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

Monday, July 20, 2009

"UPDATE 1-Asarco may SELL its award from Southern Copper [law]suit"

Asarco may sell its award from Southern Copper suit

"WILMINGTON, Delaware, July 20 (Reuters) - Bankrupt mining company Asarco may sell its multibillion-dollar court award stemming from a suit against its former parent and has contacted more than 100 potential bidders, according to court documents....Asarco said it has asked Barclays Capital Inc to evaluate the potential bids for the court award, which includes about $5 billion of the common stock in Southern Copper Corp...and about $1.4 billion in cash.....Asarco said most of the potential bidders were hedge funds [Harbinger is a hedge fund, for example] , private equity firms [Carlyle Group is a private equity firm, for example] or institutional investors...."

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