Expert Testimony / Shareholder Dispute / Business Valuation

Wilcox Investment Bankers provided expert testimony related to a shareholder dispute involving Tulsa Inspection Resources

Tulsa Inspection Resources (TIR), based in Tulsa, Oklahoma, and its subsidiaries provide pipeline inspection and integrity testing services to U.S. and Canadian oil and gas pipeline and utility operators. TIR was privately held by several groups of owners.

TWG_tombstone_TIR_Cypress for website

‍The Challenge

Cypress Energy Partners had negotiated a purchase of TIR and consummated the transaction. However, after the transaction closed a certain minority of shareholders believed they had been bought out unfairly and disputed the transaction filing a lawsuit in federal court in Tulsa.

The Solution

We were engaged by the defendants and defendant's counsel to provide expert testimony and litigation consulting, which included the following:

  • Preparation of a financial evaluation of TIR as of the time of the acquisition and providing an opinion of Fair Value consistent with the approach established for these matters, primarily Delaware and Oklahoma state corporate law and valuation procedures;
  • Critique of plaintiff's expert report;
  • Deposition and additional defense of and response to plaintiff's Daubert motion; and
  • Testimony before the court, including the judge and a 12 panel jury

After a lengthy litigation process and one which received a significant amount of attention in the local business and legal community,

the jury found in favor of defendants. We provided credibility, solid factual analysis, effective articulation of complex financial matters and other litigation support that assisted the defendant's counsel in protecting its clients' position and winning the case. Defendants and defendants' counsel were very pleased with the outcome.