Deposed SemGroup chief executive and president Tom Kivisto told employees of the (voluntarily) bankrupt company on Saturday that things are going to be okay, though he refused to take questions from the media, only stating that “as the facts and truths surrounding this chain of events are revealed, the SemGroup employees will regain their trust in what they initially believed.” This is obviously going to take years and a lot of red tape to sort through so I’m just going to ruin the surprise for you now– it all leads back to Hooters. Though where the funeral homes come into play, I do not know.
Earlier: SemGroup: It Gets So Much Worse
SemGroup co – founder reassures employees amid probe [AP via NYT]

You might’ve thought you didn’t give a rat’s ass about the collapse of energy trader SemGroup but that changes now. According to Reuters, three “massage clinics,” eight funeral homes, two Hooters establishments and a pawnshop that “specializes in gold jewelry” are among the companies owed tens of millions of dollars by the (voluntarily) bankrupt company.
Pawnbroker among creditors in oil trader collapse [Reuters]

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]