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Jun 7, 2012

Southern Copper argues to overturn $2 bln judgment

June 7 (Reuters) – A $2.03 billion judgment in a lawsuit
brought by shareholders of Southern Copper Corp should be
overturned because a key witness from deal adviser Goldman Sachs
Group Inc was excluded from the trial, lawyers
challenging the ruling argued in Delaware’s Supreme Court on

The judgment was awarded by Delaware Chancery Court Judge
Leo Strine in October 2011 in a case brought by investors who
accused Southern Copper of overpaying in the 2005
takeover of privately held Minera Mexico.

Jun 7, 2012

Tribune seen nearing bankruptcy conclusion

, June 7 (Reuters) – Tribune Co’s long
bankruptcy entered what is expected to be the final stage on
Thursday, although the media company still faces months of
regulatory clearances to transfer broadcast licenses to new

The owner of 23 television stations and publisher of the
Chicago Tribune and Los Angeles Times asked a Delaware
bankruptcy court to approve a reorganization plan to pay off
creditors. The company failed a year ago in an attempt to end
its Chapter 11 case because of creditor disputes, but this time
success appears much more likely.

May 31, 2012

Martin Marietta loses appeal of Vulcan bid ruling

, May 31 (Reuters) – Martin Marietta Materials
Inc lost its appeal to overturn a court order that
halted its $4.5 billion hostile bid and proxy contest for rival
Vulcan Materials Inc.

Delaware’s Supreme Court on Thursday affirmed a ruling by
the state’s Court of Chancery, which prevented Martin Marietta
from seeking to elect four nominees to Vulcan’s board at
Friday’s meeting of Vulcan shareholders.

May 30, 2012

Delaware struggles to sustain its MERS lawsuit

WILMINGTON, Del, May 30 (Reuters) – Attorneys for the state
of Delaware struggled at a court hearing on Wednesday to keep
alive a closely watched lawsuit against MERS, the electronic
mortgage registry accused of abuses in housing foreclosures.

The state’s lawsuit, announced at press conference in
October, is seen as a test case for addressing concerns that
homes were being seized from defaulted borrowers without
following proper procedures.

May 30, 2012

Martin Marietta’s Vulcan appeal seen as long shot

WILMINGTON, Delaware (Reuters) – Martin Marietta Materials Inc (MLM.N: Quote, Profile, Research, Stock Buzz) may have little chance for success when it goes to Delaware’s Supreme Court on Thursday for what could be a last-gasp attempt to revive its $4.5 billion hostile bid for Vulcan Materials Co (VMC.N: Quote, Profile, Research, Stock Buzz).

Martin Marietta, which wants to complete the deal to become the world’s biggest producer of sand, gravel and other construction materials, hopes to reverse a ruling made earlier this month by Delaware’s Court of Chancery. In that decision, Judge Leo Strine blocked the company from pursuing the hostile bid and a proxy contest for four months as punishment for violating confidentiality agreements with Vulcan.

May 25, 2012

Feeding frenzy for lawyers in botched Facebook IPO

By Tom Hals and Dan Levine

(Reuters) – Facebook Inc’s bungled initial public offering has gone from one of the most highly anticipated stock offerings to a hot legal opportunity for lawyers on both sides of shareholder litigation.

Court battles over the fizzled IPO could run for years, as the social networking company, the banks that took it public and the Nasdaq OMX Group Inc face claims that they short-changed investors.

May 24, 2012

UK watchdog should starve “free” banking

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, May 24 (Reuters Breakingviews) – Andrew Bailey has a
point. The UK’s chief bank regulator-in-waiting has taken aim at
one of the peculiarities of Britain’s retail banking system:
customers generally do not pay for services like current
accounts, using cash machines and writing cheques. As Bailey
notes, this perpetuates the UK’s banking oligopoly. It is also
fiendishly difficult to unwind.

May 23, 2012
via Breakingviews

Eurovision a good metaphor for lack of euro vision


By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The euro zone crisis is everywhere. The political and economic plight of Greece and Spain has reached fever pitch. And now awareness of the splintering currency area’s economic realities has reached the Eurovision Song Contest.

May 22, 2012

“Mini-Madoff” ordered to pay ex-partners $35 mln

May 22 (Reuters) – The founder of a hedge fund was found on
Tuesday to have defrauded his former partners and was ordered to
pay them $35 million in a case described by one lawyer as a

James Crombie, a one-time JPMorgan Chase & Co
trader, was ordered by a Delaware Court of Chancery judge to
compensate Peter McConnon and Timothy Lyons for their
contributions to starting Paron Capital Management LLC and for
lost future earnings.

May 18, 2012

Martin Marietta appeal moved to eve of Vulcan meet

By Tom Hals

(Reuters) – Martin Marietta Materials Inc’s (MLM.N: Quote, Profile, Research, Stock Buzz) appeal of a lower court ruling that halted its $5 billion hostile tender for rival gravel maker Vulcan Materials Co (VMC.N: Quote, Profile, Research, Stock Buzz) was postponed to May 31, the day before a key Vulcan shareholders meeting.

The Delaware Supreme Court had originally scheduled the oral argument for May 25.

    • About George

      "George Hay coordinates European financial coverage and writes about macroeconomics, the euro zone and UK/European financial policy. He covered European banks for Breakingviews during the financial crisis, and has also worked as a correspondent for AFX News and at United Business Media. He attended Edinburgh University and his work has been recognised at the UK’s Business Journalist of the Year Awards. Follow George on Twitter @gfhay"
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