Judge rules against Neos Partners LP in ownership dispute brought by squeezed-out owner in recently purchased MGM Transformers rendering future IPO plans unclear
LOS ANGELES–(BUSINESS WIRE)–The parent company of Forgent Power Solutions Inc. www.forgentpower.com (“Forgent”), the brand behind MGM Transformers, PwrQ, States Manufacturing and VanTran, created through recent acquisitions by San Diego-based Neos Partners LP www.neospartners.com, a firm focused on investing in the energy infrastructure sector, was sued in Los Angeles County Superior Court over ownership claims brought by an alleged shut-out co-owner in the MGM Transformers unit. The lawsuit, brought by Abbie Gougerchian (“Gougerchian”), asserts he is a fifty-percent (50%) owner in MGM Transformers and was squeezed-out of the company’s $400 million sale to Neos in 2023.
According to court documents, Neos Partners LP asked the court to dismiss Gougerchian’s lawsuit arguing, amongst other things, that Gougerchian had no right to recover on his ownership claims against Neos and MGM Transformers because Neos allegedly did not know about Gougerchian’s 50% ownership interest in MGM Transformers and that Gougerchian’s lawsuit did not allege facts sufficient to establish his ownership claims in Neos Partners LP and MGM Transformers. On October 31, 2025, Los Angeles County Superior Court Judge Christopher K. Lui rejected all of Neos Partners LP’s requests by overruling (denying) that request thereby affirming Gougerchian’s right to proceed with his claims against MGM Transformers and Neos Partners LP.
According to the complaint filed in Los Angeles County Superior Court, case number 25STCP00746, Gougerchian is a 50% (fifty-percent) partner in MGM Transformers and when MGM Transformers was sold to Neos Partners LP in 2023, for $400 million, Gougerchian was shut-out of his 50% share by MGM Transformers and Neos Partners LP. The lawsuit seeks a judicial determination confirming Gougerchian’s 50% ownership interest in MGM Transformers that was sold to Neos Partner LP, who after the filing of the lawsuit, created the Forgent Power Solutions parent brand for MGM Transformers, PwrQ, States Manufacturing and VanTran.
Attorney for Gougerchian, Elliott H. Stone, Esq., with the firm Stone LLP, states, “…if my client is successful, I believe both Neos and MGM will be obligated to reissue equity and/or pay cash totaling $200 million to my client as alleged in the lawsuit papers.”
Prior to the court’s ruling, attorneys for Neos Partners LP confidently boasted they knew for sure the court would rule in its favor and toss the lawsuit. “This turned out to be an ill-informed calculation on the part of Neos,” Stone explained. While publicly available documents suggest an initial public offering (“IPO”) is planned by Forgent Power Solutions and/or Neos Partners LP, it is unclear what impact this lawsuit and the court’s ruling may have on any such IPO plans. According to public records, Neos Partners LP has not disclosed the lawsuit in its SEC filings.
The lawsuit names among the defendants: Mohamad Ali Googerchian aka Al Googerchian, Patrick Gogerchin and Bianca Googerchin Kaveh in addition to Neos Partners LP.
Gougerchian is represented by Elliott H. Stone, Esq., of Stone LLP, in Irvine, California. Stone LLP is a law firm that represents businesses throughout California in complex business litigation. More information at www.stonellp.com.
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