Robert B. Allen v. Devon Energy Holdings, L.L.C. F/K/A Chief Holdings, L.L.C, and Trevor D. Rees-Jones

OPINION ON REHEARING 1

HARVEY BROWN, Justice.

In this securities action, Robert Allen appeals from the trial court’s summary judgment in favor of Devon Energy Holdings, L.L.C. formerly known as Chief Holdings, L.L.C. (Chief) 2 and its manager and majority owner, Trevor Rees-Jones.

Introduction

Two years after Allen redeemed his minority interest in Chief, Chief sold for almost twenty times the value used to calculation the redemption price. Alleging that Rees-Jones fraudulently induced him to redeem his shares, Allen sued Chief and Rees-Jones for violation of the Texas Securities Act (TSA),…