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

Wednesday, June 3, 2009

Semi-privatization of PEMEX through "service contracts" - coming up in JULY

"Mexico's state oil company PEMEX this month or next will have the model ready for new service contracts..."Risk sharing and production sharing arrangements are still not legal by constitutional standards in Mexico. [The performance-based contracts] try to emulate risk sharing and production sharing without violating constitutional restrictions," González said."

PEMEX service contract model to be ready by July

"Americas Mining Company Wins Right to Appeal Judgement in ASARCO Ruling without Posting Cash Bond"

Americas Mining Company Wins Right to Appeal Judgement in ASARCO ...

"...U.S. Judge Andrew S. Hanen of the Fifth Circuit District Court in Brownsville, Texas yesterday granted Grupo Mexico the right to post an alternative financial guarantee to secure its Motion for Stay. In its opinion, the Court said it would allow AMC [subsidiary of Grupo Mexico] to place in escrow shares of Southern Copper Corporation [Peru] stock rather than a cash bond, as was requested by ASARCO, to secure the enforcement of any judgment at appeal. The appeal is expected to take at least a year...."

updates from the Texas Commission on Environmental Quality regarding the ASARCO site in El Paso, TX.

CEQ ASARCO (El Paso) Update Under the heading "Custodial Trustee and Future Remedial Work" a paragraph has been updated to read :

"A proposed settlement agreement was filed with the bankruptcy court by the state of Texas and ASARCO. Under the proposed settlement agreement, ASARCO's El Paso smelter property will be placed in an environmental custodial trust and managed by a custodial trustee. Though the custodial trust approach has not yet been approved by the bankruptcy court in the ASARCO case, the TCEQ wishes to identify a potential trustee in the event that one must be chosen quickly as a result of the bankruptcy process. Any interested party is required to respond to the Request for Information (RFI), which is posted http://esbd.cpa.state.tx.us/bid_show.cfm?bidid=82052. The deadline for submittal of responses to the RFI was June 1, 2009. The TCEQ received 25 submittals and is proceeding with evaluations."

You can also view this update on the main ASARCO web page.

Tuesday, June 2, 2009

Poker game raises the bid -- but, what are the stakes?

"MEXICO CITY, June 2 (Reuters) - Copper miner Grupo Mexico said on Tuesday ....it would contribute $1.55 billion to Asarco, lifting the total amount of cash on hand in the Asarco estate available for distribution to its creditors to $2.9 billion."

"Americas Mining Company, a Grupo Mexico Affiliate, Amends Reorganization Plan to Retain Equity Interest in ASARCO LLC"

"[June 2, 2009 Business Wire]....the competing plan under consideration by the Court, offered by India-based Vedanta, offers only $1.1 billion in cash and a non-interest bearing so-called “copper note,” which Vedanta values at $200 million, backstopped only by a $100 million letter of credit. As previously announced, AMC has funded an escrow with $1.3 billion to backstop its plan. A third plan, offered by Harbinger Capital Partners, amounts to $500 million in cash with interests in litigation against Vedanta and AMC that may never be realized...."
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20090602005819&newsLang=en

"Insurer Objects To Grupo's Asarco Plan Disclosures"

"Insurance company Century Indemnity Co..... lodged its objection Friday in the U.S. Bankruptcy Court for the Southern District of Texas, claiming that the Mexican parent company’s disclosure statement fails to provide adequate information..."

http://insurance.law360.com/registrations/user_registration?article_id=104141&concurrency_check=false

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


Wednesday, May 27, 2009

2007 TXDOT leases TX Pacific Rail line to Grupo Mexico

"TEXAS PACIFICO RAIL LINE Project Sponsors: Texas DOT and Grupo México
...Project Description: ....The rail line is 400 miles long, running
between Forth Worth to the border of Mexico, at Presidio, where it
connects to Ferromex railroad in Mexico. TexasDOT purchased the rail
line in 2001, acquiring all rights, titles, and interests in the rail
line. The
rail line was leased and is currently operated by Grupo México."
http://ops.fhwa.dot.gov/freight/publications/freightfinancing/freightfinancing.pdf
[from 2007]

Tuesday, May 26, 2009

April 23 2009: Harbinger sells CALPINE common stock (20 million shares)

"April 23, 2009 4:40 PM EDT
Calpine Corporation (NYSE: CPN) announced today that Harbinger Capital
Partners Master Fund I, Ltd. has agreed to sell 20,000,000 shares of the
company's common stock in a registered public secondary offering."
http://www.streetinsider.com/Equity+Offerings/Calpine+(CPN)+Said+Holder+Harbinger+Capital+To+Sell+20M+Shares/4584876.html

20090515 "Pensiongate"

"By the way, how come the unions are not outraged by the looting of
members' pension funds by Carlyle, Morris, Rattner and the other bums? "
http://truenewsfromchangenyc.blogspot.com/2009/05/carlyle-lies-nobody-listens-gets-away.html
<cid:part1.08090006.01010502@gmail.com>

..."An affiliate of Harbinger Capital Partners won court permission on Tuesday..."

