Tesoro sues marketer for fraud, cites $90 MM debt, lowers earnings expectations

摘要

Tesoro says it is cutting its earnings expectations by 41cts/share because a California jobber has not repaid a debt. The independent refiner and marketer sued the jobber Jan. 13 for fraud and breach of contract, says Tesoro spokesman Lynn Westfall. "The write-down was due to accounts receivable that we're writing off as non-collectable," Westfall said. The collateral the jobber gave Tesoro has "deteriorated" in value, but he declined to identify what the collateral was. The wholesaler Tesoro is suing is Enmex Inc., which has an address on West Century Boulevard in Los Angeles. According to public records, the principals of Enmex also do, or have done, business under the names Trans Energy USA, Petro Energy Corp., NAFTX Energy Corp., Patron Fuel, Petro Blue and Avolar International, Inc.