ATP Oil Executives Sued by Macquarie Investments for $32 Million
Stock Chart for ATP Oil & Gas Corp/United States (ATPAQ)
Executives at ATP Oil & Gas Corp. (ATPAQ), the bankrupt energy producer that was auctioned last month to lenders led by Credit Suisse Group AG (CSGN), were sued by Macquarie Investments LLC for about $32 million.
Sydney-based Macquarie accused ATP executives including Chief Financial Officer Albert Reese Jr. and board chairman T. Paul Bulmahn of misrepresenting Macquarie’s $110 million purchase of royalty interests from ATP, deeming the transaction to be a “disguised” loan that breached the defunct firm’s agreements with lenders. The executives “caused ATP” to take that position, injuring Macquarie, according to the lawsuit filed May 31 in federal court in Texas.
Macquarie has been “injured as a result of their reliance on the intentional misrepresentations and fraudulent inducements by ATP and the management team,” it said in the lawsuit.
Reese didn’t immediately respond to an e-mail seeking comment on the suit. Bulmahn couldn’t be reached through a call to ATP, whose offices were closed.
ATP, based in Houston, filed for bankruptcy last year, blaming the 2010 Deepwater Horizon disaster and the subsequent drilling moratorium in the Gulf of Mexico. Macquarie sued the company in August over royalties claims as well.
The bankruptcy case is In re ATP Oil & Gas Corp., 12-36187, U.S. Bankruptcy Court, Southern District of Texas (Houston).
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