Sigma Hit With $76M Judgment Over Failed Refinery Deals

Law360, Los Angeles (June 4, 2012, 8:34 PM EDT) -- A Texas judge slammed Sigma Petroleum Inc. with a $76 million judgment Friday, saying the parent companies of Pelican Refining Co. LLC and Pelican Asphalt Co. LLC are entitled to summary judgment after Sigma defaulted on a deal to buy the two refineries.

Judge Bill Burke of Texas District Court in Harris County granted summary judgment to NuCoastal Refining & Marketing Co. and Bayoil (USA) Ltd. in their breach of contract action over the doomed sale of their equity holdings in Houston-based Pelican Refining and Pelican...
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