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Kerkorian's Tracinda wants to question Parker's ex-wife
The Denver Post
March 8, 2013
By David Migoya
The once-sleeping bear in the Roger Parker bankruptcy case is making
itself known by rattling the cages a bit.
Tracinda Corp., owned by billionaire financier Kirk Kerkorian, wants a
closer look at Parker's divorce decree with ex Delia Parker, likely to
see if any transfers of stock or other holdings were done at a time
the company could have collected on a hefty court judgment it has
against the former oil and gas exec.
You'll recall Tracinda bought a 35-percent chunk of Parker's baby,
Delta Petroleum, back at the end of 2007. That was the deal Parker is
alleged to have tipped his buddies, who in turn bought-then-sold a
bunch of Delta stock after the deal was made public.
Later, Tracinda loaned Parker money to cover a margin call for Delta
stock he'd played in a different deal - to the tune of about $7
million. Tracinda said it was to keep Parker focused on turning
Delta's melting fortunes around.
The relationship came to a head when Parker resigned from Delta and
tried to sell his stock, which Tracinda blocked, citing black-out
periods for certain transactions. Parker sued, saying Tracinda cost
him a ton, and Tracinda counter-sued saying Parker owed them the $7
mil. Tracinda won.
So, in the effort to collect, Tracinda chased Parker around, finding
thin bank accounts wherever they looked and an on-again-off-again
stock vestment with Parker's new employer at Recovery Energy. Tracinda
finally put on a garnishment for the stock, pushing Parker to resign,
then file bankruptcy.
That bankruptcy runs alongside a civil suit by the Securities and
Exchange Commission that says Parker was part of a trio in an
insider-trading deal on Delta stock when Kerkorian was talking
buy-in. One other was insurance man Michael Van Gilder, who now says
he'll plead guilty to a criminal charge stemming from that
investigation. Unknown still is the name of another friend who
profited the most on the deal: about $750,000.
As Parker battles the SEC, his bankruptcy has awakened his former
Delta alliance in the form of a bankruptcy trustee, who's trying to
rake back any undue profits it thinks Parker has. One such item is
interest in an off-shore oil well Parker signed over to Delia. The
trustee in Delta's bankruptcy =80' Tracinda tried but couldn't save
Delta - also says Parker took some key computer information and data
without permission and wants $10 million for it troubles.
That really awoke Tracinda, which this week filed a request to
question Delia about the couple's divorce deal. Bottom line: Tracinda
still wants its pound of flesh and is working hard to get it. What
could be at issue is a mansion home in Cherry Hills Village - Parker
had two - for sale for $3 million, and maintenance Delia gets of about
$20,000 a month, plus $10,000 more each month for their four
kids. Parker's not working, yet still collects from Recovery as part
of a severance package. He's also trying to sell his own mansion, a
$10 million hulk that's not attracting any takers. In court he's said
he's got a few unidentified irons in the fire, like most oil land men
always seem to have.
To his end, Parker says he's appealed the Tracinda verdict against him
=80' now at about $7.7 million - and if victorious could take care of
his entire bankruptcy, which he said during a meeting of the creditors
would not have happened had Tracinda let him be.
Thing is, not many billionaires appreciate getting dinged, so chances
the sleeping bear will head back into hibernation seem slight.
From: Baghdasarian
The Denver Post
March 8, 2013
By David Migoya
The once-sleeping bear in the Roger Parker bankruptcy case is making
itself known by rattling the cages a bit.
Tracinda Corp., owned by billionaire financier Kirk Kerkorian, wants a
closer look at Parker's divorce decree with ex Delia Parker, likely to
see if any transfers of stock or other holdings were done at a time
the company could have collected on a hefty court judgment it has
against the former oil and gas exec.
You'll recall Tracinda bought a 35-percent chunk of Parker's baby,
Delta Petroleum, back at the end of 2007. That was the deal Parker is
alleged to have tipped his buddies, who in turn bought-then-sold a
bunch of Delta stock after the deal was made public.
Later, Tracinda loaned Parker money to cover a margin call for Delta
stock he'd played in a different deal - to the tune of about $7
million. Tracinda said it was to keep Parker focused on turning
Delta's melting fortunes around.
The relationship came to a head when Parker resigned from Delta and
tried to sell his stock, which Tracinda blocked, citing black-out
periods for certain transactions. Parker sued, saying Tracinda cost
him a ton, and Tracinda counter-sued saying Parker owed them the $7
mil. Tracinda won.
So, in the effort to collect, Tracinda chased Parker around, finding
thin bank accounts wherever they looked and an on-again-off-again
stock vestment with Parker's new employer at Recovery Energy. Tracinda
finally put on a garnishment for the stock, pushing Parker to resign,
then file bankruptcy.
That bankruptcy runs alongside a civil suit by the Securities and
Exchange Commission that says Parker was part of a trio in an
insider-trading deal on Delta stock when Kerkorian was talking
buy-in. One other was insurance man Michael Van Gilder, who now says
he'll plead guilty to a criminal charge stemming from that
investigation. Unknown still is the name of another friend who
profited the most on the deal: about $750,000.
As Parker battles the SEC, his bankruptcy has awakened his former
Delta alliance in the form of a bankruptcy trustee, who's trying to
rake back any undue profits it thinks Parker has. One such item is
interest in an off-shore oil well Parker signed over to Delia. The
trustee in Delta's bankruptcy =80' Tracinda tried but couldn't save
Delta - also says Parker took some key computer information and data
without permission and wants $10 million for it troubles.
That really awoke Tracinda, which this week filed a request to
question Delia about the couple's divorce deal. Bottom line: Tracinda
still wants its pound of flesh and is working hard to get it. What
could be at issue is a mansion home in Cherry Hills Village - Parker
had two - for sale for $3 million, and maintenance Delia gets of about
$20,000 a month, plus $10,000 more each month for their four
kids. Parker's not working, yet still collects from Recovery as part
of a severance package. He's also trying to sell his own mansion, a
$10 million hulk that's not attracting any takers. In court he's said
he's got a few unidentified irons in the fire, like most oil land men
always seem to have.
To his end, Parker says he's appealed the Tracinda verdict against him
=80' now at about $7.7 million - and if victorious could take care of
his entire bankruptcy, which he said during a meeting of the creditors
would not have happened had Tracinda let him be.
Thing is, not many billionaires appreciate getting dinged, so chances
the sleeping bear will head back into hibernation seem slight.
From: Baghdasarian