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

Friday, March 13, 2009

Asarco Asbestosis case ruling on 3-11-09 favors Policyholders facing liability claims (ruled in favor of ASARCO)

"Texas Court Finds Asbestosis Exclusion in Insurance Policies Limited

Policyholders facing liability because of asbestos claims will benefit from a March 11 Texas state court ruling, according to the law firm Anderson Kill & Olick.

Judge J. Manuel Ba�ales of the 105th Judicial District Court of Nueces County, Texas, ruled that "asbestosis" exclusion bars coverage only for asbestosis claims and does not bar coverage for claims involving mesothelioma, lung cancer, pleural plaques or any other asbestos-related disease.

The ruling came in a case brought by ASARCO LLC on the scope of an asbestosis exclusion sold by Fireman's Fund Insurance Company. ASARCO LLC, et al. v. Fireman's Fund Ins. Co., et al., No. 01-2680-D (105th Jud. Dist. Ct. Nueces County Tex. Mar. 11, 2009).

On motion for partial summary judgment, ASARCO sought a ruling that the exclusion applied only to claims arising from the specific disease known as asbestosis. In opposition, Fireman's Fund argued that the exclusion barred coverage for all asbestos-related diseases.

ASARCO, a copper company based in Tucson, Arizona, declared bankruptcy in 2005. At issue in the coverage action is a determination of insurance coverage for past, present and future asbestos liabilities.

Judge J. Manuel Ba�ales of the 105th Judicial District Court of Nueces County, Texas, issued the Order granting partial summary judgment to ASARCO. Jorge C. Rangel of The Rangel Law Firm in Corpus Christi, Texas, is ASARCO's local counsel in the case.

Source: Anderson Kill & Olick, P.C."

Find this article at:

Asarco Press release: ASARCO LLC Files a 9019 Motion for Court Approval of Its Global Environmental Settlements

ASARCO LLC Files a 9019 Motion for Court Approval of Its Global Environmental Settlements

TUCSON, Ariz.--(BUSINESS WIRE)--ASARCO LLC filed a motion with the U.S. Bankruptcy Court in Corpus Christi, TX yesterday under Bankruptcy Rule 9019 seeking the Court’s approval to enter into five settlement agreements that will resolve the vast majority of its remaining environmental claims.

The federal government has described this as "the most complicated environmental bankruptcy in United States history." As part of the global settlements, the company will allow general unsecured claims in the total amount of approximately $835.7 million and give $275.3 million in cash to federal and state governments to pay its fair share of environmental liability at approximately 54 sites across the country - making this the largest environmental settlement in history.

"The proceeds from these global settlements will infuse much-needed cash into federal and state coffers, allowing governments to clean up some of the largest sites on the Superfund National Priorities List," stated Mr. Joseph Lapinsky, ASARCO’s Chief Executive Officer.

Last week, ASARCO also announced the signing of a new agreement to sell substantially all of its operating assets to Sterlite (USA), Inc. for $1.1 billion cash plus a senior secured, non-interest bearing promissory note for $600 million, payable over nine years. The proposed sale, which ASARCO will seek to have approved as part of a plan of reorganization and the proceeds of which would fund such plan, coupled with these global settlements, are two major steps towards a successful exit from bankruptcy.

ASARCO is an integrated copper mining, smelting and refining company with approximately 2500 employees. The Company operates three mines, associated mills and a smelter in Arizona and a refinery complex in Texas, which includes plants that produce copper rod and cake, precious metals and by-products. For more information, visit http://www.asarco.com.

Contacts

Doug McAllister
520-798-7725

ASARCO purchase contingent upon 25 million letter of credit on receipt of certain bankruptcy court approvals: DOJ Bankruptcy Trustee and Court continue to ignore ASARCO secret toxic wastes

"13 March 2009  Vedanta Resources is buying US copper producer Asarco for $1.7 billion. The deal is partially backed by two letters of credit (totaling $100 million) from ABN Amro and a $25 million letter of credit on receipt of certain bankruptcy court approvals."
http://www.projectfinancemagazine.com/default.asp?Page=7&PUB=4&ISS=25325&SID=718250   

The DOJ Bankruptcy Trustee has not made the ASARCO Bankruptcy Court in Corpus Christi Texas consider the formerly-secret "confidential-for-settlement-purposes-only" EPA-DOJ document released in 10/2006 (NYTimes).   The next court date is this week March 19'th, and they continue to ignore this.

