Rosetta Resources Inc. (ROSE), an independent oil and gas company, Monday announced filing of a letter with the Bankruptcy Court in New York setting forth legal deficiencies in Calpine Corp.'s (CPN) claims and requesting the required conference with the Court prior to filing a motion for summary judgment in Rosetta's favor as to all claims by Calpine.
In the letter, Rosetta outlined that Calpine's claims legally fail since the lawsuit was filed solely in the name of Calpine, which never transferred or conveyed any of the oil and gas business to Rosetta. Calpine's claims are also legally barred as the oil and gas properties actually owned by Calpine were never transferred to Rosetta.
Rosetta noted that Calpine's claims also should be denied in their entirety because certain safe-harbor provisions of the Bankruptcy Code exempt certain settlement payments made pursuant to a securities contract from fraudulent transfer claims.
Rosetta also informed the Court it would be filing a motion to disqualify PA Consulting, the professionals who had advised Calpine during its bankruptcy and whose Todd Filsinger is currently serving as Calpine's Interim Chief Operating Officer, for violation of applicable ethical rules.
Chief Executive Officer of Rosetta, Randy Limbacher said, "Nevertheless, until this lawsuit is dismissed, we will continue to fully protect Rosetta's and its shareholders' interests by vigorously defending against what Rosetta truly believes are frivolous claims by Calpine arising out of a transaction that Calpine's board and an extensive group of professionals thoroughly vetted, reviewed, and approved."
Rosetta Resources' stock closed Monday's regular trading session at $25.14, down 71 cents or 2.75%.
Shares of Calpine closed Monday's regular trade at $19.98, down 77 cents or 3.71% on a volume of 3.99 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.