5th Circ. Backs Payment Of Asarco Auction Costs

Law360, New York (August 16, 2011, 7:18 PM EDT) -- The Fifth Circuit on Tuesday affirmed a bankruptcy court ruling that allowed bidders for mining company Asarco LLC's major asset — a $1.4 billion judgment related to a wrongful stock transfer — to be reimbursed for the legal costs required to analyze the transaction.

The appeals court said the bankruptcy court correctly authorized the reimbursement to auction bidders, finding that there was no clear error in its decision.

The judgment, Asarco's most substantial asset, was the result of an adversary proceeding over the wrongful transfer of...
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