Baggett and any additional personnel at hourly rates set forth in the Engagement Letter. Opportune will bill the Company for the services of Mr. On May 28, 2013, the Company entered into a letter agreement (the “Engagement Letter”) with Opportune LLP (“Opportune”) for the purpose of Opportune providing the management services of David Baggett as the Retained Person and other services in connection with the restructuring. Baggett does not have any family relationships with any director or executive officer of the Company Baggett previously served on the boards of American Plumbing and Mechanical (AMPAM), Genesis Energy, Inc., and ERCOT, the independent system operator for electrical markets in Texas. Baggett has over 30 years of business experience, including six years as a partner with Deloitte & Touche and six years as a senior executive in the energy industry.
Baggett served as a director of Encore Energy Partners GP LLC, the general partner of Encore Energy Partners LP, from September 2010 until its merger with and into Vanguard Natural Resources, LLC in December 2011 and served as the Chairman of the Audit Committee and served on the Conflicts Committee. Baggett will report to the Board of Directors of the Company, and hold direct responsibility for all: (i) legal and sale/restructuring process decisions (ii) marketing materials (iii) new expenditures or cash payments (iv) financial and operational reporting to all constituents in the chapter 11 proceedings (v) operational decisions (vi) personnel decisions (vii) compensation decisions and (viii) internal management and employee meetings.ĭavid Baggett, age 51, is the Founder and Managing Partner of Opportune LLP, a consulting firm specializing in assisting energy clients with corporate finance, complex financial reporting, process and technology, strategy and organization, dispute resolution, enterprise risk, tax and outsourcing. Baggett’s scope of responsibilities include assuming the lead management position relative to guiding the Company and its subsidiaries through the bankruptcy, evaluation, development and negotiation of the restructuring of the Company and its subsidiaries, including any asset purchase agreements or auction bid procedures.
Baggett will act as the Company’s principal executive officer.
In such capacity as the Retained Person, Mr. (c) On May 28, 2013, the Company appointed David Baggett as a Retained Person pursuant to the Company’s Superpriority Debtor-in-Possession Credit and Guaranty Agreement.
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