Deutsche Bank asks court to dismiss Yukos' Chapter 11

By Jeff Pines

Washington, Dec. 31 - Deutsche Bank asked the U.S. Bankruptcy Court for the Southern District of Texas to dismiss Yukos' Chapter 11 case, calling it a "last ditch effort" to forestall the Russian government's auction of its assets to repay tax liabilities.

In its paperwork, Deutsche Bank, a Yukos creditor, argued that Yukos is, in fact, a Russian company which has manufactured an artificial American presence through the residency of Bruce Misamore, its chief financial officer, in Houston and non-debtor funds.

Misamore worked in Moscow until Dec. 4, and he is Yukos' only employee on American soil.

The Russian government auctioned off Yukos' Yuganskneftegas unit on Dec. 19 for $9.4 billion to a state-controlled oil and gas company.

From its position, Deutsche Bank believes the Yukos filing was done in bad faith and the case should be dismissed.

Yukos filed for bankruptcy on Dec. 14. Its Chapter 11 case number is 04-47742.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.