pancho 's mexican buffet is a chain of tex-mex restaurants ( 5 as of 2015 ) in the united states .

the bulk of the restaurants are in texas ; a few restaurants are or were previously located in arizona , new mexico , oklahoma , louisiana and mississippi .

pancho 's main offering is an all-you-can-eat buffet , though unlike many other such buffets additional food is brought by waitstaff rather than self-served , except for in the chain 's " super buffet " locations .

pancho 's also provides takeout and catering services .

in february 2012 , panchos corporate had shut down operations .

all corporate owned restaurants were closed , phone lines were disconnected and the website was removed .

the reasons behind it are unknown .

non corporate owned locations remain open .

as of september 2014 , 14 franchise locations operate in texas , oklahoma and louisiana .

pancho ' s mexican buffet

pancho ' s mexican buffet <EOT> pancho ' s mexican buffet , inc . and subsidiaries consolidated statements of cash flows

pancho ' s mexican buffet , inc . and subsidiaries consolidated statements of stockholders ' equity

cochran , thomas n . , " pancho ' s mexican buffet inc . , "

i don’t know what it is about pancho’s mexican buffet , but i love it .

their restaurants are now known as old country buffet , country buffet , hometown buffet and ryan ' s buffet .

pancho ' s mexican buffet , inc . and subsidiaries consolidated condensed statements of operations ( unaudited )

glassdoor gives you an inside look at what it ' s like to work at pancho ' s mexican buffet , including salaries , reviews , office photos , and more . this is the pancho ' s mexican buffet company profile . all content is posted anonymously by employees working at pancho ' s mexican buffet .

pancho ' s mexican buffet , inc . and subsidiaries consolidated condensed statements of cash flows ( unaudited )

pancho ' s mexican buffet , inc . and subsidiaries notes to consolidated financial statements - - ( continued )

regardless , pancho’s mexican buffet is a treat , and even though i’m not a kid anymore , pancho’s will always be about the experience and the fun .

review : pancho’s mexican buffet a celebrated tradition for many locals , pancho’s continues to be a favorite stop on nostalgia lane . check out this story on urltoken urltoken

when the pancho ' s in baton rouge closed , franz began dining at various mexican restaurants .

pancho ' s will keep serving you dinner until you say " no mas ! " pancho ' s mexican buffet operates more than 20 family dining mexican restaurants that offer an all - you - care - to - eat cafeteria - style buffet . the menu . . .

we opened the first pancho ' s mexican buffet and for the first time , families could eat to their heart ' s content from a lavish spread of delicious mexican food . pancho ' s combines the delight of an all you care to eat buffet with the hospitality of a full service restaurant .

pancho ' s mexican buffet is a mexican buffet restaurant located in arlen . the restaurant made it ' s appearance on the episode hank ' s cowboy movie where they meet up to plan to make a film video about arlen to the dallas cowboys to convince them to move their training camp to arlen . pancho ' s mexican buffet is real life franchise that first opened in el paso , texas in 1958 .

many of pancho ' s former customers flocked to the grand opening with their appetites for mexican buffet food , as well as memories of pancho ' s . daniel and norma daigle of houma were among those former pancho ' s customers on hand for the grand opening .

each time the two would get together after pancho ' s closed , the conversation would inevitably turn to their days at pancho ' s , mexican food and the restaurant business .

pancho ' s mexican buffet , inc . and subsidiaries notes to consolidated financial statements - - ( continued ) 2 . other current liabilities other current liabilities consist of :

pancho ' s mexican buffet , inc . and subsidiaries notes to consolidated financial statements - - ( continued ) significant components of the company ' s deferred tax assets and liabilities are as follows :

no word yet from pancho’s corporate office about future plans in the area , but other outlets of the buffet in southeast louisiana have suffered the same fate recently . the baton rouge location of pancho’s closed in january , and a pancho’s in slidell closed last february .

bacchanal buffet ( formerly café roma , palatium buffet , café lago , café lago buffet and lago buffet ) is a buffet located at caesars palace in las vegas , nevada . the buffet consists of nine show kitchens and over 500 daily dishes . chefs have their own stations serve food at bacchanal .

pancho ' s mexican buffet , inc . and subsidiaries notes to consolidated financial statements - - ( continued ) 6 . income taxes income tax expense ( benefit ) consists of :

i applied in - person . the process took 1 day . i interviewed at pancho ' s mexican buffet ( oklahoma city , ok ( us ) ) in february 2013 .

the two met each other when they worked together at pancho ' s mexican buffet in metairie ' s rosedale mall on veterans memorial boulevard . it ' s a friendship that even a massive disaster like hurricane katrina couldn ' t dissolve .

based in fort worth , pancho ' s mexican buffet , inc . is the only publicly - held company offering all - you - can - eat mexican food in a buffet - style format . the company operates 48 restaurants in texas , arizona , louisiana , new mexico and oklahoma .

for many locals , pancho’s continues to be a favorite stop on nostalgia lane .

currently , bossier city is home to the only remaining pancho’s mexican buffet in existence in the entire state , but until those doors close , it will continue to be a tradition for my family .

that’s one of the main reasons pancho’s is such a treat ( we’ll get to that in a moment ) .

a dinner buffet prepared by the theatre ' s in - house chef precedes mainstage shows and concerts . every buffet includes the theatre ' s trademark hand - carved roast beef .

pancho ' s mexican buffet , inc . and subsidiaries notes to consolidated financial statements - - ( continued ) 14 . summary of quarterly results ( unaudited ) ( amounts in thousands except per share data )

in the united states , buffets , inc . ( now known as ovation brands ) , is a large buffet chain corporation which owns old country buffet , country buffet , and hometown buffet . hometown buffet popularized the " scatter buffet " , which refers to the layout of separate food pavilions . other american restaurant chains well known for their buffets include golden corral , which features food products presented in pans , souplantation / sweet tomatoes ( known in particular for its soups and salads ) , gatti ' s pizza , cici ' s pizza , fresh choice ( a smaller competitor of souplantation ) , pancho ' s mexican buffet , ryan ' s and ponderosa steakhouse . sizzler is another prominent restaurant offering a buffet .

