Monday, July 28, 2008

OIL: SemGroup Co-Founder Speaks Amid Mounting Troubles

Updates here.
From DealBook:

SemGroup co-founder Tom Kivisto this weekend attempted to reassure employees of the embattled company, following his removal as chief executive and president amid investigations by federal regulators and the United States Attorney’s Office.

‘’Tulsa has always rebounded well when bad things happen to one of its corporate citizens,'’ Mr. Kivisto said Saturday at a news conference where he refused to take questions from the media.

‘’With an investigation under way, I cannot answer any of the pressing questions or comment on speculations regarding the SemGroup situation,'’ he said. A full transcript of his statement was published on the Web site of newspaper Tulsa World.

Kivisto added he believes ‘’as the facts and truths surrounding this chain of events are revealed, the SemGroup employees will regain their trust in what they initially believed'’ about the organization.

The comments came one day after Bank of America sued Mr. Kivisto and his trust organization in Tulsa federal court for $12.8 million and interest unpaid on a 2006 loan....MORE