Ex-SemGroup CEO denies trading strategy caused bankruptcy
Former SemGroup chief Tom Kivisto has criticized a court report that stated his speculative oil trading drove the company to bankruptcy.
Louis Freeh, a consultant and former FBI director, was appointed by the US Bankruptcy Court for the District of Delaware to investigate the events leading up to SemGroup's Chapter 11 bankruptcy filing in July 2008. Freeh submitted an Examiner's Report on April 15 in which he compared Kivisto's trading strategy to a game of roulette, where the player continues to bet through a loosing streak in the belief that they will eventually win.
According to Freeh's examination, during 2007 and 2008 - a
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