None of the illegal secret toxic wastes burned in the El Paso Asarco contop furnaces (World's largest) for nearly ten years during the 1990's are being reviewed during the Court's decisions of ASARCO's liabilities.  These are being swept under the rug, ignored and the company is being spiffed up nice and clean for sale.

Meanwhile the toxic wastes remain in El Paso Texas around that smelter and likely in the area that Grupo Mexico wants to rail Punta Colonet freight through:  Santa Teresa, N.M..    We are given no data for Dioxins, PCB, Mercury, Polonium and other basic information.

WE NEED OUR DEPARTMENT OF JUSTICE TO REPLACE THE BANKRUPTCY TRUSTEE WITH SOMEONE WHO WILL DO THE JOB AND  REQUIRE THE COURT TO LOOK AT THE LIABILITIES-FROM-THE-FORMERLY-SECRET-and-ILLEGAL TOXIC-WASTE.



Competitive bids possible for Asarco: Macquarie

"Competitive bids possible for Asarco: Macquarie
Thu. March 12, 2009; Posted: 11:22 PM
http://www.tradingmarkets.com/.site/news/Stock%20News/2221151/
New Delhi, Mar 12, 2009 (Asia Pulse Data Source via COMTEX) -- --
Sterlite Industries 1.7 billion dollars proposed acquisition of
America's third largest copper producer Asarco may face rival bids, even
as it has entered into a buyout agreement with the US-based firm,
according to a report.

"Competitive bids are still possible, and Sterlite has the option to
match any bids, but has no obligation to do so," Macquarie Research said
in a statement."

Thursday, March 12, 2009

Sterlite (Vedanta) buying ASARCO with ABN Amro Group backed credit

Google News Alert for: asarco
South Asian Syndicated Loans - news in brief, March 13, 2009
Euroweek.com - London,England,UK
Indian mining giant Vedanta Resources is buying US copper producer Asarco for $1.7bn backed by two letters of credit from ABN Amro. ...
See all stories on this topic

Wednesday, March 11, 2009

101 Solutions to a preventable epidemic

"Danger Ahead
We need to ring all the alarm bells about the accumulation of chemical wastes in the bodies of wildlife. ....

We have to fight back, if we want to regain our health ....

Adapted from 101 Solutions to a Preventable Epidemic (New Society, 2007) by By Guy Dauncey, Liz Armstrong and Anne Wordsworth"
http://www.care2.com/greenliving/cancer-in-pets-wildlife-and-fish.html

Tuesday, March 10, 2009

Grupo Mexico loses out on bid for Mexico Copper Mine - Invecture Group outbid them by 3 million dollars

"MEXICO CITY - Canadian miner Frontera Copper rejected a takeover bid from miner Grupo Mexico on Monday and said it favored a higher offer from Mexican investment firm Invecture Group.

Frontera's board of directors recommended shareholders accept Invecture's C$48-million ($38,8-million) offer over Grupo Mexico's C$42-million bid......"

"Frontera's main property is the Piedras Verdes mine in northern Mexico, which could produce 32 000 t of copper a year and has a mine life of over 11 years...."

"'It's pretty clear that if by the end of the day tomorrow Invecture has met their minimum tender requirement there wouldn't be much opportunity for Grupo Mexico to extend another offer," Prokop said.' "

Monday, March 9, 2009

"Officials with Grupo Mexico say they still want to take control of Asarco "

google alert:

Arizona Geology: Grupo Mexico may continue battle for Asarco
By Lee Allison
Officials with Grupo Mexico say they still want to take control of Asarco despite the signed agreement to sell the bankrupt company to Sterlite Industries. Grupo Mexico wants to see the official deal before deciding what options to ...
Arizona Geology - http://arizonageology.blogspot.com/

PEMEX sells debt (bonds) in USA as part of privitization



Google Blogs Alert for: PEMEX

Market Memorandum: Emerging Market Debt Trading Volumes Plunged 33 ...
By Guillermo Parra-Bernal
New sales of corporate debt enjoyed a quick revival at the start of this quarter, with sales by Pemex, Petrobras (which are quasi-sovereign debt but, well, they also are within the corporate bond class) and banks in South Korea. ...
Market Memorandum - http://marketmemorandum.blogspot.com/

Sunday, March 8, 2009

Billionaire businessman Anil Agrawal to buy ASARCO


Google News Alert for: asarco

Dip in copper price, mine value to help Sterlite acquire Asarco
mydigitalfc.com - Hyderabad,Andhra Pradesh,India
Billionaire businessman Anil Agrawal has announced that he is planning to buy the third largest copper producer in the US, Asarco, for $1.7 billion. ...
See all stories on this topic