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"THE ONLY THING NECESSARY FOR THE TRIUMPH OF EVIL IS FOR GOOD MEN TO DO NOTHING"
--Burke

Monday, June 1, 2009

20090504 Grupo Mexico could potentially win $2.6 Billion dollars if Sterlite loses their ASARCO bid (that's a lot of money)

"NRI billionaire Anil Agarwal-led Sterlite Industries faces a potential $2.6-billion lawsuit if it loses out in the race to acquire America's third-largest copper producer Asarco to the target firm's parent company Grupo Mexico....."

"Asarco's independent board and Sterlite sought the approval of certain conditions under which Asarco would grant a release from the potential $2.6 billion lawsuit to be brought against Sterlite for having breached the original purchase agreement to buy Asarco's assets.

However, Judge Schmidt (of bankruptcy court) ruled that such release will not take effect if it is the Grupo Mexico Reorganization Plan the one that is eventually confirmed and approved, in which case Asarco, under the control of Grupo Mexico, would be able to pursue the aforementioned suit against Sterlite," Grupo Mexico said....."
http://www.business-standard.com/india/news/sterlite-may-face-26-bn-suit-if-asarco-bid-fails/00/29/60437/on


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