Case Study

Crescent Resources LLC

CLIENT: Crescent Resources Litigation Trust

Gordian Group acted as an Expert Witness for the Crescent Resources Litigation Trust in the case against Duke Energy

 

Business Profiles

Situation

Crescent was a real estate joint venture formed by Duke Energy in 2006 that filed for Chapter 11 bankruptcy protection in June 2009. On June 9, 2010, Crescent restructured and emerged from bankruptcy and Duke Energy forfeited its entire 50 percent ownership interest to Crescent debt holders.

On September 3, 2010, the Crescent Resources (Crescent) Litigation Trust sued Duke Energy along with various affiliates and several individuals, including current and former employees of Duke Energy, in the U.S. Bankruptcy Court for the Western District of Texas.

Outcome

On November 15, 2013 the parties reached a settlement.