Greensphere Capital International
O’Melveny acted for a subsidiary of private equity fund, Greensphere Capital, to defend High Court proceedings brought under s.994 of the Companies Act 2006 alleging that conduct by the subsidiary had been unfairly prejudicial to a minority shareholder in a joint venture company. The joint venture concerned the construction and operation of an anaerobic digestion waste disposal plant in Teesside, and the petitioner claimed £15 million as payment for shares which it had been compelled to transfer for nominal value. O’Melveny successfully applied for security for costs against the petitioner on two separate occasions, and when the petitioner defaulted following the second order for security, we applied to have the claim dismissed. The claim was struck out and costs ordered in favour of our client without the case having to go to trial.