Keane's Unclaimed Property Blog

Oil & Gas (10 articles)

Mergers and Acquisitions: Exposing the Unexposed Risk

Mergers and Acquisitions: Exposing the Unexposed Risk

Oil & Gas, Unclaimed Property Audit, Unclaimed Property Law

By: Gary Joseph and Cornel Lupu The inherent unclaimed property exposure risk associated with mergers and acquisitions (“M&A”) is nothing to ignore. Many companies have found themselves the unfortunate inheritors of past due unclaimed property obligations that were not accounted for throughout purchase negotiations. The main M&A transactions are stock or asset acquisition. The acquired […]

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Delaware Unclaimed Property Audit Litigation Progresses Down the Pipeline

Delaware Unclaimed Property Audit Litigation Progresses Down the Pipeline

Oil & Gas, Unclaimed Property Audit

Almost a year after a U.S. District Court dismissed a case brought by Plains All American Pipeline LLC against Delaware for its use of a contingency fee auditor (Kelmar Associates), a U.S. Court of Appeals held that Plains’ procedural due process claim was ripe for review and remanded the case to federal district court. Here’s the latest on this litigation.

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Plains All American Pipeline Audit Challenges Dismissed

Plains All American Pipeline Audit Challenges Dismissed

Compliance, Oil & Gas

On August 16th, the Delaware Federal District Court dismissed the lawsuit brought by Plains All American Pipeline against certain Delaware Department of Finance employees and Delaware’s contracted auditor, Kelmar Associates in regards to an unclaimed property audit. The court ruled that Plains did not have standing to sue Kelmar and that the allegations against the state officials were not ripe for judicial review.

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