Elk Petroleum Investors Can Subpoena Ex-CEOs In Ch. 11

Law360 (August 14, 2019, 8:56 PM EDT) -- Elk Petroleum Inc.’s equityholder committee secured Delaware court approval Wednesday to subpoena two former CEOs as well as a former auditor and a lender analyst as a deadline approaches for the bankrupt oil and gas driller's short-fused Chapter 11 examination.

In a hearing, U.S. Bankruptcy Judge Laurie Selber Silverstein approved the official committee’s motion after Gregory W. Werkheiser of Morris Nichols Arsht & Tunnell LLP, counsel to the committee, said the group needs authority to find and subpoena individuals no longer under the control of Elk, its lender or other active participants in the case.

The committee is investigating Elk and...

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