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The Southern District of Texas Bankruptcy Court in Houston on March 3 resumes its hearings in view of the application about the repeated consideration of the Yukos case
As assistant to judge Letitia Clark, who already considered this case, said, the session on considering Yukos' new application will start on Thursday morning (at 7 p. m., Moscow time). In its 11-page application, Yukos insists on a new consideration of its application about bankruptcy and asks the court to do it quickly. "It is absolutely clear that it would be better for Yukos, our share holders, creditors and our staff workers if we have a chance to continue our bankruptcy case in the American court," a written application from Yukos Chief Executive Officer Steven Theede says. In Yukos' opinion, the refusal to consider the application about bankruptcy "will inflict a great damage to the company's property," and for this reason judge Letitia Clark should resume the consideration of the Yukos case. Apart from that, the application contains a request to ban, by the court ruling, any further operations with the Yukos assets. On February 24, judge Letitia Clark took a decision to satisfy the application of Deutsche Bank on stopping the consideration of the Yukos case in the American court. The decision of judge Letitia Clark says that a considerable part of Yukos' business and financial activity continues to take place in Russia. Such activity calls for continuing participation of the Russian government, the decision says. In her written decision, which contains more than 30 pages, judge Letitia Clark underscores that the US courts never dealt with bankruptcy cases of such a big foreign company. Yukos started its bankruptcy action in the court in Houston in December 2004. In this way, Yukos planned to prevent the sale of its main producing company, Yuganskneftegaz. However, this action was disputed by the Deutsche Bank which said that this case was in the jurisdiction of a Russian court. The lawyer of Deutsche Bank, Hugh Ray, is convinced that Yukos has no chances for the resumption of its case in the USA which was stopped by the ruling of Houston court judge Letitia Clark. Mr. Ray told the newspaper Houston Chronicle about it
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