| On Mongolia
Gold Mine of Rio Tinto Pentwater Funds
Wants To Be Lead Plaintiff Amid Doubts
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
Dec 30 – In the case about a
gold-copper mine in Mongolia,
against Rio Tinto and
Turquoise Hill, some of the
plaintiffs did not show up on
December 30: Nicholas Lyon and
movant Altannavch
Sukhbaatar.
On December
30, U.S. District Court for
the Southern District of New
York Judge Lewis J. Liman held
a proceeding. Inner City Press
covered and live tweeted it,
here: First up is Nicholas
Porritt representing Chang Pin
Lin. "This is a family group.
The movant Mr. Lin executed
the trade. He has standing to
assert these claims," he says.
Judge Liman
asks if Chang Pin Lin got
assignments, seeming from
others in his "family group."
Porritt says yes,
but hasn't submitted them into
the docket. Judge Liman orders
him to so do by Jan 4. Now
Porritt is trashing other
wannabe lead plaintiffs as
atypical
Judge Liman:
Wasn't this issue addressed in
the IMAX case, with which I'm
familiar because I litigated
it? Porritt: We don't have to
show that they learned
non-public
info....
He's talking
about the Pentwater Funds; it
would seem they'll be speaking
soon. Judge Liman asks
about Pentwater Funds' block
trade, through TD Securities
in Chicago - does anyone know
with whom the trade was made?
Porritt says he
does not. Looking in the
docket, Pentwater is
represented by Salvatore
Graziano of NYC's Bernstein
Litowitz
Now it's Graziano
for Pentwater Funds: "My
client are sophisticated
investors, as Congress
intended in the PSLRA... Chang
Pin Lin's losses are a
fraction of Pentwater, whose
CEO is ready to ask questions.
Judge
Liman: Will Mr. Halbower [of
Pentwater] be running for the
board of Turquoise Hill
again?
Graziano: We
could ask him...
Judge Liman: Not
right now. Finish your
argument; maybe we'll put him
under oath...
Judge Liman: I've
never case an investor this
big, in a company this thinly
traded, trying to be lead
plaintiff. Graziano: Look at
the Committee notes during the
passage of the PSLRA
Judge Liman will
not be deciding today. He's
asked for filings on January
8, and January 13.
The case is In re
Turquoise Hill Resources Ltd.
Securities Litigation,
20-cv-8585 (Liman)
***
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