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Anybody understand the latest development? What does "default"

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spinning still   Saturday, 03/12/16 12:05:52 PM
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Anybody understand the latest development? What does "default" mean in this case?

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A-Power Near Default As GE Affiliate Seeks To Collect $476M

By Pete Brush
Law360, New York (March 2, 2016, 5:17 PM ET) -- A Chinese affiliate of General Electric Co. appeared poised Tuesday to win a default judgment in New York federal court against A-Power Energy Generation Systems Ltd. in its effort to collect on a 2012 arbitration award now worth $476 million lodged in Hong Kong against the Shenyang-based company and CEO Jinxiang Lu.
U.S. District Judge Paul A. Engelmayer suggested in Manhattan court he soon would order a default judgment against A-Power and its related entities as GE Transportation (Shenyang) Co. Ltd. seeks to collect on the $360 million award and ballooning interest. The outstanding balance led to a $476 million asset freeze last year.

A federal court judgment could help GE Transportation chase down the money it is owed under the nonappealable foreign award. Judge Engelmayer noted that only $9,000 was captured in the asset freeze.

The litigation comes after GE Transportation sought to enforce a 2009 agreement with A-Power subsidiary Lucky Wind to buy turbine gearboxes at fixed prices over a three-year period.

GE Transportation hit A-Power with notice of arbitration in Hong Kong in 2011, and the Hong Kong International Arbitration Centre Tribunal issued its $360 million award in August 2012. A-Power failed to pay and Lu was later found guilty of contempt, GE Transportation says.

GE Transportation is issuing subpoenas in its effort to track down additional A-Power asserts, its counsel Joseph L. Clasen of Robinson & Cole LLP told Judge Engelmayer.

A-Power has been a no-show in court.

Separately, Judge Engelmayer said he was likely to hold off on issuing a default judgment against a respondent called Asia New Energy Group Ltd. GE Transportation says Lu controls that company, but the judge appeared concerned about whether Asia New Energy had properly been served.

Judge Engelmayer issued an asset freeze against Asia New Energy last year as well in the amount of 54 million Japanese yen. As of Tuesday that was roughly $500,000.

GE Transportation is represented by Joseph L. Clasen and Gregory J. Bennici of Robinson & Cole LLP.

The case is GE Transportation v. A-Power, case number 1:15-cv-06194, in the U.S. District Court for the Southern District of New York.

--Editing by Brian Baresch.

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