Law360, Wilmington (June 15, 2017, 5:54 PM EDT) -- A bankruptcy auction battle produced a $20.5 million tentative winning cash bid for Molycorp Minerals LLC's idled California rare earth mine, company officials reported Thursday, in a disputed outcome that ended far above the company's initial $1.2 million stalking horse offer.
The apparent winner, MP Mine Operations LLC, includes two noteholder groups from Molycorp’s original bankruptcy as well as Chinese investor Shenghe Resources Shareholding Co. Ltd.
Coming in second with a $20 million bid was ERP Strategic Minerals LLP, a venture led by billionaire Thomas Clarke and that had been designated initially as the mine's bidder-to-beat. MPMO submitted a last-minute, $1.4...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!