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Judicial Hearing Officer Gammerman

REEF EXPLORATION Inc. (Reef) sold its stock in Reef Argentina S.A. (RASA) to the Panamanian affiliate of its former Argentine joint venturer, Compania General de Combustibles, S.A. (CGC). The Panamanian subsidiary of CGC, CGC International Corp. acquired Reef’s interest in RASA for $48.5 million. Four days later, CGC sold the stock to defendant for $186 million. Reef alleged that defendant transacted business in New York by using New York lawyers as its agent in orchestrating the “flip” of RASA stock and that CGC, as defendant’s co-conspirator, transacted business in New York by partially closing its purchase of RASA stock in New York and retaining New York investment banking consultants to structure a two-part transaction. The court held that defendant’s use of New York attorneys to provide due diligence with respect to the sale of an Argentine company to another Argentine company was insufficient to support personal jurisdiction.

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