Last month, the U.S. Bankruptcy Court for the Southern District of New York issued an unfavorable ruling against Anadarko Petroleum Corporation (APC) regarding Tronox Inc (TROX) litigation (United States Bankruptcy Court, Southern District of New York Case No. 09-10156). The lawsuit is an attempt to extract money from Anadarko to pay for tort and environmental cleanup claims, and most of the analysis on this decision pertains to how it impacts Anadarko. But for Tronox, it was a favorable ruling which has received very little, if any, analysis. So let's look at how this ruling affects Tronox.
On December 12, the bankruptcy judge, Judge Allan A. Gropper, issued a 166 page "Memorandum of Opinion,...
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