$135M ATP Royalty Suits Belong In District Court, Judge Says

Law360, Chicago (April 26, 2013, 6:57 PM EDT) -- A Texas bankruptcy judge on Thursday recommended that the district court take over adversary suits against ATP Oil & Gas Corp. concerning two offshore-drilling royalty deals worth $135 million, but not until the case goes to trial.

A unit of global investment bank Macquarie Group Ltd. and Keba Energy LLC launched the complaints last month, alleging they were led to believe the royalty interests they purchased from ATP constituted real property, only to have the company claim after it filed bankruptcy that the interests were, in...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.