JURIST Supported by the University of Pittsburgh
PAPER CHASE NEWSBURSTDigest RSS feedFull RSS feed
Serious law. Primary sources. Global perspective.


Wednesday, December 29, 2004

Deutsche Bank wants Yukos US bankruptcy claim dismissed
Gretchen E. Moore at 9:39 AM ET

[JURIST] Deutsche Bank asked a US bankruptcy court in Houston Tuesday to dismiss the filing of Russian oil giant Yukos for lack of jurisdiction, contending the company has no American presence beyond two small bank accounts and the residence of its financial chief. Yukos claimed the bankruptcy was properly filed in Texas because CFO Bruce Misamore was conducting company business from his home in Houston, having returned there earlier in December after learning that he may be targeted by Russian authorities if he returned to Moscow. Also, Yukos put $7 million in two Houston bank accounts to cover legal fees and Misamore's costs. Jurisdiction was found to be proper twice in this case when an injunction was granted and later upheld on appeal. Deutsche Bank was one of a consortium of banks, including ABN Amro and Dresdner Kleinwort Wasserstein, that had intended to fund a $10 billion to $13 billion bid by state-owned natural gas company Gazprom to buy Yuganskneftegaz, which produces 60 percent of Yukos' oil and 11 percent of Russia's oil. Deutsche Bank would have earned a significant fee from that transaction, but Gazprom withdrew from the bidding after the bankruptcy court order and the Yukos asset was bought was the mysterious Baikal Finance Group, which was later bought by Rosneft, a Russian state-owned gas firm slated for acquisition by Gazprom under a government plan. The next hearing in the bankruptcy is slated for Jan. 6. BBC News has more.






Link |  | print | subscribe | RSS feeds | latest newscast | Facebook page

For more legal news check the Paper Chase Archive...


LATEST LEGAL NEWS

 Supreme Court rules defendant not entitled to federal habeas relief
12:53 PM ET, May 20

 Supreme Court rules on attorney's fees under vaccine act
11:56 AM ET, May 20

 EU concerned over Russia human rights record
11:18 AM ET, May 20

 click for more...

Get JURIST legal news delivered daily to your e-mail!

LATEST FORUM

The War on Terror and the Need for Muslim Support
DOMESTIC
Faisal Kutty
Valparaiso University Law School

ABOUT

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.

CONTACT

Paper Chase welcomes comments, tips and URLs from readers. E-mail us at JURIST@jurist.org