SemGroup Execs Sue To Oust Catsimatidis, Associates

Law360, New York (February 13, 2009, 12:00 AM EST) -- Executives of bankrupt oil giant SemGroup LP have filed a lawsuit seeking the removal of billionaire John Catsimatidis from the company's management committee, claiming he breached a confidentiality agreement and was trying to hijack its efforts to reorganize.

In an adversary complaint to the U.S. Bankruptcy Court for the District of Delaware on Wednesday, the executives accused John Catsimatidis of a plot to seize control of the committee and bypass the bidding process in his attempt to buy SemGroup.

The executives allege Catsimatidis has “blatantly and...
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