KY Company Founder Giving Up Stake in Settlement

By Associated Press | 

LOUISVILLE, Ky. (AP) -- The founder of a now-bankrupt southern Kentucky oil and gas drilling firm will surrender all interest in the company as part of a settlement with a bankruptcy trustee that ends years of litigation with the trustee for the company.

Under the terms of the agreement, the trustee for Mammoth Resource Partners is dropping a $770,000 claim against former company chief executive officer Roger Louis Cory of Cave City. In exchange, Cory is relinquishing any ownership claim and financial interest he had in Mammoth and its various partnerships and projects.

U.S. Bankruptcy Judge Joan Lloyd approved the deal Wednesday.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus