ConocoPhillips To Turn Over $26M To SemCrude

Law360, New York (August 3, 2009, 2:48 PM EDT) -- ConocoPhillips Co. has been ordered to turn over about $26 million to bankrupt oil distributor SemCrude LP following the termination of certain futures contracts, although the energy giant retained the right to try to recover most of that money.

In an order Friday, Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware said about $4.4 million of the money would go free and clear to SemCrude, but that about $21.6 million would go into an escrow account without prejudice to ConocoPhillips'...
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