NEW YORK Jan 23 A top SandRidge Energy Inc
investor who is clamoring for the removal of the
company's chief executive, Tom Ward, made new allegations that
entities controlled by Ward and his family took part in
Hedge fund TPG-Axon, which owns 6.7 percent of SandRidge's
outstanding shares, released a presentation on Wednesday
describing land deals made by WCT Resources and other entities
controlled by Ward family members.
TPG-Axon charged that WCT - an Oklahoma company owned by
trusts benefiting Ward's three adult children and run by his son
Trent - and other entities acquired land in areas where
SandRidge would soon buy acreage.
The hedge fund said in the presentation that the dealings
"cause us enormous concern, and lead us to question whether
company management and resources are focused exclusively on
building shareholder value, or instead have also been used for
the benefit of others."
TPG-Axon, which is headed up by a former co-head of Goldman
Sachs Group Inc's proprietary trading desk, Dinakar
Singh, has been calling for change at SandRidge since late last
year. The hedge fund has launched an effort to oust the
SandRidge has paid WCT nearly $5 million since 2008 to lease
property controlled by WCT in northern Oklahoma and for
royalties on wells operated by SandRidge on the land, it has
disclosed in its SEC filings.
WCT and SandRidge could not be immediately reached for