Tronox Trust Wins Up To $14B In Kerr-McGee Spinoff Row

Law360, Los Angeles (December 12, 2013, 9:11 PM ET) -- A New York bankruptcy judge on Thursday sided with the Tronox Inc. litigation trust on its claims that ex-parent Kerr-McGee Corp. had saddled it with environmental liabilities and stripped its healthy assets before spinning it off, and said he would enter damages of $5.1 billion to $14.1 billion against Kerr-McGee for the fraudulent transfers.

The decision comes exactly a year after attorneys for the Tronox litigation trust and Kerr-McGee delivered closing arguments in the trial, with the trust saying its ex-parent, now a wholly owned subsidiary...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required