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Written by 2:39 pm Blog, Current Investigations

Investor Alert: Bennu Oil and Gas, LLC

Have you suffered losses investing in Bennu Oil & Gas, LLC? If so, the attorneys at The White Law Group may be able to help.

Houston-based Bennu Oil & Gas has assembled a portfolio of oil and gas resources in the Gulf of Mexico, offshore Louisiana and Texas, according to their website. Bennu was formed in 2013 to acquire infrastructure and other drilling assets from ATP Oil & Gas, which liquidated in bankruptcy after its operations were disrupted by the Deepwater Horizon oil spill disaster. For more information on ATP Oil and Gas, click here.

Last month, Beal Bank USA launched an involuntary chapter 11 proceeding against an affiliate of Bennu Oil & Gas LLC, asking a bankruptcy judge to approve an independent trustee to take control of the affiliate. The emergency request filed with the U.S. Bankruptcy Court in Wilmington, Del., lawyers for Beal Bank said the affiliate, Bennu Titan LLC, (formerly ATP Titan) is at risk of becoming “functionally incapacitated” and needs a trustee to preserve its operations and to ensure it complies with health and safety standards, according to court papers.

Bennu Titan owns an offshore-drilling platform in the Gulf of Mexico that is being used by its parent, Bennu Oil & Gas. Of seven Bennu Titan managers, four have resigned recently, and three plan to resign soon, court papers show.

Beal Bank is requesting an outsider to navigate a bankruptcy and to oversee possible distributions to creditors, specifically Beal Bank.  A bankruptcy-court hearing on the matter is scheduled for Sept. 21.

Three BDCs have investments in Bennu Oil & Gas: OHA Investment (OHAI), PennantPark Investment (PNNT) and Sierra Income, a non-traded BDC. For more information on Sierra Income, click here.

The White Law Group is  investigating the liability that broker-dealers and financial professionals may have for improperly recommending Bennu Oil and Gas investments to its clients.

Brokerage firms and financial advisors have a fiduciary duty to perform adequate due diligence on any investment they recommend and to ensure that such recommendations are appropriate for their client in light of that particular clients’ age, income, investment experience, investment objectives, and net worth.

If you suffered losses investing in Bennu Oil and Gas, please call the securities attorneys of The White Law Group at (888) 637-5510  for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. The firm represents investors throughout the country in claims against their brokerage firm.

For more information on The White Law Group, visit https://whitesecuritieslaw.com.

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