Oil Execs Aim To Wrongly Profit Off $640M Affiliate Sale: Suit

Law360, New York (August 3, 2012, 7:47 PM EDT) -- Investors in Black Elk Energy LLC on Friday launched a suit in Texas court alleging that company execs are trying to personally profit from the $640 million sale of a subsidiary, in violation of their agreement with shareholders.

The investors claim that after they provided seed money for the parent company, which was the sole owner of affiliate Black Elk Energy Offshore Operations LLC, two Black Elk executives made themselves part owners of the subsidiary in order to profit from an anticipated sale.

“Defendants did not...
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