Tronox Trust Wins Up To $14B In Kerr-McGee Spinoff Row
Law360, Los Angeles (December 12, 2013, 9:11 PM EST) -- A New York bankruptcy judge on Thursday sided with the Tronox Inc. litigation trust on its claims that ex-parent Kerr-McGee Corp. had saddled it with environmental liabilities and stripped its healthy assets before spinning it off, and said he would enter damages of $5.1 billion to $14.1 billion against Kerr-McGee for the fraudulent transfers.
The decision comes exactly a year after attorneys for the Tronox litigation trust and Kerr-McGee delivered closing arguments in the trial, with the trust saying its ex-parent, now a wholly owned subsidiary of Anadarko Petroleum Co., owed more than $14 billion for the transfers.
U.S. Bankruptcy Judge...
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