A-Power Energy Generation Systems, Ltd.(fka APWR)

[dingocub]

GE vs A-Power just filed in NY courts..

Not that it helps any of us. Just fun to watch I guess!

September 11, 2015
GE Unit Urges $476M Asset Freeze In Turbine Part Dispute

Law360, New York (September 11, 2015, 6:51 PM ET) -- A China-based unit of GE Transportation on Thursday urged a New York federal judge to freeze more than $476 million in assets held by a Chinese wind turbine manufacturer in a contract dispute, claiming the company is hiding assets to dodge an arbitration ruling and render itself "judgment-proof."

GE Transportation (Shenyang) Co. Ltd. took aim at A-Power Energy Generation Systems Ltd. and alleged Chairman Jinxiang Lu’s “flagrant and unlawful efforts” to hinder the enforcement of a Hong Kong International Arbitration Centre tribunal award in its motion for an ex parte order targeting the pair.

The company argued that an order halting the alleged disposal and transfer of assets, freezing hundreds of millions of dollars belonging to the company and other entities as well as an order of attachment and expedited discovery were necessary to combat A-Power and Lu’s ongoing contravention of arbitral and judicial orders.

“There is no question that GET Shenyang has been, and will continue to be, irreparably harmed to the extent that Jinxiang Lu has, and continues to, dissipate A-Power's assets so as to make any judgment against it uncollectible,” the brief said. “Jinxiang Lu's conduct, on behalf of A-Power, demonstrates an unambiguous intent to frustrate the judgments entered in the Hong Kong arbitration.”

According to GET Shenyang, a wholly owned subsidiary of A-Power inked an agreement with GE Commerce Shanghai Co., Ltd. in 2009 to buy wind turbine gearboxes at fixed prices over a three-year period. A-Power agreed to guarantee the subsidiary’s obligations liabilities and indemnities, it said.

GE Commerce later transferred its rights and obligations under the agreement and the guarantee to GET Shenyang, but a dispute arose and the company hit A-Power with notice of arbitration in Hong Kong in 2011. The HKIAC tribunal issued its final nearly $360 million award in August 2012.

GET Shenyang secured an order enforcing the award from the High Court of the Hong Kong Special Administrative Region Court of First Instance two months later. However, A-Power failed to pay and Lu was found guilty of contempt for allegedly transferring shares in breach of an order, the company said.

GET Shenyang filed its U.S. motion to confirm the award in August as part of what it called “its global strategic efforts to recover the judgment.” ...

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Lots of stuffed filed the last 30 days by GE shenyang


http://www.law360.com/companies/a-power-energy-generation-systems/dockets