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SemCrude won't pay oil producers, lawyer says
None of the West Texas producers that delivered crude oil in June and July to SemCrude before its parent company filed for bankruptcy will be paid, the attorney for some of the producers said Monday.
Terry Ronan, acting president and CEO of parent company SemGroup, sent a letter telling the producers they wouldn't be paid "despite the promises and press releases at the time of the bankruptcy," said Abilene attorney Dick Harris, who provided a copy of Ronan's letter.
"Of course, we continue our efforts to collect the amounts due through the bankruptcy court," Harris said.
Meanwhile, a Delaware bankruptcy judge is set to decide whether collapsed energy company SemGroup LP can hire temporary restructuring experts paid between $245 and $795 an hour and eligible for $7.5 million in bonuses, according to records.
SemGroup has paid a $1 million advance to the restructuring specialists from AlixPartners and its subsidiary, APS Services, documents show.
A company spokesman said last week that the sums are standard in a field that demands a particular, high-pressure kind of expertise.
The Tulsa-based company laid off 110 of its approximately 400 Tulsa workers earlier this week.
Those workers could receive up to two weeks' severance but will have to wait until federal Judge Brendan L. Shannon can sign off on the termination payout.
Founded eight years ago in Tulsa and recently considered one of the nation's biggest private firms, SemGroup filed for Chapter 11 bankruptcy protection in Wilmington, Del., on July 22.



Posted by bluhanama on August 19, 2008 at 10:57 a.m. (Suggest removal)
As I told some producers.... You'd have to be naive (or an idiot) to believe Semcrude will pay for the oil they have stolen in June and July.
I guess several producers were naive (or idiots)... or so I hear.
What is really strange is to see the Semcrude trucks out and about....stealing more oil.
Lawyers love bankruptcy. They get some of the stolen money LEGALLY.
Posted by ebtry on August 24, 2008 at 12:40 p.m. (Suggest removal)
This should be criminal, all the way down to the local level...
Posted by ropers40 on August 24, 2008 at 2:39 p.m. (Suggest removal)
If the juge that is hearing the mess has any kind of brain power then he will do the right thing, but we all know too well that judges dont always do whats right for some reason.
Posted by ebtry on August 25, 2008 at 8:16 a.m. (Suggest removal)
ropers... perhaps it's the "perks" some of these judges receive for doing their "job"
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