Yukos threatens lawsuit over Yuganskneftegas stock sale

New York (Platts)--21Dec2004

Beleaguered private Russian oil giant Yukos Monday threatened "all persons and
entities who participated in the auction" Sunday of its major producing asset,
Yuganskneftegas, that it will file suit seeking damages "in excess of $20-bil"
from the loss of that asset. Yuganskneftegas was sold to previously unknown
Baikal Finance Group in the auction. The Yukos notice put on warning any
entity that "may participate in the consummation of the sale or purchase" of
the subsidiary's stock, "or the financing of that transaction, or in other
actions that interfere with property of Yukos' Chapter 11 bankruptcy
estate..." Yukos said that it believes the Yuganskneftegas asset is protected
by its filing before a US Bankruptcy Court in Houston, Texas, making the
auction "a violation of the automatic stay which became immediately effective
when Yukos filed bankruptcy." Yukos indicated that in addition to the auction
of Yuganskneftegas, it will any entity involved in attempts to sell other
subsidiaries, singling out Tomskneft and Samaraneftegaz.

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