The founder of a now-bankrupt Barren County 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.
The settlement, approved Wednesday by U.S. Bankruptcy Judge Joan Lloyd, ends any involvement Cory founded in 2004. It also brings to an end the bankruptcy trustee's drive to collect at least $770,000 thousand Cory transferred from the company in the five years before it went bankrupt in 2010 with $ 1 million to $10 million in assets and between $500,000, $1 million in liabilities at the time of the filing and each of the plaintiffs as a creditor with the amount owed as "unknown."
The settlement includes dismissing a lawsuit filed in 2012 against Cory seeking the money.