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SemGroup Creditors Slap Ex-CEO With $362M Suit

Law360 (February 19, 2009, 12:00 AM EST) -- The unsecured creditors committee of bankrupt SemGroup LP has launched a suit against the company's former CEO alleging he enriched himself with millions in illicit bonuses and used company cash for his own trading efforts.

An adversary complaint filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware names former CEO Thomas Kivisto; a trading company he allegedly controls, Westback Purchasing Co. LLC; Gregory C. Wallace, former SemGroup chief financial officer and vice president; and alleged longtime Kivisto business associate VAP-IV LLC.

The suit...
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