PRSI Can't Force Arbitration With Transcor: Texas Court

Law360, New York (May 19, 2011, 7:08 PM EDT) -- A Texas state appeals court ruled Thursday that PRSI Trading Co. LP cannot force arbitration in its dispute with subsidiaries of Transcor Astra Group over $25.5 million in loans PRSI used to operate a Texas oil refinery.

PRSI had appealed a trial court's denial of its motion to compel arbitration of its dispute with Astra Oil Trading NV and other Transcor subsidiaries and to stay further court proceedings, but the appeals court said PRSI had waived its right to compel arbitration by substantially involving itself in...
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