In American Star Energy and Minerals Corporation v. Stowers, [1] four partners formed a general partnership called S & J Investments (“S&J”) to invest in oil and gas properties. S & J contracted with American Star Energy and Minerals Corporation (“American”) to operate these properties. Later, American sued S & J for breach of contract, which resulted in a final judgment in the amount of $227,884.46 against S & J in 2008.
S & J was undercapitalized and unable to satisfy the judgment debt.… Read the rest