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Lyondell Trustee Hits Blavatnik Unit With $145M Suit

Law360 (April 25, 2011, 3:04 PM EDT) -- The litigation trustee for Lyondell Chemical Co.’s creditors filed suit in New York on Friday to recover $145 million distributed from petrochemical giant Basell AF SCA weeks before owner Len Blavatnik completed the overleveraged buyout of Lyondell in 2007.

The adversary complaint alleges that as part of Blavatnik’s effort to strip Basell of cash prior to the LyondellBasell merger, he caused €100 million in shareholder distributions to be “upstreamed” to defendant NAG Investments LLC, an entity he holds a 97 percent stake in.

“Notwithstanding the declarations...
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