc., F/K/A/ Gulfwest Energy Inc. v. Intermarket Management LLC, M. Scott Manolis, and Kevin McMillan

CourtCourt of Appeals of Texas
DecidedNovember 10, 2010
Docket01-08-00774-CV
StatusPublished

This text of Crimson Exploration Inc., F/K/A/ Gulfwest Energy Inc. v. Intermarket Management LLC, M. Scott Manolis, and Kevin McMillan (Crimson Exploration Inc., F/K/A/ Gulfwest Energy Inc. v. Intermarket Management LLC, M. Scott Manolis, and Kevin McMillan) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Crimson Exploration Inc., F/K/A/ Gulfwest Energy Inc. v. Intermarket Management LLC, M. Scott Manolis, and Kevin McMillan, (Tex. Ct. App. 2010).

Opinion

Opinion issued November 10, 2010.

In The

Court of Appeals

For The

First District of Texas

————————————

NO. 01-08-00774-CV

———————————

Crimson Exploration, Inc. f/k/a Gulfwest Energy, Inc., Appellant

V.

Intermarket Management, LLC, M. Scott Manolis, and Kevin McMillan, Appellees

On Appeal from the 127th District Court

Harris County, Texas

Trial Court Case No. 2007-62887

O P I N I O N

Appellees, Intermarket Management, LLC, M. Scott Manolis, and Kevin McMillan (collectively “appellees”), sued appellant, Crimson Exploration, Inc., formerly known as Gulfwest Energy, Inc.,[1] on a breach of indemnity contract claim.  The trial court granted appellees’ summary judgment on that claim and awarded damages.  The parties later agreed to the award of a certain sum of attorney’s fees to appellees in that action.  Crimson filed a counterclaim for a declaratory judgment.  Both sides moved for summary judgment on Crimson’s declaratory judgment counterclaim.  The trial court denied Crimson’s motion for summary judgment and granted summary judgment for appellees. 

In three issues, Crimson appeals (1) the trial court’s grant of summary judgment in favor of appellees on the breach of indemnity contract claim, the sum of damages awarded, and the award of attorney’s fees; and (2) the trial court’s grant of summary judgment in favor of appellees on Crimson’s declaratory judgment claims, its rendering of a take-nothing judgment against Crimson, and its denial of Crimson’s summary judgment motion on those claims.  We affirm the judgment of the trial court in part, reverse in part, and remand.

Background

A.      The relationship between Crimson, Intermarket, and PCA, and the “PCA lawsuit”

Crimson, an oil and gas production company, had an investment banking services agreement with PetroCapital Advisors (“PCA”).  Under the agreement, PCA had the right of first refusal to provide investment banking services to Crimson from April 21, 2004 through April 21, 2006.  A May 2004 agreement between Crimson and PCA settling a fee dispute also specifically referenced this right.  Manolis, a director of Crimson, was involved in the settlement negotiations. 

After the settlement, PCA continued to provide services to Crimson, including searching for a company to acquire Crimson.  Crimson subsequently hired another company, Intermarket, to also help identify potential buyers of Crimson.  Intermarket had ties to two Crimson executives—Crimson director Manolis, who owned Intermarket and was its director and chief executive officer, and Crimson director and chief executive officer John Loehr, who leased office space to Intermarket. 

On December 31, 2004, Crimson and Intermarket signed an advisory agreement, effective July 1, 2004, setting out their business relationship.  The agreement included an indemnity clause, which provides, in relevant part

Since [Intermarket] will be acting on behalf of [Crimson] in connection with the transactions contemplated by the Agreement, and as part of the consideration for the agreement of [Intermarket] to furnish its services pursuant to such Agreement, [Crimson] agrees to indemnify and hold harmless [Intermarket] and its affiliates and their respective officers, directors, partners, counsel, employees and agents and any other person controlling [Intermarket] or any of its affiliates and the respective agents, employees, officers, directors, partners, counsel and shareholders of such persons ([Intermarket] and each other person being referred to as “Indemnified Person”), to the fullest extent lawful, from and against all claims, liabilities, losses, damages, and expenses (or actions in respect thereof), as incurred, related to or arising out of or in connection with (i) actions taken or omitted to be taken by [Crimson], their affiliates, employees or agents, provided, however, that [Crimson] shall not be responsible for any losses, claims, judgments, damages, liabilities or expenses of any Indemnified Person to the extent, and only to the extent, that it is finally judicially determined that they resulted from actions taken or omitted to be taken by such Indemnified Person in bad faith, fraud, deceit, breach of contract or to be due to such Indemnified Person’s wantonness, neglect, negligence or gross negligence . . .

Intermarket subsequently identified Oak Tree Capital Management LLC (“Oak Tree”) as a potential buyer for Crimson.  Crimson chose the Oak Tree proposal over one offered by a company which had been identified and brought to Crimson by PCA.  When Oak Tree subsequently acquired majority control of Crimson, Intermarket helped Crimson obtain financing for the transaction and was paid fees for this service.  

In August 2005, PCA brought suit against Intermarket, Manolis, Loehr, and McMillan[2] asserting common law and statutory fraud, negligent misrepresentation, tortious interference with contract, conspiracy, and joint enterprise.  PCA alleged that Crimson, “rather than honor[ing PCA’s] right of first refusal and giv[ing] PCA the right to perform the needed investment banking services” for the Oak Tree transaction, “turn[ed] its back on its contractual obligation to PCA” and did not invite or allow PCA to perform any investment banking services for the transaction.  Instead, according to PCA, Intermarket provided the investment banking services to Crimson and earned the related fees by virtue of a back-dated advisory agreement between Crimson and Intermarket. 

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Bluebook (online)
Crimson Exploration Inc., F/K/A/ Gulfwest Energy Inc. v. Intermarket Management LLC, M. Scott Manolis, and Kevin McMillan, Counsel Stack Legal Research, https://law.counselstack.com/opinion/crimson-exploration-inc-fka-gulfwest-energy-inc-v--texapp-2010.