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    SemGroup Says SEC Is Probing Parent's Liquidity Woes


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    SemGroup Says SEC Is Probing Parent's Liquidity Woes

    Post by sang_garuda on Fri Jul 25, 2008 10:31 am

    SemGroup Energy Partners LP said the U.S. Securities and Exchange Commission is investigating the disclosure of liquidity issues at its bankrupt parent company, oil trader and transporter, SemGroup LP.

    SemGroup Energy, based in Tulsa, Oklahoma, also said today in a regulatory filing that it was ordered by a federal grand jury to supply documents about a press release issued July 17 that revealed cash-flow troubles at its parent company.

    ``I have no knowledge of any investigation'' targeting the parent SemGroup LP, spokesman Lance Ignon said in a phone interview. Ignon said the request for SemGroup Energy documents about the press release doesn't mean that SemGroup LP is being investigated.

    SemGroup LP, based in Tulsa, Oklahoma, filed for bankruptcy protection July 22, five days after former Chief Executive Officer Thomas Kivisto took an administrative leave of absence. His leave came one day after the company recognized $2.4 billion in oil-trading losses, SemGroup LP said in court papers. A trading company controlled by Kivisto, a SemGroup co-founder, owes SemGroup LP $290 million related to those losses, according to court papers.

    ``This is something creditors will need to consider,'' said Mark Shinderman, a lawyer for creditors of SemGroup LP. ``They will need to figure out how they could be impacted by the investigation.''

    SemGroup Energy, which isn't in bankruptcy, said in its SEC filing that it was cooperating with the two federal agencies. SemGroup Energy spokesman Brian Cropper didn't immediately return a phone call seeking comment.

    `Liquidity Crisis'

    SemGroup LP said it was forced to file for bankruptcy because of a ``severe liquidity crisis'' brought on by the oil- trading losses and margin-call payments of $1.96 billion. The company and its affiliates have consolidated debt of $7.53 billion and assets of $6.14 billion, SemGroup LP said in court records. The company had revenue of $13.2 billion in its 2007 fiscal year, according to court records.

    On July 21, SemGroup Energy was accused in a lawsuit of misleading investors about crude-oil hedge transactions into which it entered. Investor Erik Poelman claimed SemGroup Energy sold stock in a secondary offering in February without disclosing that its parent company was in financial difficulty because of the hedge deals, according to a complaint filed in federal court in Manhattan.

    Yesterday, creditors of SemGroup LP, partly owned by the Carlyle Group, filed court papers in which they questioned whether the oil trades were properly authorized. There might be a dispute over who gets paid first if the $2.4 billion in losses is linked to unauthorized oil trades, attorneys said.

    The bankruptcy case is In re SemCrude LP, 08-11525, U.S. Bankruptcy Court, District of Delaware (Wilmington).

    The lawsuit is Poelman v. SemGroup Energy Partners LP, 08-cv-6477, U.S. District Court, Southern District of New York (Manhattan).


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    Re: SemGroup Says SEC Is Probing Parent's Liquidity Woes

    Post by Maistro-a on Sat Jul 26, 2008 9:27 pm

    good job

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    Re: SemGroup Says SEC Is Probing Parent's Liquidity Woes

    Post by Prodip2007 on Sun Aug 17, 2008 11:04 am

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