This is one of numerous opinions dealing with the bankruptcy of SemGroup and various affiliated parties. This case involves the application of Texas law to the competing interests of the Texas creditors and various unsecured creditors. When the bankruptcy petitions were filed, a number of the SemGroup affiliates had purchased oil and gas from various Texas producers. One of the root causes for the bankruptcy petitions was the hedging of its crude oil and natural purchases by entering into futures contracts on the New York Mercantile Exchange. The various debtors allegedly had losses that exceeded $2.4 billion on these transactions and had outstanding debts of some $2.55 billion. The plaintiffs in this case are oil and gas working interest owners with production in Texas who not only sell their own oil and gas but the oil and gas that is owned by non-operating working interest owners and royalty owners. Under the terms of the various purchase and sale agreements, the debtors are obligated to pay for June oil and gas sales by either July 20 or July 25, and for July oil and gas sales by either August 20 or August 25. The petitions are filed on July 22, 2008, and no payments had been made to any of the plaintiffs for either June or July production.
展开▼
