Ex-Cox Insiders Accused of Looting Oil Company Into Bankruptcy

A bankruptcy trustee sued Cox Operating insiders, including former chairman Brad Cox, alleging they “looted” the company to fund lavish lifestyles and helped plunge the oil and gas producer into insolvency.

Key officers and directors of Cox Operating and several trusts participated in the “gross mismanagement” and “pillaging” of the company “on a scale rarely seen in Chapter 11,” trustee Michael D. Warner said in an amended complaint filed Wednesday in the US District Court for the Eastern District of Louisiana.

“The Debtors were the victims of widespread self-dealing and looting that inexorably led to their financial implosion and liquidation,” ...