Wednesday , September 18 2019
Home / argentina / One more megacause against YPF begins to be defined: now, for Maxus ranch

One more megacause against YPF begins to be defined: now, for Maxus ranch



The prosecutor and the defendant have to file their files today in the area where the proceedings are taking place: a court in Delaware, where Elliott's Fund, Paul Singer, came to persecute Argentina in the years Cristina Fernández de Kirchner made presentations for the cause of the "money route". In that same court, a court front develops, since Maxus had a head office in the state of Delaware with respect to the tax advantages granted to him.

The cause began 60 years ago, when it was proven that Maxus Energy Corporation had issued 50 Dioxin Pesticides, manufactured at the Diamond Alkali factory in Newark, New Jersey, 1950s. a factory that at that time was his property. The complaint was filed by the local government itself, when it was confirmed that the river Passaic contained that word products, highly carcinogenic and one of the most polluted waterways; and they were used by mariners in the Vietnam War. Diamond Alkaline is one of the main components of the Agent Orange blending component. The first presentations originate from the late 60s of the last century, but then the New Jersey state deepened its demands. At the trial and because of the company's bad image, Maxus changed his name by renaming Diamond Shamrock; a company that later sold Tierra Solutions, a subsidiary of Maxus. At the end of the 1980s, Maxus sold it to Occidental Petroleum Corporation (Oxy).

The case continued without resolution for decades; but it was always active. In 1995, during the reign of Carlos Menema, after the opening of the oil company's private companies and during the management of José Estenssoro as president of the company; bought Maxus for about $ 762 million with the goal of expanding YPF to the North American market. And from there to turn it into a multinational company. Estenssoro always believed in Maxus's potential, especially for investments in the Latin American continent, particularly in Venezuela, Ecuador and Bolivia. Maxus had large amounts of debts, which were sanitized, and then began the process of transferring assets to YPF for almost 1 billion USD. During Repsol management, the company is abandoned, accumulating liabilities of more than $ 300 million, adding debts to suppliers and their staff. In 2012 (the same year of renationalisation), the Delaware court ruled against Maxus and Tierre. During the administration of Miguel Galluccia, a special study was commissioned on the state of the oil company and its capabilities, the results of which determined that it was best that the company was closed and its presentation at the tender. Gallucio left the YPF leadership, but the report was so monstrous (Maxus did not return to any of the exercises under the wing of the Argentine oil company), leading to the arrival of Miguel Angel Gutierrez for the YPF president. to move forward with final bankruptcy. The announcement was made on June 22, 2016, noting that Maxus Energy Corporation, Tierra Solutions, Maxus International Energy Company, Maxus (US) Exploration Company and Gataway Coal Company filed for bankruptcy in Wilmington, Delaware, . oil company Gutierrez made a decision after analyzing, based on Gallucci's report, that the company was unsustainable and had unresolved cases involving time bombs. However, after the introduction in 2016, the New Jersey state demanded the intervention of the cause, warning that what attempted by the Argentinean oil company was a separation from liability in case of Passaic pollution. The case was analyzed by Judge Christopher Sontchi of the District Bankruptcy Court in Delaware, who filed a lawsuit and decided on 20 February that the case should be resumed, rejecting the YPF's request to close the case and open the case. The degree of investigation of whether YPF is responsible for the effects of pollution caused by Maxus after having acquired an oil company in 1995. a clause that was paid to the former owners of Maxus about $ 130 million (plus another $ 65 million); forming a bankruptcy fund that would cover all open causes, including those that respond to environmental damage. According to a lawyer who defends the company, this document should preserve YPF from subsequent obligations. YPF also argues that at the time of Maxus's acquisition in 1995, the Diamond Alkal (the one Agent Agent Orange blasting in the river) manufacturing facility was no longer owned by the US oil company. However, that argument at that time was not sufficient to convince Sontchi to fail to take responsibility for the YPF.

The argument from New Jersey is that Oxy, during the liquidation, filed a request for bankruptcy to Maxus, blaming him for the sentence imposed on him by the decision of the United States Environmental Protection Agency. about $ 300 million per kilometer contaminated. New Jersey also guarantees that the North American judiciary, by decision of the liquidation committee Maxis Energy Corporation, has decided to pay fines for the YPF. The decision will be Judge Sontchi. Once again, a long trial is promised, which will necessarily require time to settle and several loser appeals. This case is an adjunct to court proceedings in New York's Southern District of Loretta Presque, where the Burford Capital Investment Fund recovers the way YPF is nationalized again in May 2012. In this case, during this week, parties have to replace a judge who replaced Thomas Gries arguments that they consider to be taken into account. Argentina will insist on moving the case to Buenos Aires.


Source link