Deals
Devon Energy, Billionaire Rees-Jones Liable for $116 Million
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Devon Energy Production Co. and Trevor Rees-Jones must pay the Dallas billionaire’s ex-partner $116 million for defrauding him of his true share of a company that Devon later bought for $2 billion, a Houston jury said.
A Texas state court jury yesterday awarded damages to D. Bobbitt Noel Jr., a former minority partner in Chief Holdings LLC, which Rees-Jones sold to Devon in 2006. Jurors found Rees-Jones profited in excess of $360 million by selling Chief Holdings to Devon for 20 times the value he placed on the company when he bought Noel out in 2004.