Primexx Energy Opportunity Fund v. Primexx Energy Corporation

2025 Tex. Bus. 5
CourtTexas Business Court
DecidedFebruary 10, 2025
Docket24-BC01B-0010
StatusPublished
Cited by2 cases

This text of 2025 Tex. Bus. 5 (Primexx Energy Opportunity Fund v. Primexx Energy Corporation) is published on Counsel Stack Legal Research, covering Texas Business Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Primexx Energy Opportunity Fund v. Primexx Energy Corporation, 2025 Tex. Bus. 5 (Tex. Super. Ct. 2025).

Opinion

FILED IN BUSINESS COURT OF TEXAS BEVERLY CRUMLEY, CLERK ENTERED 2/10/2025 2025 Tex. Bus. 5

The Business Court of Texas, 1st Division

PRIMEXX ENERGY § OPPORTUNITY FUND, LP and § PRIMEXX ENERGY § OPPORTUNITY FUND II, LP, § Plaintiffs, § v. § Cause No. 24-BC01B-0010 § PRIMEXX ENERGY § CORPORATION, M. § CHRISTOPHER DOYLE, § ANGELO ACCONCIA, § BLACKSTONE HOLDINGS III § LP, BLACKSTONE EMA II LLC, § BMA VII LLC, BLACKSTONE § ENERGY MANAGEMENT § ASSOCIATES II LLC, § BLACKSTONE ENERGY § PARTNERS II LP, BLACKSTONE § MANAGEMENT ASSOCIATES § VII LLC, BLACKSTONE § CAPITAL PARTNERS VII LP, § BCP VII/BEP II HOLDINGS § MANAGER LLS, BX PRIMEXX TOPCO LLC, and BPP HOLDCO LLC, Defendants ═══════════════════════════════════════ MEMORANDUM OPINION AND ORDER ═══════════════════════════════════════

[¶ 1] Before the court are special appearances by Blackstone Holdings

III LP, Blackstone EMA II LLC, BMA VII LLC, Blackstone Energy

Management Associates II LLC, Blackstone Energy Partners II LP, Blackstone

Management Associates VII LLC, Blackstone Capital Partners VII LP, BCP

VII/BEP II Holdings Manager LLC, and BX Primexx Topco LLC (Blackstone

Defendants).1 Having considered the parties’ arguments, pleadings, special

appearances, submissions, and relevant law, the court signed an Order on

January 17, 2025, denying the Blackstone Defendants’ special appearances.

This opinion follows. 2

[¶ 2] The dispositive issue is whether filing an answer in an earlier

iteration of the dispute in one court consents to personal jurisdiction to litigate

1 Each Blackstone Defendant is alleged to be a “direct subsidiary” of Blackstone, Inc. 10/25/24 Plaintiffs’ Original Petition (Pet.) ¶ 17. Defendant BPP HoldCo LLC did not join its fellow affiliates in filing a special appearance and is excluded from the definition of “Blackstone Defendants.” 2 The court entered its Order denying Blackstone Defendants’ special appearances on January 17, 2025. On January 24, 2025, Plaintiffs filed a First Amended Petition. The thrust of Plaintiffs’ amendment to its pleading was to add Blackstone, Inc. as a defendant. Because the court’s Order was based on the Original Petition, this Memorandum Opinion and Order addresses Plaintiffs’ Original Petition.

MEMORANDUM OPINION AND ORDER, Page 2 the same dispute in a later-filed suit in a different court in the same state. The

court concludes that it does because the focus is on the defendants’ consent to

litigate the dispute in the state—not a particular court within the state.

I. Background

[¶ 3] This case arises from a private equity investment in a limited

partnership. Plaintiffs assert direct and indirect liability claims against

Defendants for breaching statutory and contract duties in forcing a sale of the

partnership’s business to a third party. The court discusses only those facts

relevant to the Blackstone Defendants’ special appearances.

A. Plaintiffs’ Original Petition

[¶ 4] Primexx Resource Development, LLC (PRD) was an energy

company operating in the Delaware Basin.3 “Blackstone”4 is alleged to have

acquired a majority interest in PRD through Defendant BPP HoldCo LLC by

investing in a partnership called Primexx Energy Partners, Ltd. (PEP). 5 A

3 Pet. ¶ 1. 4 Plaintiffs’ Original Petition inconsistently refers to “Blackstone” to mean either (i) every defendant that is alleged to be a subsidiary of Blackstone (see Pet. ¶s 1 fn.1, 37) or (ii) just Defendant BPP HoldCo LLC (Pet. ¶ 27). In most instances, it appears that Plaintiffs intend “Blackstone” to refer to every Blackstone, Inc.-affiliated defendant. 5 Pet. ¶s 1, 38.