yolanda moneoya , a former server at pancho ' s , is one of those .

pancho’s mexican super buffet ( 100 n . labarre rd . , phone n . a . ) in metairie has closed permanently , at least according to the unambiguous signs posted to its chained and padlocked doors .

ovation brands ( formerly buffets , inc . ) is a corporation which owns country buffet , fire mountain , hometown buffet , old country buffet , ryan ' s steakhouse , and other smaller buffet chains . hometown buffet popularized the " scatter buffet " , which refers to the layout of separate food pavilions . other american restaurant chains well known for their buffets include america ' s incredible pizza company , chuck - a - rama , cici ' s pizza , fresh choice , furr ' s family dining , gatti ' s pizza , golden corral ( which features food products presented in pans ) , john ' s incredible pizza , pancho ' s mexican buffet , ponderosa steakhouse , shakey ' s pizza , sizzler , sweet tomatoes ( known in particular for its soups and salads ) , and western sizzlin ' .

need something extra from the buffet ? just raise the flag and pancho’s wait staff will provide you with anything and more . they’re always very accommodating .

my absolute favorite mexican restaurant . authentic , all you can eat buffet with a great atmosphere that seems to take you straight to mexico . best mexican food ever ! i ' m addicted to pancho ' s i think ! always fills me up and never let ' s me down when it comes . . .

my absolute favorite mexican restaurant . authentic , all you can eat buffet with a great atmosphere that seems to take . . .

i’m lucky that my partner is also from here and loves the mexican flair pancho’s offers . we’ve met many transplants who can’t grasp the concept and usually furrow their brow at the thought of cheap cafeteria - style mexican food .

pancho ' s a five star place . free ice cream , sopapillas , and taquitos ? come on man , doesn ' t get better than that . not gourmet mexican , but decent food and a lot of it . pancho ' s for life

jesse arrambide , jr . , opens pancho ' s first restaurant in el paso , texas .

“pancho’s food is excellent regardless of price , ” he wrote in 1973 , when the buffet cost $ 1 . 49 . “at the price it is unbelievable . ”

the daigles were such devotees of pancho ' s that when the building that housed pancho ' s on veterans memorial boulevard was torn down after katrina , they got one of the bricks as a souvenir .

arrignon has worked as a clarinet tester and developer at buffet crampon since 1985 . he helped create the tosca clarinet , released in 2003 by buffet crampon . he plays on buffet crampon tosca green - line clarinets .

as far as pancho ' s goes this is probably as good as you ' ll find anymore . i think the hayday for great mexican food at pancho ' s is long gone now , and that ' s a shame . it was great in its day . with as popular as chinese buffetts are . . .

denis buffet - auger , of the buffet family of french musical instrument makers , began making quality clarinets in paris , france in 1825 . the company expanded under jean - louis buffet and his wife zoé crampon and became known as buffet crampon . ( another family member , auguste buffet " jeune " , who worked with famous clarinetist hyacinthe klosé to develop the boehm system for clarinet , had his own business separate from buffet crampon . )

pancho ' s the legendary mexican buffet was famous for its inexpensive all - you - can eat menu that included quesadillas , fajitas , tamales , enchiladas , flautas and tacos . pancho ' s was also known for its tricolored flags - red , green and white ( very similar to the flag of mexico ) - that were located on the customers ' tables .

superior customer value is our mission at pancho ' s mexican buffet , inc . we promise delicious mexican food , wonderful service , and fun family dining . we employ , empower , and support great people to serve great people . we reward our stockholders with growth based on the loyalty we earn from our customers and fellow team members .

" one day , i told roger we should start our own mexican buffet , " usner said . " we knew the business inside and out . "

raise the flag for great food and great service ! superior client value is our aim at pancho ' s mexican buffet . we promise delicious mexican food , wonderful service and fun family dining . we employ , empower and support great people , to serve great people . since our 1958 introduction in el paso , pancho ' s has continued to bring value and fun to texas , arizona , oklahoma , new mexico and louisiana . click here to learn more about our flagship super buffet location in metairie , louisiana , or visit the locations

pancho ' s first began operations in el paso , texas in 1958 , and at one time there were at least 140 pancho ' s restaurants in texas , louisiana and several southwestern states . all of the pancho ' s in louisiana have closed down , and usner said there are only three left and those are in texas .

to balance the express buffet with a pricier alternative , the company also began converting some of its units into a new , pancho ' s buffet & grill concept . these upscale restaurants offered an expanded buffet menu , with more specialty grill items and a salsa bar , as well as new decor and a new logo and signage . the new express buffet and buffet & grill concepts were rolled out as part of the company ' s strategic efforts to regain the momentum it had lost in the industry over the latter part of the 1990s .

in the 1970s , pancho ' s introduced two full - service restaurant concepts that it later abandoned . the first was a seafood restaurant dubbed spanish galleon and opened as a three - unit mini chain . the other , like pancho ' s traditional restaurants , was a mexican eatery named emiliano ' s , which never grew larger than two units .

metairie ' s cindy greer worked as a server for 31 years at pancho ' s . she joined the 2 amigos waitstaff as soon as it opened .

it’s the story of a buffet that burned twice as bright , made you twice as full but burned out very fast .

doron richard jensen ( born september 1 , 1958 ) is an american restaurateur and principle founder of timber lodge steakhouse , homestyle buffet , and old country buffet .

when the diners wanted additional items from the buffet line , they would raise the flag to get the attention of a server , who would bring more food to them . most of the customers who went to pancho ' s only spoke english , and the majority of pancho ' s employees only spoke spanish .

in its glory days — and at least initially after its return — pancho’s struck a loud chord with many people .

former pancho ' s customers aren ' t the only ones who feel they have returned home when they visit 2 amigos . several former pancho ' s employees , who worked with usner and bolanos , are now working at 2 amigos .

