Chevron Judgment Creditors - Off to Bermuda you must go

[Aberhound]

http://www.theamazonpost.com/wp-content/uploads/Yaiguaje-et-al-v.-Chevron-Corporation-et-al.pdf?

 

The $19B Ecudorian judgment creditors tried to collect on their Ecudorian judgment in Ontario. The Ontario court decided they have no jurisdiction as Chevron Corporation in Delaware has no substantial connection with Chevron Canada which is a wholly owned subsidiary 7 corporate levels below. I agree as there was no asset in Ontario to seize. Generally you seize shares by registering your foreign judgment in the correct jurisdiction then send a sheriff or bailiff from that jurisdiction to the registered office where there is a share certificate owned by Chevron Corporation is recorded on the share register. You don't have to track down the share certificate. The sheriff simply serves the writ of seizure at the registered office and proceeds with a judicial auction of the shares. Such judicial auctions are generally advertised at the Court house. Anyone can bid for the shares.

 

Chevron Corporation gave evidence that all their assets are in the US except two Bermuda corporations. Bermuda has excellent common law courts so the plaintiffs should now go to Bermuda to try to seize the shares of Chevron Corporation in these two Bermudian subsidiaries. There are some defences to registering foreign judgments like fraud or improper legal process but the burden is on the judgement debtor but in many cases the remedy is to re-try the case in Bermuda..

 

I wonder if any of the loss is insured?