TPG-Axon Accuses SandRidge CEO Ward and Son of Impropriety
This article is for subscribers only.
TPG-Axon Capital Management LP, owner of 6.7 percent of SandRidge Energy Inc.’s outstanding shares, requested the company’s board investigate whether Chief Executive Officer Tom Ward and his son acted improperly with regard to acquiring mineral rights.
Ward and his son, Trent Ward, acquired mineral rights from third parties and then leased those rights to Oklahoma City-based SandRidge “just weeks or months later” for profit, TPG-Axon said in a letter sent to the company’s board today. Greg Dewey, a spokesman for SandRidge, did not immediately respond to messages seeking comment.