• 22 Jul 2008 at 5:24 PM

SemGroup Signs Up For Bankruptcy

By Bess Levin

At least four subsidiaries of SemGroup filed for Chapter 11 bankruptcy today, after determining that seeking government protection from creditors would be the “the best way to maximize value,” unlike the oil trades that resulted in $3.2 billion in losses. SemGroup Energy began hinting that something was up last week, when it said that the parent company was experiencing liquidity “issues,” those being that they were drier than Bear Stearns (was rumored to have been). In more uplifting news, we’ve got Fox Business’s “Happy Hour” on and it seems that Cody, currently interviewing Miss Universe 2008 about being kidnapped, has made a speedy recovery from his bout with bell’s palsy.
Press Release [SemGroup]
Huge oil trading loss sinks energy trader SemGroup [Reuters]

Comments (12)

  1. 1
    Posted by HAM05 | July 22, 2008 at 5:34 PM

    untill 2 min ago ive been reading ‘bells palsy’ as ‘balls paisley’, which was a much better affliction in my book.
    you can call it dyslexia, im calling it hilarious.

  2. 2
    Posted by Anal_yst | July 22, 2008 at 5:39 PM

    @ Ham
    I think I may have suffered from this ‘balls paisley saturday night, although since I’m not a “Doctor” per say, I really don’t know what the aforementioned afliction actually “IS”, care to elaborate professor?

  3. 3
    Posted by guest | July 22, 2008 at 5:45 PM

    In the previous poll (which you aren’t allowing comments on) why no other categories? All the trade ticket/confirm matcherer people would like to vote….

  4. 4
    Posted by HAM05 | July 22, 2008 at 5:59 PM

    not too sure myself, but i imagine its an affliction that causes your sac to turn a festive pink with lili pulitzer-green paisleys where your veins would be. almost as if there were an actual party in your pants.

  5. 5
    Posted by bank_teller | July 22, 2008 at 6:19 PM

    @hambones
    i think referring to lili pulitzer automatically means you have the disease.

  6. 6
    Posted by guest | July 22, 2008 at 6:19 PM

    which funds took it over

  7. 7
    Posted by guest | July 22, 2008 at 6:34 PM

    Learning that SemGroup is now in the shitter is one of the best news items I’ve heard today. They should have paid more attention to what’s been going on in Washington lately. I’m glad they didn’t.
    The guy from Delaware

  8. 8
    Posted by JorgeCad | July 22, 2008 at 6:45 PM

    Where is Mark (fish boy) Hunter when we need him? Clearly the loss is not big enough.

  9. 9
    Posted by guest | July 22, 2008 at 8:47 PM

    Like Hunter and Amaranth, SemGroup got taken out by their primary broker. JP Morgan and Citadel made at least $1 billion on Hunter’s book, wonder how much Barclay’s is going to make?
    – Commodities Desk

  10. 10
    Posted by guest | July 22, 2008 at 10:01 PM

    Whenever Oklahomans hedge, trouble follows.

  11. 11
    Posted by guest | July 22, 2008 at 11:18 PM

    The only perfect hedge is in a Japanese Garden.

  12. 12
    Posted by guest | July 23, 2008 at 12:16 PM

    to 8:47:
    barclay’s 4×1 put rolls won’t be worth much when semgroup defaults

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