Flying J Truck Stops took bankruptcy December 22, 2008. This Utah based company was the 19th largest privately held company in the US. They owned 2 refineries, 700 miles of pipeline, and dozens of retail outlets. The bankruptcy was brought on by "near-term liquidity constraints brought on the precipitous drop in the price of oil beginning in September of 2008 and continuing through the present as well as the recent tightening credit markets".
Now who was Flying J's counterparty when it hedged? J. Aron and Company, of course. J. Aron and the debtor have filed a motion to approve settlement that is totally devoid of facts, other than J. Aron apparently owes Flying J about $10,000,000, and that on May 8, 2008, J. Aron and the debtor entered an ISDA master agreement and schedule. It also turns out that one of Flying J's hedging analyst went to work for Goldman as an analyst the same month. Curious. Wonder if he took a book?