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Asarco Says Parent Company's Deceit Led To Ch. 11

Law360 (May 14, 2008, 12:00 AM EDT) -- The bitter war of words between Asarco LLC and its Mexican parent company has escalated, with the bankrupt mining unit accusing Grupo Mexico SA de CV of engaging in a sham transaction that torpedoed the subsidiary into Chapter 11.

Proceedings got underway Monday for the billion-dollar family squabble, with Asarco alleging that Grupo Mexico illegally transferred its majority stake in Southern Peru Copper Corp., thus robbing Asarco of its ability to stay afloat.

“Asarco seeks to avoid the fraudulent transfer on or about March 31, 2003,...
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