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The Oklahoma Securities Commission lost its bid Monday to have a receiver appointed for Vulcan Oil and Gas Inc. when Oklahoma County District Judge John Amick learned the company had filed for bankruptcy.
Amick denied the request for the receiver after lawyers told him during arguments in chambers that the company had filed a voluntary petition under Chapter 11 in federal bankruptcy court on Friday.
The Securities Commission lawsuit, filed earlier this month, asked the court to appoint a receiver to establish a fund for restitution to Vulcan investors. But the firm's bankruptcy filing raised the question of whether a state judge had jurisdiction to appoint a receiver.
Securities Commissioner Frank Marley argued that the bankruptcy court usually honors receivers appointed by state judges. Vulcan lawyers contended there was no need for a receiver, Amick said.
Amick granted the commission a temporary restraining order forbidding Vulcan from soliciting investors.
The lawsuit alleges that investors were told Vulcan securities were exempt from registration and were misled about productivity of Vulcan wells.
The suit identifies the defendants as J. Rod Fancher, president of Vulcan; Reginald Fancher, secretary; Randall Fancher, vice president; F. Lee Clayton, treasurer; and James F. Thomas, vice president.
Archive ID: 84582