Saturday, August 20, 2011
Bidders Reimbursed For Auction Which Never Occurred: The Fifth Circuit's ASARCO Opinion.........."This was a case about a big judgment and a unique procedure to auction off that judgment....(I have included the citations here because they are informative opinions for fraudulent transfer litigation). ... In order to entice the bidders to perform the expensive legal due diligence necessary to evaluate the asset, ASARCO sought and obtained an order from the Bankruptcy Court authorizing it to reimburse qualified bidders for their due diligence expenses.... it can be used to tilt the auction procedures in favor of the stalking horse. ......"
Tuesday, August 23, 2011
Sunday, August 21, 2011
"Court Awards Fees, Applauds Baker Botts’ performance in Multi-Billion Dollar ASARCO Bankruptcy"
http://www.bakerbotts.com/court-awards-fees-applauds-baker-botts-performance-in-multi-billion-dollar-asarco-bankruptcy-08-19-2011/
In my opinion, this reminds me of foxes congratulating themselves outside of the hen house (the "hens" being the residents living around the various Asarco locations with their pockets inside out...). How else to describe a performance that ignored all liability from Asarco's illegal multi-state unpermitted hazardous-waste disposal operation; and, that earned profits for just one of the many law firms involved which exceeded twice the amount given to just ONE of the communities to clean up over 100 years of wastes.....(the Paso del Norte region received only 52 million dollars -- and the clean-up of the old american canal that delivers over 60% of the drinking water and all the irrigation water was estimated to be almost half of that alone....)
"Privatizing profits and socializing costs" ...
In my opinion, this reminds me of foxes congratulating themselves outside of the hen house (the "hens" being the residents living around the various Asarco locations with their pockets inside out...). How else to describe a performance that ignored all liability from Asarco's illegal multi-state unpermitted hazardous-waste disposal operation; and, that earned profits for just one of the many law firms involved which exceeded twice the amount given to just ONE of the communities to clean up over 100 years of wastes.....(the Paso del Norte region received only 52 million dollars -- and the clean-up of the old american canal that delivers over 60% of the drinking water and all the irrigation water was estimated to be almost half of that alone....)
"Privatizing profits and socializing costs" ...
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