California Court of Appeal

Reset A A Font size: Print

Speirs v. Bluefire Ethanol Fuels, Inc., 048698

In a suit brought by plaintiffs who held warrants, i.e. options to buy stock at a particular price by a particular date, issued by defendant, alleging breach of contract and seeking declaratory relief when defendant refused to apply the warrants' anti-dilution provision to a particular financing agreement, the trial court's judgment, rejecting the breach of fiduciary duty claim and ruling that the anti-dilution provision applied to the financing transaction and that defendant breached the warrants, is: 1) reversed as to the court's reduction of the warrants' exercise price to $0 where substantial evidence did not support the decision; 2) remanded for retrial solely on the proper remedy for BlueFire’s breach of contract; and 3) affirmed in all other respects.

Appellate Information

  • Decided
  • Published 2016/01/12




  • California Court of Appeal