Tronox Expert Says Co. Was Bankrupt At Time Of IPO

Law360, New York (June 25, 2012, 6:48 PM EDT) -- A Tronox Inc. solvency expert took the stand Monday in a trial in which the pigment maker is suing ex-parent Kerr-McGee Corp. over legacy environmental liabilities it says sent it into bankruptcy, testifying that Tronox was insolvent following its 2005 initial public offering.

Dr. Grant W. Newton — executive director of the Association of Insolvency and Restructuring Advisors and solvency expert for the Anadarko Litigation Trust, which is pursuing claims against Kerr-McGee as successor to Tronox — supported the plaintiff's stance that because of the environmental,...
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