Local & Regional
2:40 pm
Mon July 20, 2009

UPDATE: SemGroup

Tulsa, OK – SemGroup, Catsimatidis settle lawsuit

TULSA, Okla. (AP) Billionaire investor John Catsimatidis (cats-uh-muh-TEE'-dees) and Tulsa-based SemGroup L.P. have agreed to settle their lawsuit against each other.

In addition Catsimatidis and three of his supporters will resign from the bankrupt energy company's management committee.

Catsimatidis will also support SemGroup's reorganization plan after previously opposing it.

SemGroup filed for bankruptcy last July after losing $2.4 billion in the oil futures market.

A report by bankruptcy examiner Louis Freeh said SemGroup co-founder and former chief executive Tom Kivisto and co-founders Gregory Wallace and Kevin Foxx mismanaged the company.

The three men deny wrongdoing.

Copyright 2009 The Associated Press.