Tuesday, November 3, 2009

Asarco Followup-7

"Grupo Mexico SAB [GMSA] hit a hurdle in its plans to regain control of US subsidiary Asarco LLC as US bankruptcy jduge Andrew S. Hanen indicated he will consider a broad array of issues before ruling in the case. ... The judge also has been asked to consider the Mexican copper miner's past performance as an owner of Asarco, which is based in Tucson, Ariz. ... Judge Hanen last year found [GMSA] guility of defrauding creditors by diverting rich copper assets Asarco owned in Peru to a different [GMSA] unit. [GMSA] has appealed the verdict. ... But Judge Hanen allowed Sterlite to argue for its amended bid. And he said he would consider the union's objections to [GMSA]. 'I actually ordered their representative to be here,' he said. ... [GMSA] since has been accused of looting Asarco and forcing Asarco into bankruptcy, making it difficult for parties alleging environmental damage to get company funds for cleaning up dozens of contaminated sites across the West", Joel Millman at the WSJ, 20 October 2009, link: http://online.wsj.com/article/SB10001424052748703816204574483490034605488.html.

I say again, GMSA should get nothing from this. A few of its officers should be sent to prison for bankruptcy fraud. That is not likely to happen.


Anonymous said...

Looting with lawyers... much more likely to escape punishment...

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