Catsimatidis Responds To SemGroup Lawsuit

Thursday, February 12th 2009, 5:41 pm
By: News On 6

News On 6

TULSA, OK -- A New York businessman trying to reorganize Tulsa's bankrupt SemGroup LP is responding to a lawsuit filed against him by the company.

SemGroup executives filed the lawsuit against John Catsimatidis on Thursday, claiming he's trying to hijack and control reorganization efforts and drive off bidders.

SemGroup wants him removed from the management committee, where he controls five of the nine seats.

Catsimatidis calls the lawsuit a distraction and unproductive. He says he still plans to present a reorganization plan to bank creditors this month.