MEMORANDUM OPINION AND ORDER, Page 3 Third Amended and Restated Limited Partnership Agreement (TAPA) governs

investments in PEP. 6

[¶ 5] Plaintiffs are Primexx Energy Opportunity Fund LP (PEOF I) and

Primexx Energy Opportunity Fund II (PEOF II). PEOFs were PEP limited

partners.7

[¶ 6] Beginning in June 2021, Callon Petroleum Company made “a

series of lowball offers to purchase Primexx.” 8 PEOFs claim that the Callon

offer “almost exclusively benefitted [Blackstone] while destroying the value

for all other investors (including [PEOF]s).” 9

[¶ 7] Despite the above, Blackstone announced the sale Friday, July 30,

2021. 10 Blackstone demanded that the board approve the sale by Monday,

August 2, 2021.11 The sale closed on October 1, 2021. 12 PEOFs thereafter

6 Pet. ¶s 1, 38. 7 Pet. ¶s 38, 51. 8 Pet. ¶ 2. 9 Pet. ¶ 3. 10 Pet. ¶ 3. 11 Pet. ¶ 3. 12 Pet. ¶ 80.

MEMORANDUM OPINION AND ORDER, Page 4 sued Defendants, claiming they breached their contract and statutory duties

to act in good faith and with loyalty and due care. 13

B. Procedural History
1. First Action

[¶ 8] PEOFs originally sued in Dallas County District Court on

December 12, 2022 (First Action).14 As discussed in part below, PEOFs argue

that the instant case is effectively the same dispute as the First Action. The

First Action included every Blackstone Defendant.

[¶ 9] Blackstone Defendants filed answers in the First Action without

filing special appearances. 15 They also moved to dismiss the First Action

based on a TAPA forum-selection clause. 16 The court granted that motion and

dismissed the First Action on March 29, 2023. 17

13 Pet. ¶ 4. Pet. ¶ 5 (citing Primexx Energy Opp. Fund, LP et al. v. Primexx Energy Corp. et al., No. 14

DC-22-17122 (District Court of Dallas County, Texas, 298th Judicial District)). 15 Plaintiffs’ Opposition to Blackstone Defendants’ Special Appearances (Opp. to Blackstone SA) Exhibit 2. 16 Pet. ¶ 5; Pet. Exhibit 2. 17 Pet. ¶ 6; Pet. Exhibit 3.

MEMORANDUM OPINION AND ORDER, Page 5 2. Second Action

[¶ 10] PEOFs re-filed in the United States District Court for the

Northern District of Texas on May 4, 2023 (Second Action). 18 PEOFs added

Blackstone Inc. executive Angelo Acconcia as a defendant, but otherwise the

parties remained the same. 19 That court later dismissed the case sua sponte for

lack of subject matter jurisdiction. 20

3. Third Action

[¶ 11] PEOFs again sued in Dallas County on July 31, 2023 (Third

Action). 21,22 Angelo Acconcia and the Blackstone Defendants filed special

appearances.23

[¶ 12] Nonspecially appearing defendants filed an unopposed motion to

transfer from the 68th Judicial District to the 298th Judicial District. 24 They

18 Pet. ¶ 7 (citing Primexx Energy Opp. Fund, LP et al. v. Primexx Energy Corp. et al., No. 3:23-cv-00985-K (N.D. Tex. 2023)). 19 Pet. ¶ 7. 20 Pet. ¶s 8–9; Pet. Exhibits 4, 5. Pet. ¶ 10 (citing Primexx Energy Opp. Fund, LP et al. v. Primexx Energy Corp. et al., DC- 21

23-10916 (District Court of Dallas County, Texas, 68th Judicial District)). 22 PEOFs’ petition states that it filed again in the 298th Judicial District, but this is contradicted by Opp. to Blackstone SA Exhibit 3 (Motion to Transfer from the 68th to 298th Judicial District Court of Dallas County). 23 Pet. ¶ 10. 24 Opp. to Blackstone SA Exhibit 3.

MEMORANDUM OPINION AND ORDER, Page 6 stated that “[PEOF]s filed the instant action, alleging the same claims against

the same parties arising out of the same transaction as the First Action that

the 298th District Court previously dismissed … (while also adding one

additional defendant, Angelo Acconcia).” 25 “Indeed, many of the allegations

in the instant action are word-for-word verbatim [] in the First Action.” 26

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2025 Tex. Bus. 5, Counsel Stack Legal Research, https://law.counselstack.com/opinion/primexx-energy-opportunity-fund-v-primexx-energy-corporation-texbizct-2025.