New York financial firm brings suit against Miller, Texas bank

A New York City firm that helped Miller Energy Resources Inc. acquire its oil and gas assets in Alaska’s Cook Inlet is now suing Miller.

Vulcan Capital Corp. filed suit Dec. 10 in federal court for the Southern District of New York. The suit names Miller and PlainsCapital Bank as defendants.

The complex suit alleges the defendants acted wrongfully to take control of Vulcan’s warrants to buy Miller stock at certain prices.

Miller and PlainsCapital Bank had not yet answered the suit at press time.

Miller, based in Tennessee, operates in Alaska through its subsidiary, Cook Inlet Energy LLC. Miller is listed on the New York Stock Exchange.

PlainsCapital Bank is based in Texas.

In December 2009, Miller acquired a collection of Cook Inlet oil and gas assets in a nearly $4.5 million transaction. The assets were part of the bankruptcy estate of a former operator.

“Vulcan Capital Corporation served as advisor on this transaction for Miller,” Miller said at the time. The company further said Ford Graham had been appointed board vice chairman and president of Miller.

The lawsuit identifies Graham as president of Vulcan Capital.

In filings with the U.S. Securities and Exchange Commission, Miller said Graham resigned from his positions with the company in June 2010.

Miller in December 2010 announced that PlainsCapital Bank had made a $5 million line of credit available to the company to fund operations in Cook Inlet.

—Wesley Loy