" i hope we stay the same people we were when we worked at pancho ' s , " usner said .

my last pancho ' s experience , 2 years ago in houston , was so bad i swore off forever . so it was with trepidation that i allowed the famous pancho ' s sign to flood my mind with memories of the pancho ' s of old and lure me back in . today ' s lunch ? pretty good ! thumbs up . everything was hot and fresh and had that great taste . not the pancho ' s of the 60 ' s , or even the 80 ' s , but very tasty . i would come back to this location again if i was in the area .

by 1982 , pancho ' s had grown into a chain of 28 restaurants , some located outside of texas , although the company ' s epicenter remained there . over the next five years , the chain would increase to 45 , which included the conversion of its spanish galleon and emiliano ' s restaurants into pancho ' s .

buffet crampon began manufacturing musical instruments in 1825 exclusively in france , but has since expanded their business to include production facilities in germany and china as well . since the company ' s conception , buffet crampon has expanded to a worldwide market . jérôme perrod , buffet group ' s chief executive officer , runs the buffet crampon , besson , b & s ; , antoine courtois , hans hoyer , j . keilwerth , meinl weston , scherzer and w . schreiber brands .

i come to ponchos because i loved it when i was a kid . also there ' s not many mexican buffets atoms here .

" i loved the atmosphere at pancho ' s , " she said . " we now have the same atmosphere at 2 amigos . many of the children i used to serve at pancho ' s are now adults , and they are bringing their children to 2 amigos . that means i ' m serving the grandchildren of my former pancho ' s customers . "

old country buffet operates 168 locations throughout the united states , variably known as country buffet or hometown buffet , in addition to the flagship name . old country buffet locations have a mascot named , " o . c . bee " ( or " h . t . bee " at hometown buffet ) . usually , for in - restaurant appearances , the location manager or another employee wears the costume and greets guests and children .

once pancho ' s closed , however , the daigles said it felt as if a member of their family had died .

i grew up eating at pancho ' s mexican buffet in northwest louisiana . sadly , a couple of years ago , after several years of changing management and decreasing quality of food , it closed . my husband and i stopped here on our vacation , simply to see if it was . . .

denis buffet - auger , born denis buffet , was born 28 jul 1783 in la couture , near dreux into a family of woodturners . he became known as buffet - auger after his marriage to marie - anne auger . in 1825 he set up a workshop in paris making instruments , a business that was to become the buffet crampon company , still in operation and one of the foremost manufacturers of woodwind instruments . jean - louis buffet was his son . denis buffet - auger died on 24 sep 1841 in paris .

while the zeal and luster may have faded since the restaurant’s hey - day ( pinatas are no longer hung and seating has been closed off due to customer decline ) , pancho’s remains a piece of this area’s history .

i consider myself to be a connoisseur of authentic mexican cooking this is a quaint family style restaurant that serves authentic and freshly - made mexican dishes . it also appears to… read more

not quite the insult to mexican food that taco bell is . . . but also not as good as taco bell once you accept that you aren ' t eating mexican food .

i am glad to live in phx for one reason . . . . . mexican food

pancho ' smexican buffet , inc . ( nasdaq : pamx ) reported august 11 net earnings for the third fiscal quarter and nine months ended june 30 , 2000 .

étienne buffet ( marie étienne pierre paul aimé buffet ) was born in paris on 5 june 1866 and died in paris on 3 december 1948 . he is a french painter .

jean - louis buffet , also known as jean - louis buffet - crampon , was born 18 july , 1813 in la couture , son of denis buffet - auger . by about 1830 he had begun to work at the musical instrument manufacturing firm established by his father , and at the latter ' s death in 1841 he took over the company . buffet married zoë crampon in 1836 , and by 1844 his firm was known as buffet crampon . he died in paris on 17 apr 1865 .

i ate lunch here last week and i was disappointed . i used to eat at pancho ' s a lot year ' s ago back home until the franchise closed its restaurants where i live . i was so excited to find this pancho ' s here in houston near hobby airport ! . . .

" i learned to speak spanish at pancho ' s , and roger learned to speak english at pancho ' s , " usner said . " i knew if i was going to communicate with the people i worked with i had to learn spanish . "

though they couldn ' t cling to the familiarity of the pancho ' s , they turned to each other after the storm .

" we bring our adult children with us , " he said . " they grew up going to pancho ' s . "

the idea grew and soon became a dream that turned into reality september 2013 when they held the grand opening of " 2 amigos mexican buffet , " 3826 williams blvd . , kenner .

for many of the former pancho ' s customers , as well as the employees , memories were created that will last a lifetime .

i ' ve been going to pancho ' s for over 20 years and it use to be the best . i ' m not sure what happened , but over the years it ' s gone terribly wrong . we went to the pancho ' s in denton and as soon as you walk in the awful . . .

bolanos added : " we built relationships at pancho ' s . we want to keep building those same kind of relationships with people . "

usner and bolanos designed the menu and atmosphere ( with some modifications ) to resemble that of pancho ' s . there was one notable exception .

moved away in 2000 and always like to return to pancho ' s when visiting ft . worth area . it is a buffet , all you can eat ( omg ) and the food is nice . seemed a bit pricey but it was delicious .

