"Ten years after launching a hostile takeover of US copper refiner Asarco LLC and four years after forcing it into Chapter 11 bankrupcty, Mexican billionaire German Larrea Mota-Velasco finally has what he wanted: control of the copper giant free from the threat of environmental and asbestos litigation", Joel Millman & David McLaughlin at the WSJ, 16 November 2009, link: http://online.wsj.com/article/SB10001424052748704538404574537914137572236.html.
This ruling is farcical. See my 16 July 2008 post: http://skepticaltexascpa.blogspot.com/2008/07/asarco-followup-4.html. What does Judge Andrew Hanen not understand?
3 comments:
Maybe he doesn't understand how to apply the law?
I am an ASARCO employee for the past two years, & all I've heard for the time I've been there is how we were forced into bankruptcy by our parent (Grupo Mexico). Now we have to be turned over to them again? What were the judges thinking? Or what happened to the judgment of requiring Grupo to fork over the income from the Southern Copper shares?
Anonymous:
I have followed Asarco for over ten years. I was a shareholder when Asarco was publicly-held. This is one of the worst rulings I have ever seen. GMSA got exactly what it wanted, Asarco free and clear of environmental liabilities. I feel for you. GMSA's senior management should be in prison. You may read my prior posts on Asarco to see what I think.
IA
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