TXCO Mineral Lien Holders Object To Rights Transfer

Law360, New York (September 9, 2009, 12:27 PM EDT) -- An ad hoc group of mineral lien holders has objected to bankrupt oil company TXCO Resources Inc.'s proposal to transfer certain oil exploration and production rights in three Texas counties to Redemption Oil & Gas LLC, saying the proposal does not protect the lien holders' interests.

The lien holders on Sept. 8 asked the the U.S. Bankruptcy Court for the Western District of Texas to deny the motion, require TXCO to pay their lien claims or otherwise provide adequate protection. TXCO is seeking to transfer its...
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