McAfee & Taft shareholder Steven Bugg spoke to oil producers and natural gas producers at the Wildcatter Wednesday luncheon, a presentation that was covered by The Oklahoman.
Bugg, who has been working the SemGroup bankruptcy case, told the roughly 150 luncheon attendees that there is both good news and not-so-good news for those owed money by SemGroup. They could get at least a percentage of the money SemGroups owes them by early next year, but it may take years before they know if they’ll be able to recover more.
“One of our first tasks was to educate the judge and help him understand the industry; how it works, why it works, why the statutes we are relying on were adopted, what they mean and who they were designed to protect,” said Bugg.
According to the article, Bugg “gives the judge in the case ‘full credit’ for recognizing his lack of understanding, and added he’s worked hard to correct the problem.”