Stone Energy Up 10%

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Shares of Stone Energy were up over 10% Tuesday morning after shareholder Raymond Hyer disclosed in a regulatory filing that his group holds a 7% stake in the oil and gas firm, and does not plan to support Stone Energy’s proposed restructuring plan.

Hyer noted that it initially acquired shares as a passive investor but will now hold the shares in an effort to change or influence control at the company.

Hyer said it believes the proposed restructuring plan would “disproportionately impair” common shareholders and provide an unfair advantage to other stakeholders, especially Stone Energy’s board and management.

The investor also said it hired Quinn Emanuel Urquhart & Sullivan to represent an ad hoc Stone Energy shareholders committee and request the appointment of an equity committee to represent the interests of common shareholders in the bankruptcy.

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