Thursday, March 18, 2010
ASARCO: Fifth Circuit fails to recognize ASARCO's Bankruptcy was fraudulent... what is being covered up, and why?
CHICAGO - (Business Wire) Mayer Brown LLP today announced that the U.S. Court of Appeals for the Fifth Circuit has vacated a multi-billion dollar judgment entered against Americas Mining Corporation (“AMC”) in litigation over a 2003 transfer of Southern Copper Company stock to AMC from AMC’s subsidiary, ASARCO LLC. AMC had asked the court of appeals to vacate the adverse judgment and dismiss its appeal of the judgment because ASARCO LLC has emerged from bankruptcy pursuant to a reorganization plan that released AMC from the judgment and returned control of ASARCO LLC to AMC. In a March 17, 2010 order, the court of appeals dismissed AMC’s appeal and vacated the judgment against AMC.
Posted by Elpaso at Thursday, March 18, 2010