News

Court grants producers motion for direct appeals in SemGroup case

Firm attorney Steven Bugg representing Oklahoma producers

published in Tulsa World and The Journal Record | August 13, 2009

Oklahoma producers trying to recover some of their money in the SemGroup bankruptcy case won an important decision by the 3rd U.S. Circuit Court of Appeals, according to reports by Tulsa World and The Journal Record. The appellate court granted their motions to accept direct appeals of rulings by a Delaware bankrupty judge and to expedite the appeals.

“Our hope would be that we will be able to get our cases resolved or heard by the 3rd Circuit before a plan of reorganization is confirmed that might prejudice our claims,” McAfee & Taft attorney Steven Bugg told The Journal Record. Bugg is representing Oklahoma producers such as Special Energy Corp. and Chesapeake Energy Co.

According to The Tulsa World, “the producers are challenging Bankruptcy Judge Brendan L. Shannon’s ruling earlier this summer that their unsecured claims take a back seat to claims by secured creditors such as banks and other lenders. Despite his decision against the producers, Shannon certified the case for a direct appeal.”

“I know he did that because he thought it was a close call,” Bugg told The Tulsa World.

You can read more about the case in The Tulsa World and The Journal Record.