Cheniere Energy, Inc. Files Arbitration Counterclaim.HOUSTON--(BUSINESS WIRE)--April 27, 1998--Cheniere Energy, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap Market:CHEX CHEX Confined Helium Experiment CHEX Channel Expanded ) has today filed an answer and counterclaim to the petition filed last week with the American Arbitration Association The American Arbitration Association (AAA) is a private enterprise in the business of arbitration, and one of several arbitration organizations that administers arbitration proceedings. The AAA also administers mediation and other forms of alternative dispute resolution. by Zydeco Exploration, Inc., a subsidiary of Zydeco Energy, Inc. Cheniere denies all claims made in the Zydeco filing. In its counterclaim, Cheniere asserts that Zydeco is liable for material misrepresentations, mismanagement mis·man·age tr.v. mis·man·aged, mis·man·ag·ing, mis·man·ag·es To manage badly or carelessly. mis·man  age·ment n. and breaches of the Exploration Agreement between Cheniere and Zydeco. Cheniere seeks recovery of damages and other relief. Cheniere's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Walter L. Williams, stated, "The original intent of our Exploration Agreement called for Zydeco to take the lead in identifying and generating prospects in the AMI. When they did not respond to our requests for action last year, we employed our own technical staff and Cheniere began generating prospects. We think the agreement clearly provides us with that option." CONTACT: Cheniere Energy, Inc., Houston Don A. Turkleson, 713/659-1361 |
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