Solutia's financial advisor and law firm object to JP Morgan Chase request

By Jeff Pines

Washington, Aug. 2 - Solutia Inc.'s financial advisor Rothschild Inc. and its law firm Debevoise & Plimpton objected to JP Morgan Chase Bank's request to investigate Rothschild and its counsel.

JP Morgan is the indenture trustee for Solutia's $150 million in 6.72% notes due Oct. 15, 2037 and $300 million of 7.375% notes due Oct. 15, 2027.

It obtained a court order on March 5 to investigate Solutia's record, but called the St. Louis-based chemical company's response as "reluctant at best," and said it is concerned that Solutia has not turned over all of the documents it should have.

Solutia's counsel told the bank a number of times that some of the documents it wanted were with Rothschild, Winston & Strawn and Kroll Zolfo Cooper, which is why it asked the court to order them to turn over the documents it wants, JP Morgan said in a previous court filing.

In a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York, Rothschild said it already turned over documents.

Rothschild said it and its client "have and continue to expend sizable efforts to comply with JP Morgan's all-encompassing discovery, despite the extensive disruptions caused hereby."

As for documents held by Debevoise & Plimpton, any documents it held would be "irrelevant and privileged," Rothschild said.

Solutia filed for bankruptcy on Dec. 17, 2003. Its Chapter 11 case number is 03-17949.

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