$305M Oil Lease Suit Time-Barred, Castex Investors Say

Law360, Houston (December 10, 2012, 6:22 PM EST) -- Castex Energy Inc. and a group of investors told a Texas federal court Friday that a Mirant Corp. successor’s suit alleging it was cheated in a $305 million oil and gas lease sale should be dismissed because it was filed too late.

The energy company and a large group of stakeholders known as the Castex 1995 Investors argued in a pair of motions to dismiss that MC Asset Recovery LLC’s suit should have been filed during Mirant’s bankruptcy proceedings and is untimely under Texas law....
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