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Did insider details destroy SemGroup?
BY ROD WALTON - Tulsa World
Published: March 27, 2009Buzz up!

TULSA — John Catsimatidis buys into the theory that hedge funds may have used insider knowledge of SemGroup’s short position on the direction of future oil prices and made counter moves that helped drive the Tulsa energy company into bankruptcy, the New York billionaire said Thursday.

The theory, pinpointed in a story on Forbes magazine’s Web site this week, echoes the beliefs of some traders that Goldman Sachs, Merrill Lynch and other investment firms knew SemGroup was overwhelmingly committed to selling short. Those fund traders bid up on long positions and allegedly played a part in driving oil prices to a record $147 per barrel just before the company’s Chapter 11 petition, according to some reports.

"My feelings are that certain hedge funds were dealing on inside information, knew SemGroup’s position and were taking the opposite position,â€