- Reuters•5 hours ago
Troubled hedge fund manager Platinum Partners was ordered by a U.S. bankruptcy judge to temporarily freeze approximately $118 million after a lawsuit Wednesday accused it of illegally stripping key assets from a now-collapsed energy company. The complaint, filed on behalf of a trustee representing creditors of Black Elk Energy Offshore Operations, LLC, alleges that Platinum is liable for more than $200 million in assets it improperly transferred into its various funds from Black Elk, effectively killing the company. Platinum was able to unfairly profit from Black Elk, according to the suit in Federal bankruptcy court, through a coordinated scheme with Beechwood, a reinsurance business with close ties to Platinum.
- Market Realist•16 hours ago
The EIA reported that the four-week average US gasoline demand fell by 213,000 bpd (barrels per day) to 9,083,000 bpd from October 7 and October 14, 2016.