Parent Co. Moves To Rein In Asarco LLC

Law360, New York (August 14, 2007, 12:00 AM EDT) -- The parent of Asarco LLC wants court approval to effectively ground its wayward child, saying the bankrupt copper mining company was rushing headlong into settlements without consent.

In a motion filed Monday, Asarco Inc. asked a Texas bankruptcy judge to restrict its subsidiary's power to enter into the deals “over the parent's strong protest.”

“Asarco has demonstrated time and again in its rush to obtain settlements or agreements that the interests of the parent are simply not relevant to it,” the company told U.S. District Judge...
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