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SemGroup 'insiders' paid more than $517 million before collapse.
SemGroup LP paid out more than $517 million to its “insiders,” mostly executives and investors, in the 12 months before seeking bankruptcy protection this summer, according to a Delaware federal court filing.
The company, known for its highly publicized community involvement, also wrote checks to various social service agencies, foundations and other organizations totaling $3.01 million — or barely more than one-half of 1 percent of the amount paid to insiders in the same period.
The list of executive payments includes the previously reported $42.5 million for SemGroup co-founder and former CEO Tom Kivisto, but also a combined $30.3 million for fellow co-founders Gregory Wallace and Kevin Foxx, according to records from July 22, 2007, to July 21 of this year, the day before the Chapter 11 bankruptcy petition in Wilmington Del.
Most of the insiders listed for payments were SemGroup executives or investors.
One exception was Lean Gourmet LLC, of which Kivisto is an investor. The restaurant and catering company received $286,234 in payments.
SemGroup has not been able to reconcile the accounts for the month of August 2008
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Edited by Rogerdodger, 22 October 2008 - 09:56 PM.
