TPG-Axon Capital Management LP CEO accuses SandRidge Energy Inc. CEO and son of impropriety with regard to mineral rights acquisition

Dinakar Singh, chief executive officer of New York-based TPG-Axon Capital Management LP, wrote a letter to the company’s board recently to request that they investigate whether Tom Ward, the chief executive officer of SandRidge Energy Inc., and his son “acted improperly with regard to acquiring mineral rights,” Businessweek reports. TPG-Axon owns 6.7 percent of Oklahoma City-based SandRidge’s outstanding shares. Singh alleges that Ward and his son actively competed with the company by acquiring “mineral rights from third parties” and then leasing them soon after to SandRidge for a profit, including the purchase of a working interest in leases from WCT Resources LLC, which “is owned by trusts that are for the benefit of the CEO’s children,” the article said. For more, read the full story.