Provident Creditors Seek Hearing In SEC Ponzi Suit

Law360, New York (July 16, 2009, 4:54 PM EDT) -- The creditors committee for Provident Royalties LLC has asked a federal judge for an emergency hearing on its bid to intervene in a U.S. Securities and Exchange Commission suit accusing the company of running a $485 million Ponzi scheme, citing fast-moving developments in its bankruptcy.

In the U.S. District Court for the Northern District of Texas on Wednesday, Provident Royalties' unsecured creditors committee asked Judge Sam A. Lindsay to be heard before the start of a hearing Friday on the SEC's own bid for a preliminary...
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