SemGroup's Bankruptcy Put To Reality Check


Thursday, October 23rd 2008, 4:59 pm
By: News On 6


By Dan Bewley and Scott Thompson, News On 6

TULSA, OK -- The independent investigation into SemGroup has begun. Former FBI director Louis Freeh is asking for all documents related to the Tulsa company's bankruptcy. 

This is happening as court documents show hundreds of millions of dollars were paid to company insiders over the last year.

SemGroup filed for bankruptcy in July. But documents filed in court this week show more than $500 million were paid to executives and others in the year before the bottom fell out.

Company founder and former CEO Tom Kivisto was given $42 million from July 22nd, 2007 to the day before the bankruptcy filing this summer.

That number includes an $11 million bonus and more than $31 million when SemGroup Energy Partners became a public company.

Company co-founder Kevin Foxx was given $13 million over the last year, the majority of that also coming during the public offering.

SemGroup's CFO Gregory Wallace earned more than $16 million in that same time, $325,000 as base salary and $7.5 million in bonuses. Wallace is currently on disability leave.

And Melina Mascarin Oven, a VP over products supply and logistics, received $1.7 million for the year that includes $1.5 million in bonuses.