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Calpine Trustee Sues Philip Morris For $363M

Law360 (May 23, 2006, 12:00 AM EDT) -- U.S. Bank NA, a trustee for bankrupt energy firm Calpine Corp., has sued financier Philip Morris Capital Corp. to recover $363.5 million, as well as control of two idled power plants, for Calpine.

The complaint, filed in the U.S. District Court for the Southern District of New York, accused Philip Morris of failing to provide payments on the properties, thus triggering a clause in their agreement to return control of the plants, along with collateral.

Philip Morris’ collateral in the agreement, according to Minneapolis, Minn.-based U.S....
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