to its devotees , the name pancho ' s was synonymous with an exuberant excess of flautas , tacos , chili rellenos , cheese enchiladas and sopapillas , with the option to pour chili and cheese sauce over just about anything . miniature mexican flags mounted at each table were a trademark of the place , and customers would ceremoniously raise the tiny banner up a flagpole to signal pancho’s servers that they wanted more food .

until the 1980s , only professional level clarinets carried the buffet name . lower priced clarinets for the beginner and intermediate market were branded " evette " and " evette & schaeffer " , respectively . for a time the evette clarinets actually were built by other manufacturers under buffet ' s sponsorship , and these instruments are marked " evette sponsored by buffet " . by the early 1970s buffet was making the evettes in their own factory in paris , and about 1979 manufacture was moved to a buffet - owned factory in germany . evette & schaeffer clarinets were made in paris . use of the evette and evette & schaeffer brands ended about 1985 , when the company began using the buffet name on all its clarinets .

one night , while dining at a mexican restaurant in baton rouge , a waitress told him about 2 amigos .

we ' ve been going to pancho ' s for over 40 years . we have always really enjoyed the atmosphere , the food and the service . it had been a while since going so we thought we would stop in the pancho ' s on jacksboro hwy in fort worth . first thing . . .

this has been the best mexican buffet my family and i have been going to for years and love it . it ' s too bad the austin locations have all been closed for many years now but when i found the san antonio location we drove down there and loved it !

since i was a kid i’ve been going to panchos . heck , i even had birthday parties at pancho’s . i remember being 7 years old and so excited that we were dining out at pancho’s . there were ancient relics from mexico , brightly colored pinatas and fun video games that were always for after eating .

my husband and i used to go to pancho ' s when we were younger and were looking forward to visiting again so we decided to go for dinner . i ' m hoping the visit we just completed was an " off - day " for this pancho ' s and does not represent their . . .

a friend of ours who recommended this and boy are we glad he did . this was the best mexican food we ' ve had in a long time and the best service . we been looking for a great mexican… read more

this business is no longer open . closed permanently . even if they were open it is the worst buffet ever

pancho ' s mexican buffet , inc . , based in fort worth , texas , owns and operates 47 restaurants , principally in texas , but also in arizona , louisiana , new mexico , and oklahoma . it is the only publicly owned company offering tex - mex food served in a cafeteria - style , all - you - can - eat buffet . it offers sit - down table service for customers after they have gone through its restaurants ' service lines , and it also provides take - out service . recently , in an attempt to bolster its sales , pancho ' s started converting some of its units into a new , upscale restaurant format dubbed pancho ' s buffet & grill , featuring an expanded menu , newly refurbished and redecorated interiors , and kitchens open to public view . it also introduced a scaled - down version of its traditional restaurants named pancho ' s express buffet , offering fewer food choices and smaller portions at a quicker service pace and lower prices . costs at these were cut by replacing the labor - intensive serving lines with a self - service operation . additionally , it converted a few of its regular restaurants into self - service units and scaled - down its prices . in the spring of 2001 , the company completed plans to merge pancho ' s restaurants , inc . , into an affiliate of stephen oyster . that step did not involve any immediate changes in the company ' s operations .

" the following weekend i drove to kenner , " he said . " i felt like i was back at pancho ' s . i was home . "

french toast , sandwiches , various fried rice and chinese noodles . for drinks , it offers hong kong style milk tea , coffee , ‘yuanyang’ , lemon tea and so on . the price of the buffet ranges from $ 40 to $ 80 . in one of the restaurants , consumers can choose to have either a $ 40 or $ 80 buffet . consumers who choose to have $ 40 can have breakfast , lunch or tea buffet . those who pay $ 80 can have the dinner buffet . both these two sets of buffet provide one free drink to consumers .

fantastic place to eat ! very friendly people . . . outstanding and authentic mexican food . . . great environment !

damage caused by hurricane katrina forced the metairie , louisiana location in new orleans to close . on march 30 , 2009 , panchos mexican buffet returned to metairie , with over 600 invitation - only patrons in attendance at a private opening the previous friday . as of january 2012 , the metairie and baton rouge super buffet locations have been permanently closed .

buffet crampon is a manufacturer of woodwind musical instruments , including oboes , flutes , saxophones , and bassoons ; however , the company is perhaps most famous for their clarinets , as buffet is the brand of choice for many professionals .

pancho ' s mexican buffet , inc . and subsidiaries notes to consolidated financial statements - - ( continued ) the weighted - average fair value of options granted was $ 2 . 24 in 2000 , $ 2 . 47 in 1999 , and $ 3 . 12 per share in 1998 . the pro forma effects of reporting stock options using the fair value approach under sfas no . 123 are shown below .

same mediocre mexican food . however you got to love that you can get as much as you want , guacamole included .

la hacienda is located at the san mateo / montgomery intersection in the former home of pancho’s mexican buffet . garcia didn’t do much to the building’s exterior but has remodeled the inside , which can seat nearly 200 . there is now a large , adobe - brick bar at the center of the main dining area . sports photographs hang along the orange - painted walls and dot the tables . ( a boxing fan , garcia has plenty of johnny tapia images on display . )

i had heard of pancho ' s but this was my first visit . i enjoyed trying different foods that i had not tried before . and being a buffet , you could get more of the ones you liked . you did this not by going back up to the . . .

there ' s a bit of nostalgia for some people when they talk about pancho ' s mexican buffet . and , i suppose this is the best mexican buffet that i ' ve been to . the three - star rating is not a knock to the quality of the food , service , or cleanliness of the restaurant . all of that is , fine ; it ' s a buffet after all . it ' s a little different in that they serve you cafeteria style and if you " raise the flag " on the table the servers will come to refill your drinks , reload your entrees , and bring sopapillas ( with honey ! ) . if you ' re not super familiar with their offerings , make sure you take a good look on your first time through , so you know what to ask for . it ' s pretty busy and there ' s a lot of turnover so the food was all very fresh , but nothing was really excellent . the best thing is the sopapillas ; fresh squares of fried dough , drizzled with honey . they ' re really good . the food is not really authentic mexican , but it ' s a few steps closer than fast - food taco bell / del taco . bottom line , if you had a big group with kids and want to have a sit - down dinner with okay all - you - can - eat food that isn ' t too expensive , pancho ' s is pretty good .

