Tronox Witness Says Kerr-McGee Misstated Liabilities

Law360, New York (June 14, 2012, 8:56 PM EDT) -- A Tronox Inc. accounting expert took the stand Thursday in a trial pitting the company against ex-parent Kerr-McGee Corp. over legacy environmental liabilities the pigment maker was allegedly saddled with, testifying that flawed reserve practices caused understatements in Tronox's environmental and tort liabilities.

AlixPartners LLP managing director Robert J. Rock, testifying in the monthslong trial before U.S. Bankruptcy Judge Allan L. Gropper in Manhattan, said Kerr-McGee employed flawed practices for setting reserves for possible environmental and litigation liabilities ahead of its November 2005 initial public offering...
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