Google Web Alert for: asarco
Harbinger Competes for Asarco in Bankruptcy Court DealBook Blog ...
"An affiliate of Harbinger Capital Partners won court permission on Tuesday to try to reorganize the bankrupt copper miner Asarco making the hedge fund ..."

Still as of old men....

"Still as of old men
by themselves are priced -
for 30 pieces Judas sold
himself, not Christ."
- Hester H. Cholmondeley (19th Century)

Monday, May 25, 2009

May 26'th hearing ASARCO bankruptcy court


Grupo Mexico: proposed Asarco reorganization debt load concerns S&P
"Mineweb - London,England,UK
S&P is afraid the $1.3 billion-plus offer of Grupo Mexico and Americas Mining Corp. to reorganize Asarco could have a significant near-term effect on the ..."
Google News Alert for: asarco

"...On May 15th, AMC proposed to contribute $1.3 billion to fund the Asarco asbestos trust to be established under the proposed reorganization plan. The company also committed to an additional $250 million contribution in a year in return for new equity interests to be issued for the reorganized Asarco. ....
A hearing is scheduled before a Texas federal bankruptcy court on May 26th to consider both AMC's offer and  the Sterlite Industries offer to fund Asarco's reorganization by buying Asarco's assets for $1.1 billion in cash and a $600 million nine-year noninterest-bearing promissory note...."

Sunday, May 24, 2009

?Our new EPA?

"Following the news that EPA would let 42 mountaintop mining operations proceed in Appalachia, protesters took to three West Virginia mining sites on Saturday, chaining themselves to giant coal trucks, draping a sign on a coal sludge pond, and taking a public stand against a practice that is threatening their homes and devastating their mountains."

"“They left a banner on top of 7 billion gallons of toxic waste and they got charged with littering,” Noerpel said."

http://solveclimate.com/blog/20090524/17-arrested-west-virginia-protesting-mountaintop-mining

Saturday, May 23, 2009

NYTimes now in debt to Carlos Slim and Harbinger has two seats on its board....

"Harbinger acquired its stake in the NYTimes in 2007. Since then, the $500 million investment has lost more than three quarters of its value. Harbinger has two seats on the Times board of directors."..."The Times' $1 billion-plus in debt forced it to take a loan from Mexican billionaire Carlos Slim worth $250 million earlier this year.[2009] The Times paid $4.5 million up front to borrow the money and will pay 14% interest." http://www.thewrap.com/article/fortune-geffen-almost-had-his-hands-new-york-times)









Google Alert "Harbinger seeks to make offer for bankrupt Asarco"



Harbinger seeks to make offer for bankrupt Asarco
"Reuters - USA
By Emily Chasan NEW YORK, May 22 (Reuters) - Harbinger Capital, one of Asarco LLC's largest bondholders, is seeking to offer its own $500 million ..."


Tuesday, May 19, 2009

SWISS BANK ASARCO AG

Why does "Asarco Inc." show up as part of a SWISS BANK called Asarco AG?

"Asarco AG
Usteristrasse 11
8001 Zürich
Lageplan | Nachbarschaft

Status:
aktiv
Rechtsform:
Aktiengesellschaft
Kapital:
CHF 100'000

Übersicht
Eintrag ins Handelsregister:
30.09.1988
Rechtssitz der Firma:
Zürich (ZH)

Übersetzungen des Firmennamen
Asarco Inc.
Asarco SA

Asarco AG Usteristrasse 11 8001 Zurich Layout plan | Neighbourhood Status: actively Legal form: Corporation Principal one: CHF 100' 000 Overview Entry in the Register of Companies: 30.09.1988 Right seat of the company: Zurich (ZH) Translations ["other"] company names of the Asarco Inc. Asarco SA"
http://www.moneyhouse.ch/u/asarco_ag_CH-020.3.901.838-1.htm

