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Glass houses
Dan Slater of the Wall Street Journal's Law Blog notes the Kremlin's recent refusal to grant parole to former OAO Yukos CEO Michael Khodorkovsky, who is serving an eight-year prison sentence in Siberia for tax evasion and fraud. Khodorkovsky's...
Not so fast, Mr. Eisenstat
As noted in a number of these previous posts, the Russian government's dismemberment and effective nationalization of the assets of OAO Yukos last year has dire implications generally for Western business interests hoping to engage in reasonably free commercial investment...
The similarity of Russian and U.S. prosecutions of business figures
Former billionaire Russian oil magnate Mikhail Khodorkovsky was sentenced to nine years in prison yesterday by a Russian court in a case that businesspersons from around the world have followed carefully as a sign of the Russian government's willingness to...
This is not what the Chamber of Commerce had in mind
In the wake of dismantling former Russian oil giant OAO Yukos, the Russian government hammered British Petroleum PLC's Russian joint venture with new back-tax claims totaling about $790 million. The news did not do much for the already jittery capital...
Updating the Yukos case -- Yukos continues to go for broke
Russian oil company and former United States debtor-in-possession OAO Yukos lost another round in its legal battle with its creditors Friday as U.S. District Judge Nancy Atlas declined to grant the company a stay under Fed. R. Bankr. P. 8005...
Updating the Yukos case -- Judge Clark dismisses chapter 11 case
U.S. Bankruptcy Judge Letitia Z. Clark dismissed OAO Yukos' controversial chapter 11 case yesterday, concluding that there is inadequate precedent for a major foreign oil company to gain the substantial legal protections of a debtor-in-possession under U.S. bankruptcy law. Here...
Updating the Yukos case -- Hearing on Motion to Dismiss cranks up
The hearing on whether Russian oil company and American debtor-in-possession OAO Yukos' chapter 11 case should be dismissed began on Wednesday in U.S. Bankruptcy Judge Letitia Clark's Houston courtroom as Hugh Ray, Deutsche Bank AG's lawyer, urged Judge Clark to...
Updating the Yukos case -- Yukos shareholder sues Russian Government
Group Menatep Ltd. is the offshore entity under which jailed Russian billionaire Mikhail Khodorkovsky and several of his associates hold the controlling stake in Russian oil company and American debtor-in-possession OAO Yukos. Here are the previous posts on the fascinating...
Updating the Yukos case -- Will Yukos sue China?
As Russian oil giant OAO Yukos continues its attempt to maintain jurisdiction of its pending chapter 11 bankruptcy case in Houston, this report today confirms what had been suspected earlier -- i.e., that energy-driven China loaned Russia $6 billion secured...
Fifth Circuit upholds vague Commodity Exchange Act reporting law
The Fifth Circuit Court of Appeals in New Orleans issued this decision on Friday in the case of former Dynegy trader Michelle Valencia that upholds a controversial law that the Justice Department has used to charge a group of Houston...
Updating the Yukos case -- TRO hearing proceeding
On the heels of Yukos' chapter 11 filing late Tuesday in a Houston, U.S. Bankruptcy Judge Letitia Clark will continue hearing testimony on Yukos' request for a temporary restraining order this morning. The TRO request is Yukos' last ditch attempt...
Russian oil giant files chapter 11 in Houston
The Russian Government is being challenged with the rule of law, United States Bankruptcy Code style. In a stunning development, embattled Russian oil giant Yukos has filed a chapter 11 case in Houston late Tuesday and requested a temporary restraining...
ConocoPhillips' ambitious Russia play
Houston-based ConocoPhillips announced earlier this week a $2.36 billion "strategic alliance" with Moscow-based OAO Lukoil under which Conoco will buy a 7.6% stake in the Russian oil company and get a share in joint projects. The deal provides Conoco access...
Yukos Oil bank accounts frozen
This NY Times article reports that Russian governmental officials ordered court bailiffs to take the extraordinary step of freezing Russian energy giant Yukos Oil's bank accounts and demanding payment of a $3.4 billion tax debt within five days. Here are...
Russian trial on capitalism
This NY Times article provides an excellent analysis of the trial of Mikhail B. Khodorkovsky, who, until his arrest eight months ago, was the chief executive of Russia's Yukos Oil, which he had transformed into one of Russia's biggest and...
Doing business in Russia -- not for the fainthearted
On the heels of this announcement regarding Russian oil giant Yukos' default on $1 billion in bank debt, this Wall Street Journal ($) article provides an excellent overview of Exxon's travails in attempting to make a major investment in Yukos....
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