item 6 . selected financial data the following selected financial data of the company for each of the five fiscal years ended september 30 , 1996 through 2000 has been derived from the more detailed consolidated financial statements and notes thereto of the company contained elsewhere in this report or in previous reports . pancho ' s mexican buffet , inc . and subsidiaries five - year summary of selected financial data fiscal years ended september 30 ,

the friendship and trust the two built while working together bussing tables , washing dishes , serving food and eventually becoming managers , would lead to the two metairie residents forming a partnership and establishing their own restaurant - " 2 amigos mexican buffet . "

i have been a pancho ' s fan since i was in elementary school ( you don ' t want to know how long ago that was ! ) and in spite of obvious shortcomings , i still believe in pancho ' s ! today ( 9 / 29 / 13 ) , my wife and i visited the jacksboro highway location for . . .

many of you are saying right now , " who the heck was pancho ' s ? " that ' s a good question . you never saw a review in this newspaper or any other of the local newspapers . you also never saw pancho ' s being reviewed on our local cable or tv stations either . it was to " low - brow " for them . the " beautiful crowd " never went there .

there ' s nothing better than spending memorial day with your family at pancho ' s all you can eat . the food was great as were the sopapillas . the restaurant was clean and very busy . not closed as listed in trip advisor .

in my family , pancho ' s is a definition of a specific style of mexican food . nope , it ' s not good , + but it ' s acceptable , cheap and overflowing food . there are times that my bride will specifically say she wants pancho ' s mexican . other times we want real mexican , other times tex - mex , and rarely del - taco / taco bell mexican . pancho ' s is steps above taco bell , a distant relative to ( bad ) tex - mex and they have almost nothing to do with real mexican . as the other reviewers stated , all you can eat , fun flag to raise for refills ( kids love it ) sopapeas are quite wonderful and fresh , like a beignet sort of . the specific food choices dont matter in a place like this much like a cafeteria , food is food . but if it ' s nearby , and you have a few kids to pay for , this is a fine way to please everyone who isn ' t expecting great food . $ 6 a person to eat out ? and you dont have to eat in a car ? expectations should be set at that level , and you will be happy . i admit that i enjoy it , but it ' s like admitting you like the mcrib . is that a real rib ? don ask , and bask in the wretchedness of awesome . it ' s a 5 star place , because it invented it ' s own definition of food , i just cant click on more stars and consider myself a trustworthy eating human . it ' s a 1 star joint , unless it ' s your poison of choice , then it ' s 4 stars of embarrassing guilty pleasure . enjoy or avoid , hope this helped in some way .

" our new pancho ' s buffet and grill ( tm ) concept , which opened in mesquite , texas this past december , continues to produce sales at approximately 60 % above company average and more than 40 % above what our mesquite unit produced in sales prior to being remodeled , " added taylor . " we plan to convert one more restaurant into the pancho ' s buffet and grill ( tm ) in 2000 , again depending on available cash flow . we are encouraged by the strong performance of this new design and brand extension and anticipate that it could be our flagship concept for the future . "

this is a list of buffet restaurants . a buffet is a system of serving meals in which food is placed in a public area where the diners generally serve themselves . buffets are offered at various places including hotels and many social events . buffets usually have some hot dishes , so the term cold buffet ( see smörgåsbord ) has been developed to describe formats lacking hot food .

there ' s no use in pretending pancho ' s is a haven for good mexican food , you know it isn ' t , it ' s a haven for the fatties and college kids . i made many a stop at pancho ' s during my college years , and on my most recent nostalgia filled trip i realized it just isn ' t the same anymore . same less than good food , same little flags you raise , same sopaipillas you want to eat until you vomit , but now i have a steady paycheck and access to whatever food i ' d like , so it ' s not all that exciting anymore . i didn ' t even eat until i thought i ' d die . . . sad day . but look , pancho ' s fills the niche it ' s shooting for perfectly , you ' re getting all you can eat mexican food for a few dollars , you can ' t expect to be served food comparable to the mission , it ' s going to be cheap and underwhelming , but tons of cheap and underwhelming . i ' ll be stopping by here every rare once in a while , just for old times sake , but if you ' re in college and lacking money , or a fatty trying to support your habit , pancho ' s is a - ok .

i know it wasn ' t exactly gourmet food , but it was fairly good inexpensive food with a fun - ish atmosphere and and as someone who loves buffet - style restaurants , i really miss the only mexican buffet i know of . anyone know why they cut their number of locations to just two , both of which are much too far away from me for casual dining .

the buffet table originates from the " brännvinsbord " ( swedish schnapps , or shot of alcoholic beverage ) table from the middle of 16th century . this custom had its prime during the early 18th century , and was developed into the more modern buffet around the beginning of 19th century . the " smörgåsbord " buffet did not increase in popularity until the expansion of the railroads throughout europe .

called cielito lindo , the eatery specializes in mexican dishes like chile con carne and enchiladas , but also serves an array of seafood .

principal competitors : el chico restaurants , inc . ; luby ' s , inc . ; mexican restaurants , inc . ; prandium , inc . ; taco bell corp . ; taco cabana , inc .

