Leo Strine

  • News

    Most Powerful Court In All The Land Has A New Leader

    Leo E. Strine Jr., come on down.

    / Jan 9, 2014 at 3:49 PM
  • He's doing exceptional photographic work recently.

    M&A

    Carl Icahn Will Have To Wait Until October/Never For His Dell Proxy Fight

    It’s useful to be reminded every now and then that shareholders don’t really “own” corporations […]

    / Aug 16, 2013 at 5:29 PM
  • M&A, News

    Martin Marietta’s Big Mouth Prevents It From Buying Vulcan

    There was a time in my life when I negotiated, I’m going to say, 100 […]

    / May 7, 2012 at 7:32 PM
  • M&A, News

    Delaware Judge Driven To Possibly Obscene Energy Industry Euphemism By Kinder-El Paso Merger

    Delaware Chancellor Leo Strine has a bright future in blogging if chancelling doesn’t work out for him. Here’s how he describes Kinder Morgan’s negotiations to buy El Paso, specifically KMI CEO Rich Kinder’s price retrade with EP CEO Doug Foshee:

    Kinder said “oops, we made a mistake. We relied on a bullish set of analyst projections in order to make our bid. Our bad. Although we were tough enough to threaten going hostile, we just can’t stand by our bid.”

    Instead of telling Kinder where to put his drilling equipment, Foshee backed down.

    I umm … I’m pretty sure that that quote from Kinder is approximate.

    Anyway, this is from Strine’s opinion refusing to block the KMI-EP merger from proceeding even though he is pretty pissed about some of the apparent conflicts of interest in the deal, including that Goldman Sachs owns almost 20% of KMI while also advising EP, that the lead GS banker owned some KMI stock that he didn’t disclose, and that Foshee negotiated the merger single-handed while also maybe thinking about possibly LBOing EP’s E&P business for his own self.

    Lucrative though my current pseudoprofession is, I suspect that if Strine ever leaves the chancelling racket he’d probably prefer to try his hand at merging and/or acquiring. Certainly he is fond of dispensing tactical advice:

    / Mar 1, 2012 at 6:47 PM