On March 18, the United States Bankruptcy Court for the Southern District of New York ruled that BASF could not force Lyondell to prosecute the appeal at this time, but that BASF's $200 million appeal bond
securing the judgment remains in place.
Bankruptcy Court lifted the stay and allowed direct negotiations to occur with appeal bond
issuer, Safeco Insurance Company.
When he decided to reduce the bond, he agreed Philip Morris should pay an initial $6 billion on the appeal bond
, an additional $800 million in 2004 and $420 million for each year the appeal takes.
The purpose of an appeal bond
is to stay execution of a money judgment.
42) If there is no indication from the record, however, that an appellant would be unable to afford these potential costs at the time of the disposition of the appeal, and if filing the appeal does not prevent further action--for example, the distribution of settlement proceeds because of an objector's filing of an appeal--the appeal bond
ordered, if any, will likely not include anticipated attorneys' fees.
Before trying a potentially significant punitive damage claim, steps should also be taken to ensure that an appeal bond
would be posted if an adverse verdict were rendered.
Philip Morris contended that the original $12 billion appeal bond
could force the company into bankruptcy and jeopardize payments under the MSA.
Limiting the maximum amount for a defendant's appeal bond
to $25 million.
Stratagene plans to post an appeal bond
, which requires cash to be set aside for the judgment award.
The Appeal Bond
Waiver Act would reduce the appeal bond
for multimillion- and billion-dollar verdicts against defendants to $1 million, or $100,000 if the defendant is a small business.
If a final judgment remains unpaid for 30 days, the judgment creditor would have a choice of collecting on the appeal bond
posted in their case, or having the stay against the appellant lifted.
If filing an appeal bond
will be conduct in accordance with the provisions of GEO 34/2006 271 index updated one.