Latest news with #Skaggs
Yahoo
17-06-2025
- Business
- Yahoo
Canada's TC Energy erases $199 million damages loss in Delaware appeal over Columbia takeover
By Jonathan Stempel (Reuters) -Delaware's highest court on Tuesday threw out a judge's order requiring Canadian pipeline operator TC Energy to pay $199.2 million of damages stemming from its $13 billion purchase of Columbia Pipeline Group in 2016. The case was brought by Columbia shareholders who wanted TC Energy held liable for cutting the takeover price to $25.50 per share from $26, enabling former Columbia Chief Executive Robert Skaggs and Chief Financial Officer Stephen Smith to collect large change-of-control payments known as golden parachutes. In May 2024, Vice Chancellor Travis Laster of the Delaware Chancery Court awarded the Columbia shareholders 50 cents per share, equal to $199.2 million. But the Delaware Supreme Court cited its December 2024 ruling in another case that acquirers such as TC Energy could be liable for assisting a seller's breach of fiduciary duty only if they knew about the breach and that their own conduct was wrong. "For understandable reasons, that standard was not applied here," and despite a "mountainous trial record" the standard was not met, Justice Gary Traynor wrote in a 100-page decision for a unanimous five-judge panel. "The Court of Chancery did not find that TransCanada had actual knowledge of Skaggs's and Smith's breach of duty of loyalty or that the Columbia board was failing to maintain meaningful oversight of the sale process," Traynor wrote. "Lacking actual knowledge of the sell-side breaches, TransCanada could not have knowingly participated in them." Lawyers for the Columbia shareholders did not immediately respond to requests for comment after business hours. TC Energy and its lawyers did not immediately respond to similar requests. Skaggs and Smith agreed before trial to pay $79 million to settle with Columbia shareholders. The case is In re Columbia Pipeline Group Inc Merger Litigation, Delaware Supreme Court, No. 281, 2024. Sign in to access your portfolio
Yahoo
17-06-2025
- Business
- Yahoo
Canada's TC Energy erases $199 million damages loss in Delaware appeal over Columbia takeover
By Jonathan Stempel (Reuters) -Delaware's highest court on Tuesday threw out a judge's order requiring Canadian pipeline operator TC Energy to pay $199.2 million of damages stemming from its $13 billion purchase of Columbia Pipeline Group in 2016. The case was brought by Columbia shareholders who wanted TC Energy held liable for cutting the takeover price to $25.50 per share from $26, enabling former Columbia Chief Executive Robert Skaggs and Chief Financial Officer Stephen Smith to collect large change-of-control payments known as golden parachutes. In May 2024, Vice Chancellor Travis Laster of the Delaware Chancery Court awarded the Columbia shareholders 50 cents per share, equal to $199.2 million. But the Delaware Supreme Court cited its December 2024 ruling in another case that acquirers such as TC Energy could be liable for assisting a seller's breach of fiduciary duty only if they knew about the breach and that their own conduct was wrong. "For understandable reasons, that standard was not applied here," and despite a "mountainous trial record" the standard was not met, Justice Gary Traynor wrote in a 100-page decision for a unanimous five-judge panel. "The Court of Chancery did not find that TransCanada had actual knowledge of Skaggs's and Smith's breach of duty of loyalty or that the Columbia board was failing to maintain meaningful oversight of the sale process," Traynor wrote. "Lacking actual knowledge of the sell-side breaches, TransCanada could not have knowingly participated in them." Lawyers for the Columbia shareholders did not immediately respond to requests for comment after business hours. TC Energy and its lawyers did not immediately respond to similar requests. Skaggs and Smith agreed before trial to pay $79 million to settle with Columbia shareholders. The case is In re Columbia Pipeline Group Inc Merger Litigation, Delaware Supreme Court, No. 281, 2024.