cuisine and how it ' s supposed to be cooked vs . how it ' s typically served in local restaurants . they definitely know what…”

one new concept that emerged from planning strategies near the end of the century was pancho ' s express buffet . early in 2000 , pancho ' s announced plans to convert , within a year , four of its units in selected markets into new pancho ' s express buffet restaurants . its aim , based on a pressing need to increase its customer base , was to broaden its appeal by reducing meal prices and speeding up its service . the concept , featuring a new logo and signage , a modified interior decor , and a smaller kitchen , was designed to establish a price point of $ 3 . 99 per person , $ 2 below that of its traditional restaurants . pancho ' s had tested the new format late in 1998 , in fort worth , converting one of its established restaurants for the purpose . in 1999 , without using any advertising to punch up its business , the unit increased its same - store sales by a very encouraging 30 percent over the previous year and set in motion the plan to convert additional selected units into the new format . it was a new basket into which pancho ' s was clearly planning to put more and more of its financial eggs .

pancho ' s is a staple in this part of texas . fair priced buffet and unlimited amounts . this is not an upscale place . staff is very nice . if you don ' t want to spend a lot of money , then this is the place . no alcohol available . located in . . .

while usner and bolanos ' friendship grew stronger during hurricane katrina , the storm washed pancho ' s on veterans memorial boulevard away . floodwaters swamped the building in 2005 and it never reopened .

norma added : " pancho ' s became a family outing for us . we would pack up the kids on a saturday and drive to metairie and make a day of it . "

" i have so many good memories from pancho ' s , " she said . " now we are creating new memories at 2 amigos , while still cherishing the old ones . "

it ' s not what pancho ' s use to be . . . back in the day , or from what i remembered , but it is what it is . its faster ( not fast food ) mexican . i love the set up , and the amount of food you get , but if you are looking for quality - you won ' t find it here . just average .

pancho’s later moved to veterans memorial boulevard in metairie , and despite collin’s assessment it went on to win many new fans over the years until it was shuttered by katrina in 2005 . prior to its reopening in 2009 , thousands of people joined a facebook group to share memories of their meals there and support the restaurant’s rumored return .

best of all , prices are very affordable so thrifty families can visit often . today , decades later , pancho ' s remains true to its heritage . and the value and fun have grown as pancho ' s put restaurants all around texas , arizona , new mexico , oklahoma and louisiana . we still believe in excellent value , abundant , tasty food and total customer satisfaction .

in japan , a buffet or smorgasbord is known as a " viking " ( バイキング - " baikingu " ) . it is said that this originated from the restaurant " imperial viking " in the imperial hotel , tokyo , which was the first restaurant in japan to serve buffet - style meals . dessert vikings are very popular in japan , where one can eat from a buffet full of desserts .

food , so when one of my coworkers suggested that we check out la placita mexican restaurant , i was inclined to say no . …

we started with pancho ' s about 1970 when we lived in the northeast part of phoenix . we went to the one at metrocenter ( now closed ) . the one in mesa is our " go to " poncho ' s now because our daughter and son - in - law live in mesa . we raised four kids with visits to pancho ' s . and this is its genius . it ' s designed for families . get it ? the food is good , service fast , servers friendly and you can take a party of 12 without scaring them or you to death . i did so last january and we all had a ball . went in july too , when we were there for a visit . our kids always fought over who ' s gonna raise the flag . they absolutely adored the sopapillas . if you don ' t get honey on your elbow , you ' re not doin ' it right . if we want real mexican food , we go to a mom and pop somewhere near . if we want the pancho ' s experience and price tag , we go to pancho ' s !

jesse arrambide , jr . , founded the first of the company ' s restaurants in el paso , texas . arrambidie learned to make mexican specialities - tamales , enchiladas , and tacos - - from his mother , but he also learned the art of " commodity " or large - quantity cooking while serving onboard a naval troopship in world war ii . years later , he put what he learned to good use , starting first in 1958 , when he began using the commodity cooking technique in pancho ' s , his family ' s el paso bar . offering a selection of a few mexican staples served buffet style , arrambide was soon drawing a dining crowd , and in a few years his success encouraged him to start up a new restaurant chain .

" i loved pancho ' s , and i spent so many years there , " she said . " i was so sad when it closed . gene and roger were like my children . "

note : if you want to dine out , pancho’s does offer food to - go . customizing your meal is quite inexpensive ( four cheese enchiladas and four flautas are $ 6 . 88 ) .

this is the pancho ' s of old . plenty of hot food and easy refills . just raise the flag . order your free sopaillas at the end of the meal to get them hot .

walking distance from a couple of local hotels near 45 . fast and good at providing family atmosphere and efficient buffet / cafeteria style dining .

we just left this place . it ' s called rancho ' s now . i give this a 2 star just to be nice , the server…

the food doesn ' t even taste like mexican food . it ' s so plain and taste like if it came straight out of a can . & they make the buffet so complicated . . . employees should really start greeting . i felt like i was bothering them when i would order . got ignored plenty of times too . never coming back again .

i have been going to panchos for about 7 years and it is about as good as i can expect from a mexican buffet . i like their chicken enchiladas with the green sauce , the green corn tamales , and the beef taquitos . there are plenty of not so great food there too . . . . but , again , it ' s a buffet , so if you get something you don ' t like , get something else . the place is cheap and the food is fine . be sure to raise the flag and get some sopapillas . . . the best part of the meal , with a little honey inside . the place is cheap and , although not authentic , it ' s decent food . i will continue going here and people should not be scared to give this place a try because they have never heard of a mexican buffet .

we drive out from time to time to eat here . i ' ve loved pancho ' s since i was a baby . it ' s the same yummy food . the manager here is always very friendly and so are the waitresses . the prices are reasonable . i love the tamales and tacos . hubby loves the enchiladas and tostadas . no , it ' s not really authentic mexican food . we used to live on the border of mexico and yes the food down there is awesome , but pancho ' s is just pancho ' s . can ' t compare . i love to get the cheese sauce over the rice ! hot , fresh sopapillas are such a good way to finish the dinner . kids love it . we ' ve never had any complaints except they need to fix the rips in the some of the booths . . . that doesn ' t feel good to sit on .

