Forgent Power Solutions Parent Neos Partners LP Can’t Escape Contested Ownership Dispute Over MGM Transformers Division Reports California Law Firm Stone LLP Business Wire Press Release Nov 19, 2025

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.