Avant Agape, Avant (6/10/2009 9:37:41 PM)

So now the vultures are coming out and offering the producers $12,000 for a $40,000 claim because they think that we are finally going to see some of our oil money? What about all the money that the producers in Osage County lost since the BIA demanded that their royalty payments come from the producers instead of filing their administrative claims to receive them from Semcrude who is contractually required to pay the Tribe? The producers lost all the way around and still don't have their oil back or their money.

Cassius Dio, (6/15/2009 7:49:12 AM)

The banks that extended the excessive credit to Semi should not be given the first place in line. The producers who did nothing wrong have to be placed ahead of the banks. As should be Semi’s other vendors.

The banks defense is probably based upon a 50 – 100 page terms of loan document, designed to protest the banks and deceive the borrower. These document should be void as a matter of public policy. (This type of document is what brought down the American economy)

The big issue here, which $895 an hour Freeh may have missed, is that the Semi position was correct in a huge short position. With crude over $140 the postion made good sense. Could it be that creditor banks somehow informed some predators banks of Semi’s over extended credit? With the creditor banks protected by their secured position and the predator bank itching to get Semi’s short position, an ironclad scheme could have been hatched by a few phone calls.

With other bankruptcy courts destroying the rights of car dealers and genuine secured creditors, it would appear that settled law means little, as the goniffs are in control , and the hard working honest people are getting pounded.

Cassius Dio, (6/15/2009 9:21:21 AM)

Meant "protect the banks"

Tulsa World Staff Writer Rod Walton, Bartlesville (6/10/2009 3:48:52 PM)

Trader,
You are correct. Kevin Foxx, Alex Stallings and Brent Cooper are now part of the adversial proceeding running parallel to the bankruptcy case. Pretrial conference is planned but no date set yet.

O&Gtrader, ft. worth (6/10/2009 2:53:23 PM)

in a Feb 19th story, the TW published, "SemGroup and its unsecured creditors committee Wednesday sued co-founder and former CEO Tom Kivisto and accused him of using at least $362 million of the now-bankrupt company's money for his own oil trading efforts, to pay himself and a partner bonuses without oversight and to fund some of his personal investments."

Have some other execs' names been added to that lawsuit recently?

Warden, (6/10/2009 1:18:25 PM)

After the way the innocent producers have been treated in this case, I find it difficult to understand how anyone would trust a successor to the original Semgroup and let that successor "transport and/or store" their oil.

Lots of small companies were irreperably harmed in this matter, and their only "mistake" was to have Semgroup transport their oil.

Warden, (6/10/2009 2:58:32 PM)

Not to my knowledge, trader

Warden, (6/10/2009 4:20:34 PM)

thanks for the update Rod