Edison Mission Energy is looking to block its unsecured creditors from suing parent Edison International because it says that it's "ready, willing and able" to do so itself, Dow Jones Newswires reported yesterday. The official committee representing unsecured creditors in Edison Mission's chapter 11 case has sought the right to sue Edison International over its alleged "abusive domination and control" of Edison Mission. The committee claims that Edison International drained Edison Mission of hundreds of millions of dollars in value ahead of the latter's bankruptcy filing. The committee argues that Edison Mission's close ties to its parent is one of "numerous" conflicts of interest that make the subsidiary unable to pursue any litigation. But in court papers filed Wednesday, Edison Mission says that isn't true—it's been investigating possible claims against its parent for more than six months and has as a "starting point" drafted a 40-page lawsuit for which it has sought creditor input.
