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BOK Financial Corporation Message Board

  • gomwd gomwd Jul 23, 2008 1:11 PM Flag

    BOK/SemGroup CEO connection

    Tom Kavisto and Stan Lybarger both graduated from Kansas U.; Kavisto in '74 and Lybarger in '69. As CEO at BOK, Lybarger would chair the commercial loan approval meetings. A $65 million loan was approved in 2000 to Kavisto and partners. This link http://www.chrismedlock.com/2008/07/tom-kivisto-resigns-from-bok-board.html

    states,

    "Thomas Kivisto, who helped found SemGroup, had been on the board of directors of
    BOK since 2006. Kivisto stepped down from the top job at SemGroup last week
    after a cash crunch stemming from its oil hedging program forced it to consider
    a bankruptcy filing.

    BOK engaged in regular hedging transactions with SemGroup, which trades over 500,000 barrels per day of crude oil. As of Dec. 31,
    2007 SemGroup had hedged 21 million barrels of oil and some natural gas with BOK, the bank said in its proxy filing with the Securities and Exchange Commission.

    As of Dec. 31, 2007, the short value of these hedges with SemGroup was $130 million, BOK said in its proxy filing."
    Then scrolling down to this blog yesterday, we read,
    "Anonymous SemGroup Employee
    1:47 PM, July 22, 2008, Anonymous said...
    This former SemGroup employee isn't surprised either. Current employees are already referring to the place as SemRon, like Enron.

    Someone knew there was trouble almost a year ago. The SemGroup companies performed a stealth lay-off in November of 2007. They let go a number of people wihtout any cause and made every effort to make those let go feel like it was their own fault and not a lay-off.

    I've seen a number of blogs and commentaries stating that people hope that the Kivistos are 'Okay' because they've done so much for the city. BS. They are bazillionaires already. Who cares how Tom 'helped' and how the SemGroup management 'went the extra mile' for the employees when the bottom line is they weren't looking out for the employees in the way that mattered most - building a stable sustainable business.

    Did management 'know'? ABSOLUTELY."

    How can anyone not think that the connections between CEO's, and SemGroup's CEO serving on BOK's directorate, resulted in a conflict of interest that magnified the losses for both BOKF and SGLP shareholders ??? Lybarger/BOK had to know the SemGroup situation months ago. Why shouldn't Lybarger also be forced to resign like his old KU Jayhawker friend was obviously forced to do? There have been no Kavisto sitings since he resigned both positions, but due to the severity of this monumental economic crash on thousands of innocent shareholders kept in the dark, he and Lybarger are going to soon come under the closest of scrutiny investigating the role of this very apparent CEO conflict of interest. The question begs an answer to, "WHAT WAS IN THIS FOR LYBARGER"???

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    • exactly what I've been wondering.

      Definitely a good ol' boy connection here. Once the list of secured creditors is released we'll be able to see how much BOK (actually the shareholders) got shafted.

      Still can't fathom how the conflict of interest with Kivisto on the board got past the shareholders for so long.

 
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