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UNITED INT'L HOLDINGS v. WHARF LTD.

December 22, 1997

UNITED INTERNATIONAL HOLDINGS, INC., et al., Plaintiffs, against THE WHARF (HOLDINGS) LIMITED, et al., Defendants

ROBERT W. SWEET, U.S.D.J.


The opinion of the court was delivered by: SWEET

Sweet, D.J.

 Petitioner United International Holdings, Inc. ("UIH") makes this application for an order pursuant to Rule 69, Fed. R. Civ. P., directing Chase Manhattan Bank (the "Bank") to turn over funds to UIH which are due to be paid pursuant to a certain Master Agreement (the "Swap Agreement") between the Bank and Krikler Limited ("Krikler"). For the reasons set forth below, the application is denied.

 Parties

 UIH is a Delaware corporation, with its principal place of business in Denver, Colorado.

 The Wharf is incorporated under the laws of Hong Kong.

 Krikler is a wholly owned subsidiary of the Wharf. Krikler was incorporated on June 7, 1994 under the laws of the British Virgin Islands. Its address is in Tortola, British Virgin Islands.

 Prior Proceedings

 This application was brought by order to show cause in Part I of this Court before the Honorable Robert P. Patterson on October 1, 1997. UIH applied for an order directing the Bank to turn over funds which were due to be paid to Krikler, a wholly owned subsidiary of the Wharf, pursuant to a Swap Agreement entered by the Bank and Krikler on November 3, 1994. Hearing on the application was heard before this Court on November 4, 1997.

 Facts

 On May 21, 1997, UIH obtained a judgment against the Wharf in United States District Court for the District of Colorado, in an action for fraud, securities fraud, breach of contract and breach of fiduciary duty against the Wharf, against a wholly owned subsidiary of the Wharf, and against the Wharf's vice-chairman Stephen Ng. United International Holdings, Inc. v. The Wharf (Holdings) Limited, et al., No. 94-K-2560 (JLK), (the "Colorado Action"). The Colorado Action arose out of the Wharf's refusal to allow UIH to invest in a Hong Kong cable television franchise the Wharf had been awarded with UIH's help. The judgment was for over $ 150 million against the Wharf.

 On July 11, 1997 and September 18, 1997, UIH served two restraining notices (the "Restraining Notices") on the Bank which forbade the Bank from transferring:

 
Funds drawn or requested to be drawn on [the Bank] at the direction or for the benefit of judgment debtor(s) in connection with a certain Swap Agreement dated November 3, 1994 between [the Bank] and Krikler Limited.

 The Swap Agreement referred to in the Restraining Notices had been executed between the Bank and Krikler, another wholly owned subsidiary of the Wharf.

 The Formation of Krikler

 Krikler was incorporated on June 7, 1994 in the British Virgin Islands. Shares of Krikler are owned by Farrowsham Limited, which is also incorporated in the British Virgin Islands. The shares of Farrowsham Limited are owned by Hebrow International Limited, another BVI corporation. The shares of Hebrow International Limited are owned by Wharf International Limited, which is incorporated in the Grand ...


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