The Herald Scotland
14-06-2025
- The Herald Scotland
Reds' Wade Miley responds to report he gave drugs to Tyler Skaggs
"But I'm not going to sit here and talk about things that somebody might have said about me or whatnot. "I was never a witness for any of this. I've never been accused of any wrongdoing." Miley's name came up in a deposition with Skaggs' former agent in the wrongful death lawsuit filed by Skaggs' family against the Los Angeles Angels in June 2021, seeking $210 million in damages. Ryan Hamill, co-lead of baseball for Creative Artists Agency, said in the deposition that he was concerned with Skaggs' drug use in 2013 and informed his family. "(Skaggs) came clean," Hamill testified, according to The Athletic. "He said he had been using - I believe it was Percocets - and he said he got them through Wade Miley." Miley and Skaggs were teammates with the Diamondbacks in 2012 and 2013. The 38-year-old Miley refused to answer further questions about the report - including whether he had been contacted by MLB - and maintained that there was "no wrongdoing." Miley's name also surfaced in the criminal proceedings against Angels communications director Eric Kay that resulted in a 22-year sentence. Kay informed his mother on a recorded prison phone call that Miley had been a drug source for Skaggs. The filings were from the Skaggs family's attorneys as part of a motion for summary judgment as potential evidence to demonstrate that multiple Angels employees were aware of Kay's drug use and that he was providing illegal drugs to Skaggs. It was part of the testimony, including portions of depositions from witnesses that were made public to the court's online portal, and uncovered by The Athletic, instead of being kept under seal. Skaggs' medical records in the court documents revealed that he was ingesting five Percocet pills a day as of September 2013, beginning in 2012, when he was teammates with Miley. Skaggs was later was prescribed Suboxone, a medicine designed to treat opioid dependence. Miley had the two finest two seasons of his 15-year career in 2012-2013 with the Diamondbacks, making the All-Star Game in 2012 and going 26-21 with a 3.44 ERA, pitching 397 1/3 innings in 65 games. He since has pitched for seven more teams, signing a minor-league contract this spring with the Reds and called back up to the major leagues a week ago. Follow Nightengale on X: @Bnightengale
Mint
14-06-2025
- Mint
Wade Miley denies wrongdoing regarding late Tyler Skaggs
Cincinnati Reds left-hander Wade Miley said Friday that he has been not accused of any wrongdoing, one day after reports stated a deposition from a lawsuit alleged he supplied Tyler Skaggs with drugs when both players were with the Arizona Diamondbacks. The deposition is part of a motion for summary judgment filed by the Los Angeles Angels, requesting a lawsuit from the Skaggs family be dismissed. The deposition from Ryan Hamill, Skaggs' agent, contains testimony that he was concerned in 2013 about Skaggs' drug use. Hamill said he and Skaggs' family confronted Skaggs about his drug use. Skaggs was then in his second season as a teammate of Miley with the Arizona Diamondbacks. "He came clean," Hamill testified. "He said he had been using -- I believe it was Percocets -- and he said he got them through Wade Miley." Skaggs died on July 1, 2019, at age 27 in a Dallas-area hotel. The autopsy found fentanyl, oxycodone and alcohol in his system. Miley briefly addressed the issue before Friday's road game against the Detroit Tigers. "I hate what happened to Tyler, it sucks. My thoughts are with his family and his friends," Miley said. "But I'm not going to sit here and talk about things that someone might have said about me or whatnot. I was never a witness for any of this. I was never accused of any wrongdoing." Former Angels communications director Eric Kay is serving a 22-year prison sentence in Texas after being found guilty on two charges of providing drugs related on Skaggs' overdose. The Athletic reported that the criminal proceedings against Kay included a recorded phone conversation in which Kay told his mother that Miley was a drug source to Skaggs. Asked if Major League Baseball has contacted him regarding the allegations, Miley said, "I'd rather just focus on the Cincinnati Reds right now and baseball and what I have to do moving forward. I've got to get ready for a game on Sunday." Miley was mentioned in Kay's criminal case, but he was never charged with a crime. Skaggs was traded to the Angels after the 2013 season. He went 28-38 with a 4.41 ERA in 96 career starts. Miley, 38, is with his eighth big league team and attempting to revive his career after Tommy John surgery in 2024. Miley has a career 109-99 mark with a 4.09 ERA in 319 games (311 starts) since making his major league debut in 2011. This is his second go-round with the Reds. He was with the team in the 2020 and '21 seasons, going 12-10 with a 3.55 ERA in 177 1/3 innings over 34 starts (32 innings). The Skaggs family is suing the Angels, contending high-level team officials, as well as other employees, knew Kay was a drug user and should have known he was Skaggs' source.
New York Post
13-06-2025
- New York Post
Wade Miley responds to allegation that he supplied drugs to Tyler Skaggs
Wade Miley has opened up on the allegations surrounding Tyler Skaggs' death. Miley, 38, gave a blunt response to the court documents revealed this week that accused him of providing drugs to Skaggs, an Angels pitcher who died from an accidental overdose in 2019. 'I hate what happened to Tyler,' Miley told reporters Friday. 'It sucks. My thoughts are with his family and friends. But I'm not going to sit here and talk about things that somebody might have said about me or whatnot. I was never a witness for any of this. I've never been accused of any wrongdoing.' Cincinnati Reds' Wade Miley pitches in the first inning of a baseball game against the Cleveland Guardians in Cleveland, Monday, June 9, 2025. AP Miley's name was reportedly brought up by Skaggs' former agent Ryan Hamil in a deposition surrounding a wrongful death lawsuit filed by his family against the Angels in June 2021, in which they are seeking $210 million in damages. '(Skaggs) came clean,' Hamill testified, according to The Athletic. 'He said he had been using – I believe it was Percocets – and he said he got them through Wade Miley.' The two pitchers were teammates on the Diamondbacks from 2012-13, with Hamill saying he confronted Skaggs about his drug use in 2013. This is not the first time Miley's name has been brought up regarding Skaggs, as now-convicted ex-Angels communications director Eric Kay mentioned him during a recorded prison phone call with his mother. Tyler Skaggs throws in the first inning of a baseball game against the Tampa Bay Rays at Tropicana Field on June 13, 2019 in St. Petersburg, Florida. Getty Images Kay, who is currently serving 22 years in prison for providing the fentanyl-laced pills that an autopsy said led to Skaggs' death, told his mother that Miley had been a drug source for the late pitcher. It still remains unclear how the court documents from the Skaggs family were posted publicly, with attorneys for the Angels accusing the family in court on Monday of posting them intentionally. Rusty Hardin, the Skaggs family's attorney, has since denied the allegations. 'The documents were filed pursuant to California rules of the court and the existing protective order, and were designated to be conditionally filed under seal,' Hardin told The Athletic.
