Asarco Assails Sterlite Plan To Cash In On Losing Bid

By Richard Vanderford

Law360, New York (January 27, 2010, 5:41 PM ET) -- Asarco LLC is up in arms over a move by failed suitor Sterlite Inc. to recover at least $50 million spent during an aborted bid for the then-bankrupt mining company, claiming that Sterlite is playing a game of “heads I win, tails you lose.”

Calling the plan a “remarkable display of hubris,” Asarco on Monday asked the U.S. Bankruptcy Court for Southern District of Texas to nix Sterlite's plan to be paid back a $50 million security it lost when it backed out of the deal....
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