Charif Souki decided to build anyway, and launched his new company, Tellurian Energy, to construct the $30 billion megaterminal Driftwood LNG.
at the time that because Souki has sold a lot of stock, that “made it somewhat easier for him to ‘swing for the fences.’” Icahn in mid-December 2015 asked Cheniere board member Neal Shear if he would go along with the new strategy and serve six months as interim CEO. Shear agreed. His price: $4 million in cash and stock. Souki, with 3% of Cheniere shares, was powerless against Icahn’s new hold over the board and chose to be fired rather than resign.
So what if Icahn didn’t like it? Souki and Houston still thought Live Oak was a good idea. Houston declared Parallax defunct and teamed with Souki to pursue similar concepts at Tellurian. Some 50 former Cheniere execs have jumped ship, including former COO Meg Gentle, now Tellurian CEO .
That’s because Houston and Souki already had agreed on terms of a JV between Cheniere and Parallax – one that would have recharacterized that loan into an equity investment, and also would have paid out to Parallax as much as $400 million in success fees on two LNG projects.
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