BREACH SOURS ACQUISITION
In 2011, Frontier attempted to acquire the Defendants’ company, Parka, Inc., another company in the oil and gas industry, with plans to incorporate Parka into their growing network of companies. In June 2011, Frontier and Parka entered into a letter of intent (“LOI”) to use their every efforts and best efforts to finalize the sale of Parka to Frontier. To ensure that the deal would not be “shopped” to other buyers the LOI included a strict confidentiality provision. In late 2011, Frontier learned that Parka had breached the confidentiality provision by disclosing the terms of the deal with Frontier, resulting in a broker obtaining the listing and disrupting the sale.
JURY DELIVERS FAVORABLE VERDICT
This case went to trial on March 18, 2013, and lasted for three days. On March 25, 2013, the jury heard closing arguments and began deliberation. Late that afternoon, the jury returned a verdict in favor of Frontier on its breach of contract cause of action against Parka and awarded Frontier $195,246.08 in damages.
On August 12, 2013, after extensive briefing and oral argument, the Judge issued an Order awarding Frontier almost $750,000 in attorneys’ fees ($624,886) and costs ($125,000). The Court also issued sanctions against opposing counsel for discovery abuses during the case.