Operations chief to lead Quest
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By Jack Money
Published: August 26, 2008
Quest Resources Corp. has turned to its chief operating officer to lead its companies after the abrupt resignation of its Chairman and Chief Executive Jerry Cash after an inquiry by regulators.
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What weekend did
The Oklahoma Department of Securities inquiry into Quest Resource Corp. led to Cash's abrupt resignation, the company announced Monday.
Also, David Grose, Quest's chief financial officer, was placed on a paid, administrative leave.
Monday, Irving Faught, administrator of the state securities department, said he could provide few other additional details beyond what the company announced.
He did add, though, that the investigation was looking at another private company Cash was involved with, Rockport Energy LLC.
Quest said Monday its boards of directors for Quest Resource Corp., Quest Energy Partners and Quest Midstream Partners met during the weekend and formed a joint special committee with representatives from all three, including the chairs of the audit committees for the boards of Quest Resource and Quest Energy.
The joint committee also hired Spencer C. Barasch of Andrews Kurth to lead an investigation into the situation.
Also, Quest retained Kroll Zolfo Cooper to assist in the accounting and finance functions during Grose's absence.
Kevin Golmont will lead Kroll Zolfo Cooper's efforts, company officials said.
What investors' did
Quest Resource Corp.'s stock started trending lower Friday, closing off 68 cents, at about $6.90 a share.
But, Monday, it lost nearly 30 percent of its remaining value, closing down $2.05, at $4.88 a share.
Quest Energy Partner's stock on Monday dropped nearly 19 percent in value, closing down $2.68, at $11.49 a share.
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