Search

Follow me

RSS feed

Archive

2018   2017   2016   2015   2014   2013   2012   2011   2010   2009   2008   2007   2006  

Welcome /  Blog /  2018-03-doc2 Oi brasil Coop - Aurelius Part II

2018-03-doc2 Oi brasil Coop - Aurelius Part II

On the Oxford Business Law Blog (https://www.law.ox.ac.uk/business-law-blog/blog/2018/03/power-trends-international-insolvency-law) this week, I reported about the December 4, 2017, case of the U.S. Bankruptcy Court for the Southern District of New York. It cave a judgment re the Dutch company Oi Brasil Coop'request to recognise Dutch insolvency proceedings. There was fierce resistance from Aurelius Capital Management. See http://www.nysb.uscourts.gov/sites/default/files/opinions/267397_174_opinion.pdf, and for my more extensive comments, see the attachment.
Aurelius lives by the rule 'return on investment by fierce liquidation' and wished the New York court to reconsider its decision. The court responded on March 14, 2018: no way!, finding Aurelius blocking strategy inconsistent with the principles of Chapter 15, demonstrating during hearings a lack of candor, manipulation Coop's COMI, obscuring evidence, rewriting or alter the court's findings, and so on. See
http://www.nysb.uscourts.gov/sites/default/files/opinions/267397_200_opinion.pdf. Evidently, hemanneverenough will turn up again (and again).