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Court approves PG&E’s $23B bankruptcy financing package
Top Court Watch |
2020/03/17 11:13
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Pacific Gas & Electric on Monday won court approval to raise $23 billion to help pay its bills over destructive California wildfires after Gov. Gavin Newsom dropped his opposition to a financing package designed to help the nation’s largest utility get out of bankruptcy.
The milestone reached during an unusual court hearing held by phone moves PG&E closer to its goal of emerging from one of the most complex bankruptcy cases in U.S. history by June 30.
Newsom has said he fears P&E is taking on too much debt to be able to afford an estimated $40 billion in equipment upgrades needed to reduce the chances of its electricity grid igniting destructive wildfires in the future.
The utility’s outdated system triggered a series of catastrophic wildfires in 2017 and 2018 that killed so many people and burned so many homes and businesses that the company had to file for bankruptcy early last year.
But the recent volatility in the financial markets caused by the coronavirus pandemic apparently softened Newsom’s stance after PG&E lined up commitments from investors promising to buy up to $12 billion in company stock.
Those guarantees are looming larger, given the turmoil that has caused the benchmark Standard & Poor’s 500 index to plunge by roughly 25% during the past three weeks. Because of the company’s already shaky condition, PG&E’s stock has been hit even harder, with shares losing nearly half their value during the same stretch. The stock fell 12% Monday to close at $8.95, its lowest price since early December.
Given the potential for upheaval in the financial markets to persist, PG&E lawyer Paul Zumbro told U.S. Bankruptcy Judge Dennis Montali that the commitments are “critically important.” A representative for Newsom said the governor agreed.
“People often talk tough when there is a level playing field, but in circumstances, almost all people want to make deal,” said Eric Snyder, a bankruptcy lawyer who has been following PG&E’s case.
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International court approves Afghanistan investigation
Top Court Watch |
2020/03/12 12:17
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International Criminal Court judges authorized a far-reaching investigation Thursday of war crimes and crimes against humanity allegedly committed by Afghan government forces, the Taliban, American troops and U.S. foreign intelligence operatives.
The appellate ruling marked the first time the court’s prosecutor has been cleared to investigate U.S. forces, and set the global tribunal on a collision course with the Trump administration.
Prosecutor Fatou Bensouda pledged to carry out an independent and impartial investigation and called for full support and cooperation from all parties.
“The many victims of atrocious crimes committed in the context of the conflict in Afghanistan deserve to finally have justice,” Bensouda said. “Today they are one step closer to that coveted outcome.”
Washington, which has long rejected the court’s jurisdiction and refuses to cooperate with it, condemned the decision while human rights groups and lawyers for victims applauded it.
A five-judge appellate panel upheld an appeal by prosecutors against a pretrial chamber’s rejection in April last year of Bensouda’s request to open a probe in Afghanistan.
While acknowledging that widespread crimes have been committed in Afghanistan, pretrial judges had said an investigation wouldn’t be in the interests of justice because the expected lack of cooperation meant convictions would ultimately be unlikely.
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Court reinstates order for Russia to pay $50 bln over Yukos
Top Court Watch |
2020/02/18 10:33
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In a major legal defeat for the Russian government, a Dutch appeals court on Tuesday reinstated an international arbitration panel’s order that it should pay $50 billion compensation to shareholders in former oil company Yukos.
The ruling overturned a 2016 decision by The Hague District Court that quashed the compensation order on the grounds that the arbitration panel did not have jurisdiction because the case was based on an energy treaty that Russia had signed but not ratified.
The Hague Court of Appeal ruled that the 2016 decision “was not correct. That means that the arbitration order is in force again.”
“This is a victory for the rule of law. The independent courts of a democracy have shown their integrity and served justice. A brutal kleptocracy has been held to account,” Tim Osborne, the chief executive of GML, a company made up of Yukos shareholders, said in a statement.
The Russian Justice Ministry said in a statement after the verdict that Russia will appeal. It charged that the Hague appeals court “failed to take into account the illegitimate use by former Yukos shareholders of the Energy Charter Treaty that wasn’t ratified by the Russian federation.”
The arbitration panel had ruled that Moscow seized control of Yukos in 2003 by hammering the company with massive tax claims. The move was seen as an attempt to silence Yukos CEO Mikhail Khodorkovsky, a vocal critic of President Vladimir Putin.
The 2014 arbitration ruling said that Russia was not acting in good faith when it levied the massive claims against Yukos, even though some of the company’s tax arrangements might have been questionable. |
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WADA asks sports court to open Russia case to public hearing
Top Court Watch |
2020/02/05 18:54
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The World Anti-Doping Agency wants a rare public hearing for sport’s highest court to judge a four-year slate of punishments faced by Russia for persistent cheating.
The Court of Arbitration for Sport is preparing a hearing expected within weeks for the blockbuster case in Switzerland.
“It is WADA’s view and that of many of our stakeholders that this dispute at CAS should be held in a public forum to ensure that everybody understands the process and hears the arguments,” the Montreal-based agency’s director general, Olivier Niggli, said in a statement.
Urged on by President Vladimir Putin, Russia’s anti-doping agency, known as RUSADA, is formally challenging a WADA ruling in December to declare it non-compliant after key data from the Moscow testing laboratory was corrupted.
The CAS panel of three judges will have power to enforce WADA-recommended sanctions including a ban on Russia’s team name, flag and anthem at Olympic Games and world championships.
WADA also wants Russian athletes to compete as neutrals at the Olympics and major events only if they pass a vetting process which examines their history of drug testing and possible involvement in lab cover-ups of positive tests.
CAS hearings can be opened to media and public observers in some cases when both parties consent.
The court held its first public hearing for 20 years in November when WADA appealed a ruling by swimming’s world body not to ban China’s three-time Olympic gold medalist Sun Yang for alleged doping rule violations. |
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Wood County commissioner reprimanded by Supreme Court
Top Court Watch |
2020/01/30 11:12
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The Wisconsin Supreme Court on Thursday reprimanded a part-time Wood County circuit court commissioner for not removing himself from hearing a case involving an attorney who was a personal friend.
The court reprimanded part-time commissioner Kenneth Gorski after agreeing with the Wisconsin Judicial Commission's determination that Gorski had willfully violated several rules of the judicial conduct code. Gorski works about two afternoons a month as a part-time circuit court commissioner, a job he started in 2014.
The complaint stems from a small claims case that Gorski should have recused himself from because he was personal friends for more than 20 years with the attorney, the Supreme Court said. They went on four overseas vacations together between 2015 and 2018 as well as frequent overnight golfing trips, the Supreme Court said.
During the trial, Gorski lost his temper with the defendant who was opposed by his attorney friend, groaning in anger and making sarcastic comments, the Supreme Court said. |
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