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Corwin Cleansing Denied Again: Delaware Court of Chancery Green Lights Claims Alleging Loyalty Breaches Tainting Company Sales Process in In re Pattern Energy Group Inc. Stockholders Litigation | Cadwalader, Wickersham & Taft LLP


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On May 6, 2021, Vice Chancellor Zurn of the Delaware Court of Chancery issued a 200-page decision denying a motion to dismiss in
In re Pattern Energy Group Inc. Stockholders Litigation, a class action challenging the $6.1 billion go-private, all-cash sale of Pattern Energy Group Inc. (“Pattern Energy” or the “Company”) to Canada Pension Plan Investment Board (“Canada Pension”).  The transaction was narrowly approved by 52% of the Pattern Energy stockholders on March 10, 2020, with both ISS and Glass Lewis recommending stockholders vote against the sale.  The sale closed on March 16, 2020. 
Despite having many of the traditional hallmarks of a sound sales process a disinterested and independent special committee authorized to conduct the process, non-conflicted legal and financial advisors counseling the special committee, and multiple viable potential buyers submitting offers the Court denied ....

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Del. Chancery Denies motion to Dismiss In re Pattern Energy Group Inc. Stockholders Litigation


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Corwin Cleansing Denied Again: Delaware Court of Chancery Green Lights Claims Alleging Loyalty Breaches Tainting Company Sales Process in In re Pattern Energy Group Inc. Stockholders Litigation
Tuesday, May 18, 2021
On May 6, 2021, Vice Chancellor Zurn of the Delaware Court of Chancery issued a 200-page decision denying a motion to dismiss in 
In re Pattern Energy Group Inc. Stockholders Litigation, a class action challenging the $6.1 billion go-private, all-cash sale of Pattern Energy Group Inc. (“Pattern Energy” or the “Company”) to Canada Pension Plan Investment Board (“Canada Pension”)
1.  The transaction was narrowly approved by 52% of the Pattern Energy stockholders on March 10, 2020, with both ISS and Glass Lewis recommending stockholders vote against the sale.  The sale closed on March 16, 2020.  ....

United States , Nova Scotia , Wickersham Taft , Wickersham Taft Mar , Chester Cty , Daniel Elkort , Edmund John Philip Browne , Sholders Litig , Sholder Litig , Myers Gen , Michael Lyon , Holdings Inc , Us Ltd , Pattern Energy Grp , Mindbody Inc , Brookfield Management Asset Inc , Caledon Capital Management Inc , Pattern Energy , Baker Hughes Inc , Columbia Pipeline Grp Inc , Financial Holdings , Huff Energy Fund , Supplier Partnership Agreement , Presidio Inc , Pattern Energy Board , Riverstone Pattern Energy Holdings ,

Delegating Preparation of Proxy Statement to Management was an Unexculpated Act of Bad Faith


Delegating Preparation of Proxy Statement to Management was an Unexculpated Act of Bad Faith
By
May 8, 2021
In Re Pattern Energy Group Inc. Stockholders Litigation involved an M&A transaction where the sales process of Pattern Energy Group Inc. was run by an undisputedly disinterested and independent special committee that recognized and nominally managed conflicts, proceeded with advice from an unconflicted banker and counsel, and conducted a lengthy process attracting numerous suitors that the special committee pressed for value.  The foregoing positive attributes were offset by selecting a bidder that did not offer the highest price at the behest of perhaps conflicted parties supported by conflicted management. ....

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wind energy


Point Roberts, WA - February 9, 2011 - Investorideas.com, a leader in cleantech stock research issues the following Q&A with Clean Wind Energy Tower, Inc (OTCBB: CWET) discussing the company s Downdraft Towers , the technology behind them and the future of the wind industry.
Interview
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Stimulus' renewables directive an early test for US Interior under Biden


Source: Nearmap/DigitalVision via Getty Images
A recently enacted U.S. energy innovation package has set a bold new goal for the U.S. Interior Department: the siting and permitting of 25 GW of renewable energy projects on federal lands by 2025.
Reaching that target would mean more than tripling the slightly more than 8 GW of total renewable generating capacity approved since 1978 by the Bureau of Land Management, an agency within the Interior Department.
Industry experts say the aspirational goal is possible, but it will require revamped environmental permitting processes and a major buildout of electric transmission capacity. The challenge could serve as a key test for President-elect Joe Biden s administration as he seeks to implement a $2 trillion climate and energy plan that aims to completely decarbonize the nation s electric grid by 2035. ....

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