Sunday, May 17, 2009

Creditors ask court to order up Goldman documents

Reuters, Friday May 15 2009

NEW YORK, May 15 (Reuters) - Creditors in energy company SemGroup have asked a bankruptcy court to force Goldman Sachs and its energy trading unit J. Aron to produce documents related to the collapse of SemGroup.
A committee of unsecured creditors last month began its own inquiry into SemGroup's bankruptcy after a report by an independent investigator for the court focused on the role of former executives rather than the company's lenders, such as Goldman Sachs.

SemGroup filed for bankruptcy in July after sharp trading losses on the New York Mercantile Exchange and over-the-counter energy derivative markets.
Goldman Sachs provided the examiner, former head of the U.S. Federal Bureau of Investigation Louis Freeh, with the documents the committee is seeking, but confidentiality agreements have prevented him from sharing them with the committee, according to court documents filed on Thursday.

The creditor committee had been investigating the collapse earlier this year but stopped its efforts to comply with the law and prevent duplication with Freeh's report, which was filed on April 15. The committee said at that time that it would restart its inquiry into the roles of several banks.

The case is in U.S. Bankruptcy Court, District of Delaware, No. 08-11525. (Reporting by Caroline Humer; Editing by Phil Berlowitz)

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