ALSO:
"Company    Asarco AG
Translation    Asarco Inc.
    Asarco SA
CH NUMBER    CH02039018381
ADDRESS    Usteristrasse 11 8001 Zurich
Company state    Active
Legally form    Joint stick company
Capital    CHF 100 ' 000
PUR-float    Financial transactions of all kinds, switching and execution of financings, practice of trust functions and thus coherent services as well as execution of consultation and expert's assessments; can take part in other enterprises as well as properties, patents, rights and licenses acquire, hold and sell.
This company into the commercial registers    Show (on-line CR summary)
Commercial register in load    RC OF the CAN clay/tone Zurich


Climb    DATE    Category    Publication
26    4.9.2006    Commercial register
Mutation    Asarco AG, in Zurich, CH-020.3.901.838-1, financial transactions, corporation (T/plate No. 167 from 31. 08. the 1998, P. 5999).
New ADDRESS: Usteristrasse 11, 8001 Zurich.
Issue No. of 23523 OF 29.08.2006 (3532938/CH02039018381)
SOGC publication (pdf file)
100    31.8.1998    Commercial register
Mutation    Asarco AG, in Zurich, financial transactions, corporation (T/plate No. 141 from 25. 07. the 1997, P. 5311).
People deleted or signatures revoked: Beltracchi, Angela, of Basel, in upper confining rings, member, with single signature.
Peoples registration new or modified: Haberthür, Urs, of width brook, in upper confining rings, member, with single signature."
http://www.edoceo.ch/en/asarco_ag_CH02039018381.aspx

property is held in trust by Swiss company Asarco AG

Lender asserts claim on lakefront mansion
Crain's Chicago Business - Chicago,IL,USA
"The property is held in trust by Swiss company Asarco AG, which Mr. Mikhail controls, according to the complaint and public records. ..."

"....A Caribbean investment company has sued to collect on a $12-million loan to a little-known investor, asking the court to put a lien on a lakefront mansion in Highland Park. Foreign investor Mikhail Katamanin took out the short-term loan in March 2008 from Plymouth Consultants Ltd., which is based in the British Virgin Islands, ...The property is held in trust by Swiss company Asarco A.G., which Mr. Mikhail controls.... Northbrook lawyer Irving Drobny, who represents Asarco, is out of the country until next week....."

Iron Triangle: Carlyle Group Exposed (first 2 minutes in Dutch, rest in English)

TCEQ begs the question of the secret toxic waste

To:  Michael Chamberlain, TCEQ Legal Assistant
Fr:  Heather McMurray

If the TCEQ is "required to produce portions of documents that do not fall under an exemption even if other portions of the document fall under an exemption."  then why hasn't TCEQ done so?  

The TCEQ's actions appear as a deliberate evasion of open-government and access to the information I requested.  You have completely ignored my request, when I stated: "However, this time you and/or he QUALIFIED that statement by adding the words  "IN HIS POSSESSION".   Please tell me in whose possession this data is in, if not in his [Mr. Brad Wilkinson's] possession."  

My only conclusion can be that the TCEQ does not want the Paso del Norte Community to know what poisons have been left here from what the EPA/DOJ 1998 confidential-for-settlement-purposes-only-document told us was deliberate incineration of unmanifested toxic-wastes for profit over years.

"I continue to point out that it is inherently incredulous that Mr. Wilkinson claims he has no communications (email, phone, electronic-mail from the phone, correspondence) about mercury (or strontium or the other chemicals I listed).   However, this time you and/or he QUALIFIED that statement by adding the words  "IN HIS POSSESSION".   Please tell me in whose possession this data is in, if not in his possession.  It is inherently impossible for the TCEQ primary remediation contact to have no communications on record regarding these contaminates of concern."

"It is inherently incredulous that the main contact (B. Wilkinson) for all ASARCO El Paso remediation work for the last decade has no emails, wireless or otherwise (or phone logs, or correspondence) responsive to my request.  This is bordering on a deliberate withholding of information from the public.
In regards to having to submit a request for documents through the TCEQ public information - I had already done this, and these email communications were a result of Mr. Wilkinson refusing to admit he has any information responsive to my request.   Please note that I stated "If any of the information cannot be released to me in whole or in part because of confidentiality, please list those documents in question."  The latter was not done.

You will note the following records request.  Your offices have consistently failed to reply to my message stating that it is impossible for Mr. Wilkinson to not have Asarco El Paso Mercury data (for example) from the TCEQ when the TCEQ itself has sent me ASARCO mercury data.  There is no one else who oversees the remediation at the TCEQ.  He is the sole contact."