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Thursday, September 26, 2013

Reuters Reports on Possible Conflict of Interest With Former Gulfport Energy Chairman

From Reuters:
Gulfport Energy Corp (GPOR.O), a publicly-traded oil and gas company based in Oklahoma City, allowed its former chairman to receive millions of dollars in equity interests at no cost in more than a dozen firms that have done business with Gulfport.
The equity stakes awarded to Mike Liddell, who stepped down as Gulfport chairman in June, were granted by Wexford Capital LP as part of an uncommon arrangement. While working for Gulfport, Liddell also served as an advisor for energy investments by Wexford, a $4.3 billion Connecticut investment firm.
In response to questions from Reuters about Liddell's dual roles, Gulfport said all "material terms" of Liddell's equity stakes had been disclosed to the U.S. Securities and Exchange Commission.
Gulfport appears to be in compliance with SEC disclosure requirements, said three corporate-governance specialists who reviewed Gulfport's SEC filings and its responses to Reuters.
The stakes awarded to Liddell in companies that do business with Gulfport could nonetheless create the risk of a conflict of interest, the governance specialists said, because the deals could benefit Liddell at the expense of Gulfport shareholders. They said the company could have provided a fuller understanding of the relationship between Liddell and the Connecticut investment firm.
Read the whole article here.

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