Lyondell Sponsors Oppose Broader Scope For Examiner

Law360, New York (January 11, 2010, 2:22 PM EST) -- Potential sponsors of an equity rights offering by bankrupt Lyondell Chemical Co. have rejected as “harassment” the unsecured creditors committee's latest motion to expand the scope of an examiner's investigation.

Access Industries Inc. and affiliates lodged a motion of opposition Friday stressing that examiner Jack F. Williams, appointed in October to investigate whether Lyondell did anything “out of the ordinary” when selecting a sponsor for the offering, already rendered a finding of no impropriety.

“The committee ignores ... an inconvenient truth: The debtors' decision-making process was...
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