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BreitBurn sets annual meeting date
By Lisa Kerner
Charlotte, N.C., April 7 - BreitBurn GP, LLC, as the general partner of BreitBurn Energy Partners LP, said it will hold the annual meeting of the limited partners of BreitBurn on Nov. 30, 2009.
Directors will be elected to the board of BreitBurn GP for 2009 at the meeting, according to a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.
BreitBurn GP said it will hold the meeting on Nov. 30, 2009 unless a Tarrant County, Texas, court awards injunctive or declaratory relief as requested by investor Quicksilver Resources Inc.
On March 19, Quicksilver filed an amended petition against the BreitBurn defendants requesting that Quicksilver be allowed to vote all its common units in future elections for directors of BreitBurn GP and/or allowing the limited partners of BreitBurn GP to vote on whether the partnership agreement amendment should be adopted, the filing said.
Quicksilver's claims for damages will be tried on Jan. 25, 2010 or later. The trial on Quicksilver's claims for permanent injunctive relief and declaratory relief will be set for Sept. 21, according to the filing.
In December, BreitBurn GP approved the adoption of a unit purchase rights plan.
The rights become exercisable if a person or group acquires beneficial ownership of 20% or more of the common units of BreitBurn or begins a tender offer that could result in ownership of 20% or more of BreitBurn common units. Unit holders will then be entitled to purchase BreitBurn common units at a discount, BreitBurn said previously.
Los Angeles-based BreitBurn is an independent oil and gas limited partnership.
Quicksilver, a Fort Worth independent energy company, owns 21,347,972 common units, or 40.45%, of BreitBurn.
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