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  • In re: Ursa Operating Co., LLC

    Publication Date: 2024-02-05
    Practice Area: Bankruptcy
    Industry: Energy
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Porter
    Attorneys: For plaintiff: George A. Barton, Barton and Burrows, LLC, Mission, KS for appellants.
    for defendant: Duston K. McFaul, Maegan Quejada, Sidley Austin LLP, Houston, TX; Robert S. Velevis, Sidley Austin LLP, Dallas, TX; Robert S. Brady, Edmon L. Morton, Kenneth J. Enos, Joseph M. Mulvihill, Young Conaway Stargatt & Taylor, Wilmington, DE; Ana Alfonso, Willkie Farr & Gallagher, New York, NY; John H. Knight, Amanda R. Steele, Richards Layton & Finger, Wilmington, DE for appellees.
    Case Number: 22-1729

    Lower courts erroneously dismissed adversary complaint of property owners to recover improperly withheld oil and gas royalties where property owners, not extractor, had an equitable interest in the funds, and thus a constructive trust was an appropriate mechanism for relief.

  • In re: Ursa Operating Co., LLC

    Publication Date: 2023-12-18
    Practice Area: Bankruptcy
    Industry: Energy | Mining and Resources
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Porter
    Attorneys: For plaintiff: George A. Barton, Barton and Burrows LLC, Mission, KS for appellants.
    for defendant: Duston K. McFaul, Maegan Quejada, Sidley Austin LLP, Houston, TX; Robert S. Velevis, Sidley Austin LLP, Dallas, TX; Robert S. Brady, Edmon L. Morton, Kenneth J. Enos, Joseph M. Mulvihill, Young Conaway Stargatt & Taylor LLP. Wilmington, Delaware; Ana Alfonso, Willkie Farr & Gallagher LLP, New York, NY; John H. Knight, Amanda R. Steele, Richards Layton & Finger, Wilmington, DE for appellees.
    Case Number: 22-1729

    Wrongfully retained mineral royalties were not part of a debtor's estate where applicable state law granted lessors a property interest proceeds, meaning debtor had no equitable interest in the funds.