Tenneco Inc. v. Enterprise Products Co.

in which PHILLIPS, Chief Justice, and GONZALEZ, HECHT, CORNYN, ENOCH, SPECTOR and BAKER, Justices, join.

This ease poses a question of first impression concerning the effect of a stock sale on a right of first refusal. The dispute involves ownership rights in a natural gas fractionation plant. Respondents filed this lawsuit, contending that three transactions among several Tenneco and Enron entities violated the fractionation plant’s operating agreement. The trial court granted summary judgment for Petitioners. The court of appeals reversed. We reverse the judgment of the court of appeals and…