rosa ginn , 67 , and a native of mexico started working as a server at the pancho ' s on gravier street in new orleans in 1974 . she later transferred to the one in metairie .

pancho’s is a chain started in el paso , texas in 1958 . one of the early expansion sites was new orleans , where the restaurant was originally located in the central business district . the interior was built to resemble a mexican town square , complete with a fountain gradually filling with pennies tossed in by kids and faux house facades lining the walls .

the food is typical buffet food but mexican style . what made the difference was my waiter , keith , aka superman . he was very attentive . he kept my plate full and even suggested squeezing lemons over my green chile stew which i found delightful . keith , you made . . .

independent auditors ' report to the board of directors of pancho ' s mexican buffet , inc . we have audited the consolidated balance sheets of pancho ' s mexican buffet , inc . and subsidiaries as of september 30 , 2000 and 1999 , and the related consolidated statements of operations , stockholders ' equity and cash flows for each of the three years in the period ended september 30 , 2000 . these financial statements are the responsibility of the company ' s management . our responsibility is to express an opinion on these financial statements based on our audits . we conducted our audits in accordance with auditing standards generally accepted in the united states of america . those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement . an audit includes examining , on a test basis , evidence supporting the amounts and disclosures in the financial statements . an audit also includes assessing the accounting principles used and significant estimates made by management , as well as evaluating the overall financial statement presentation . we believe that our audits provide a reasonable basis for our opinion . in our opinion , such consolidated financial statements present fairly , in all material respects , the financial position of pancho ' s mexican buffet , inc . and subsidiaries at september 30 , 2000 and 1999 , and the results of their operations and their cash flows for each of the three years in the period ended september 30 , 2000 , in conformity with auditing standards generally accepted in the united states of america . deloitte & touche llp fort worth , texas november 9 , 2000 f - 1

bolanos , 53 , came to new orleans from nicaragua when he was 18 . he began working at pancho ' s a few months after his arrival . at the time , bolanos spoke very limited english .

i ' ve never been to a pancho ' s and my husband told me that once upon a time they had really great food . the concept is a good one . you walk in and choose your food luby ' s style and pay for your drinks and eats at the end of the row . however , the buffet is an all you can eat . at your table you have a mexican flag that can be lifted or lowered . if you want more food off of the buffet line , you simply raise the flag and a server will come to your table . the server will take your order and return with your desired items . i thought the service here was excellent ! i gave the three star rating based on the food quality and taste . the food reminded me of typical fare that you would find at an americanized mexican restaurant . i ' d say it ' s on par with what a luby ' s would serve . not the best in the world , but it ' s edible . i probably would not go back based on the food alone , however , i did enjoy my experience .

company stock price performance the graph below compares the cumulative total shareholder return on $ 100 invested at market close on september 30 , 1995 , assuming the reinvestment of all dividends , on the common stock of the company for the last five years with the cumulative total return of the nasdaq stock market index ( us companies ) and the nasdaq eating and drinking places ( us companies ) . comparison of five year - cumulative total returns performance graph for pancho ' s mexican buffet , inc . [ graph appears here ]

mwahaha , sometimes you just need a lot of mexican food . this place is where you need to go ! rather decent food , good prices , buffet is nice ! you don ' t have to get up to get more food , they ' ll bring it to you . sopapillas are tastyyyy ! i know they ' re just tortillas basically , but they ' re good : d ice cream is surprisingly good and creamy . funny music . update : they changed the music ? ! last time i was there , the typical cheesy mexican music was replaced by standard radio fare . . . . what have you done pancho ' s ? ! good place , i don ' t go a ton , but i enjoy it whenever i do ! also , i realized an all you can eat at pancho ' s may just be dinner for you , but come ' morrow it ' s an all day adventure : ) will def be back : d


ojsc " yukos oil company " ( russian : оао нефтяна́я компа́ния ю́кос , ipa : [ ˈjukəs ] ) was an oil and gas company based in moscow , russia .

yukos was acquired from the russian government by russian oligarch mikhail khodorkovsky 's bank menatep during the controversial " loans for shares " auctions of the mid 1990s .

between 1996 and 2003 yukos became one of the biggest and most successful russian companies , producing 20 % of russia 's oil output , as much as libya or iraq , and khodorkovsky became an advocate of democratization , international co-operation and russian reform .

in october 2003 khodorkovsky — by then the richest man in russia and 16th richest man in the world — was arrested , and the company was forcibly broken up for alleged unpaid taxes shortly after and declared bankrupt in august 2006 .

courts in several countries later ruled that the real intent was to destroy yukos and obtain its assets for the government , and act politically against khodorkovsky .

in 2014 the largest arbitration award in history , $ 50 billion ( € 37,2 billion ) , was won by yukos ' former owners against russia .

from 2003-04 onwards , the russian government presented yukos with a series of tax claims totaling us$ 27 billion ( € 20,1 billion ) .

as the government froze yukos ' assets at the same time , and alternative attempts to settle by yukos were refused , the company was unable to pay these tax demands .

between 2004 and 2007 , most of yukos 's assets were seized and transferred for a fraction of their value to state-owned oil companies .

the parliamentary assembly of the council of europe condemned russia 's campaign against yukos and its owners as manufactured for political reasons and a violation of human rights .

between 2011 and 2014 several court cases were won by the former company 's management and investors against russia or against the companies that acquired yukos assets .

the european court of human rights ruled that there had been unfair use of the legal and tax system ; the arbitration institute of the stockholm chamber of commerce , an established neutral body used by russia and the west since the 1970s for trade disputes , concluded that the government 's action was an " unlawful expropriation " using " illegitimate " tax bills , whose effect was intended to " destroy yukos and gain control over its assets " .

and the permanent court of arbitration in the hague ruled unanimously upon awarding compensation of $ 50 billion for the company 's assets , that yukos was the target of a series of politically motivated attacks by russian authorities that eventually led to its destruction , and that russia had expropriated yukos ' assets in breach of the energy charter treaty .

