Form 8-K for NATIONAL ENERGY GROUP INC
16-Feb-2007
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Appointment of Hillel Moerman as Chief Financial Officer
On February 15, 2007, the board of directors of National Energy Group, Inc. (the "Company") elected and appointed Hillel Moerman as the Company's new Vice President and Chief Financial Officer, effective as of January 31, 2007, in order to replace Randall D. Cooley, who resigned from the Company effective as of November 21, 2006 in order to pursue other business interests separate from the Company.
Mr. Moerman is an employee and/or officer of various entities owned or controlled by Carl Icahn, including American Real Estate Partners, L.P. ("AREP"). AREP, a majority of the depositary units of which are held by Mr. Icahn, is a diversified holding company engaged in a variety of businesses, including gaming, real estate and home fashion, as well as investments in equity and debt securities. AREP O&G Holding LLC, which is a wholly-owned indirect subsidiary of AREP, is the owner of 50.01% of the Company's common stock.
Mr. Moerman will not receive any compensation from the Company for his services on behalf of the Company.
