Bob Klein v. Arkoma Production

BEAM, Circuit Judge.

Jerral W. Jones and Michael V. McCoy were sole shareholders of Arkoma, a natural gas production company which held leases with Bob Klein and other royalty owners. Jones and McCoy sold Arkoma (sometimes old Arkoma) to Arkla, an exploration and pipeline company. Bob Klein and the royalty owners1 appeal the district court’s finding that they are not entitled to recover any portion of funds exchanged in the transaction. The district court, contrary to our earlier mandate, determined that Jones and McCoy had not settled the royalty owners’ take-or-pay claims when Jones and…