Jungermann Quoted in German Frankfurter Allgemeine Zeitung
July 12, 2010
Dr. Sebastian Jungermann (Partner, Litigation, Frankfurt Office) was quoted in the July 12, 2010, article “BP Shall Inform the US Government about Financial Transactions” (“BP soll Amerikas Regierung über Finanzgeschäfte informieren”) in the prominent German newspaper Frankfurter Allgemeine Zeitung. The article discusses a letter from U.S. authorities to BP, demanding advance notice of any asset sales or significant cash transfers. Dr. Jungermann analyzed the situation under these circumstances of the BP Deepwater Horizon oil spill in the Gulf of Mexico, for which damages cannot yet be calculated. Dr. Jungermann refers to the fact that the assets of a limited company might be frozen if need be to stop an outflow of cash and assets to the shareholders. "In such a case of imminent danger the government usually has far-reaching powers," Dr. Jungermann said. Foreign companies in the United States often voluntarily comply with legally unenforceable orders and requests, because of the risk of U.S. agencies or courts seizing their U.S.-based assets.