SandRidge shareholder presents allegations against CEO Tom Ward

Hedge fund TPG-Axon Capital filed a presentation detailing some of its front-running allegations against SandRidge Energy Inc. CEO

 
By Jay F. Marks | Published: January 24, 2013    Comment on this article Leave a comment

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“In the interest of transparency, we are providing examples of transactions we have discovered to help illustrate the nature of activity we are observing,” the company said in Wednesday's filing. “Our investigation continues, and we expect to update stockholders as we learn more.”

The 32-page filing includes six examples of one of the Ward entities leasing mineral rights and “flipping” them to SandRidge, while documenting 15 instances when the entities acquired acreage adjacent to SandRidge's holdings. None of the “adjacent acquisitions” were disclosed in SEC filings, according to the hedge fund's presentation.

TPG-Axon called on SandRidge's board to investigate the nature of the interaction between the company and the entities controlled by the Ward family.

Another SandRidge shareholder, Mount Kellett Capital Management, lodged a similar request last week. The investment firm also asked the board to suspend Ward until the inquiry is completed.

TPG-Axon has launched a consent solicitation, urging other SandRidge shareholders to oust Ward and the rest of SandRidge's current board.

SandRidge's stock closed Wednesday at $7.24 a share, up 6 cents.

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