Shipley Snell Successfully Represents Joint Venture Partner in Valuation Dispute
Shipley Snell represented POSM II Properties Partnership, LP, a joint venture partner owned by LyondellBasell Industries N.V., in a valuation dispute with its joint venture partner BASF Corp.
BASF exited the parties’ joint venture ownership of a propylene oxide and styrene monomer manufacturing facility and related styrene chemical offtake agreements, seeking recovery of $170 million as its purported share of the venture.
Utilizing a critical analysis of the parties’ complex contractual relationship and an in-depth study of the worldwide market for styrene, Shipley Snell convinced the AAA arbitration panel to totally reject BASF’s payment claims.
BASF Corp. v. POSM II Properties Partnership, LP, No. 70-198-Y-00547-07 (AAA).