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ASARCO LLC
ASARCO LLC Wins Liability Phase of Fraudulent Transfer Trial against Grupo Mexico
September 20th, 2008
On August 30, U.S. District Judge Andrew Hanen of Brownsville, Texas issued a 190-page opinion holding that Americas Mining Corporation (AMC), a subsidiary of Grupo Mexico S.A. de C.V., had perpetrated a fraudulent transfer to itself of ASARCO LLC's controlling interest in Southern Peru Copper Corporation (SPCC). The judge ruled that "AMC closed the SPCC transaction with actual intent to hinder or delay some of ASARCO's creditors." Judge Hanen also found that AMC had an agreement with ASARCO's directors "to abandon their duties to ASARCO and ASARCO's creditors and instead act to structure and accomplish the SPCC transfer, knowing that the transaction as contemplated...
Source: Law & Health Weekly (2008-09-20)
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