Man says Trans Energy breached contract

By Kyla Asbury | Feb 1, 2013

CHARLESTON – A man is suing Trans Energy, Inc., after he claims it breached its contract with him by refusing to sell the company after they agreed to.

William F. Woodburn and Loren E. Bagley were also named as defendants in the suit.

In 2006, the defendants contacted Abcouwer and advised him that they were part owners of Trans Energy and offered him the position of CEO, president and chief of the board, according to a complaint filed Jan. 14 in Kanawha Circuit Court.

Abcouwer claims they informed him that his duties would include resurrecting the company, beginning a drilling program and managing the company to increase its value, viability, future and stability.

Abcouwer agreed to accept the position only on the condition that he would receive stock options and once the goal was accomplished, that the company would be sold at the enhanced value and issue the profits to its stockholders, according to the suit.

Abcouwer claims in 2010, the defendants breached their contract with him by refusing to sell the company as it had previously agreed to.

As a result of the defendants’ wrongful acts and breaches of agreement, Abcouwer lost approximately $30 million because the defendants failed to sell the company; lost opportunity and profits by forgoing dedication and projects of his own company; lost interest; and was annoyed and inconvenienced, according to the suit.

Abcouwer is seeking compensatory and punitive damages with pre- and post-judgment interest. He is being represented by Marvin W. Masters and April D. Ferrebee.

The case has been assigned to Circuit Judge Carrie Webster.

Kanawha Circuit Court case number: 13-C-56

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