( the treaty does not stop governments seizing or nationalizing commercial assets , but requires the investors to be fairly compensated if this happens . russia never ratified the full treaty but these clauses were still legally binding under both the treaty and russian law until 2029 . according to the permanent court of arbitration 's ruling , the primary objective of the russian federation was not to collect taxes but rather to bankrupt yukos , appropriate its assets for the sole benefit of the russian state and state-owned companies rosneft and gazprom , and remove khodorkovsky from the political arena . however this $ 50 billion award by the permanent court of arbitration has been thrown out by the local court in the hague ( dutch justice system ) as being invalid .

yukos

yukos <EOT> a deep slumber . yukos led its revival’ ( western top manager , yukos , 2004 ) . the

the illegal expropriation of yukos is now the subject of numerous legal proceedings around the world . for more information , see yukos - related cases and the yukos library .

mike lake , a spokesman for yukos ' s lawyers , said that yukos remained confident the jurisdiction of the chapter 11 case was proper .

he said it would be wrong to pay the yukos plaintiffs compensation out of the russian state budget , because yukos had failed to pay russian taxes .

the yukos shareholders have been trying to recover damages from russia in various courts around the world , claiming that moscow expropriated yukos’s assets for political reasons .

we are seeking proposals for articles on various aspects of the yukos energy charter treaty award and the yukos echr judgment for a joint ogel and tdm special .

the “yukos saga” started in 2003 when the russian tax authorities accused yukos of large scale tax evasion . the ensuing dispute resulted in the imprisonment of yukos owner mikhail khodorkovsky , yukos ' bankruptcy and the transfer of yukos ' assets to state - owned companies such as rosneft and gazprom . the former shareholders of yukos considered that they did not receive appropriate compensation for the expropriation of their investments and commenced uncitral arbitration proceedings in the hague under the ect in february 2005 .

and now prosecutors have frozen the block of yukos shares controlled by mr khodorkovsky .

yukos has struggled to survive after a series of tax demands totalling $ 27bn .

moscow raid begins action to seize assets of yukos oil ( washingtonpost . com )

yukos is in danger of collapsing under the weight of a massive tax claim .

yukos shareholders are also pursuing the russian state for compensation through the dutch courts .

thus , the court denied the yukos entities ' request for a preliminary injunction .

ness to external environment ; and yukos’ collapse . table 2 contains a data display

where transfer of know - how was important . this helped yukos to monitor and

sufﬁcient condition of your success’ ( russian senior manager , yukos , 2004 ) .

change of action and structure over time . the multiple actors in the yukos case

explain the rise and fall of yukos . the case study represents interesting empiri -

not translate into success in another ( return to state control ) . yukos’ failure

gml executive director tim osborne said : " the majority shareholders of yukos oil were left without compensation for the loss of their investment when russia illegally expropriated yukos . "

the dispute between yukos and russia started with moscow’s pursuit of yukos and its chief executive , mikhail khodorkovsky for alleged tax evasion . following the dissolution of yukos by russian authorities in 2003 and the arrest of mikhail khodorkovsky , yukos’s majority shareholders – hulley enterprises , yukos universal and veteran petroleum – commenced arbitration against russia . the claimants alleged that russia had breached its obligations under the ect through a series of actions which eventually saw the transfer of yukos’s assets to state - owned energy giants , rosneft and gazprom .

mikhail b . khodorkovsky , yukos’s former chairman , who served 10 years in prison .

really at fault at yukos . they are seen as victims of a game , a

the above ﬁndings illustrate the rise and fall of yukos . this section , supported by

than allowing yukos to be shaped by it . there appears to have been a clash

as rosneft took control of yukos ' s assets , shareholders sought compensation for yukos ' s dismantling . khodorkovsky is not party to the legal fight , though his former partners are .

article details , " standard oil and yukos in the context of early . . . "

1995 : bank menatep was in charge of processing loans - for - shares for yukos .

yukos ' shares tumbled 8 . 4 % to 44 . 99 roubles by midday trading .

consequently and necessarily , rebgun was not entitled to represent yukos finance in the netherlands . such power is derived from the recognition of the legal effects of yukos ' s bankruptcy in the netherlands . as a result , the shareholders ' resolutions adopted by rebgun on behalf of yukos to sell the shares in yukos finance and dismiss godfrey and misamore were null and void .

relevant to the yukos case if the award is re - instated on that appeal . upon

yukos shareholders again received no benefit from the auctions throughout 2006 and 2007 as all yukos liabilities were manufactured to match almost exactly the fire sale prices of all yukos assets , leaving no balance to be distributed to the shareholders . american investors in particular lost nearly $ 7 billion .

russian mega - company yukos oil was forced into bankruptcy in 2006 . most of yukos ' assets were sold to another russian company , but two companies , yukos b . v . and yukos cis , were not . a court - appointed receiver was trying to sell these two other companies , but they were tied up in various litigation , and in fighting off creditors .

the amsterdam court of appeal ruled in favor of yukos finance bv , a dutch subsidiary of yukos oil . it dismissed claims brought by promneftstroy , a russian company that argued it owned the dutch company after purchasing it through a bankruptcy proceeding , according to the yukos foundation’s . . .

update august 2015 : the joint tdm / ogel yukos special has been published , you find the table of contents here : tdm 5 ( 2015 ) - yukos special and ogel 5 ( 2015 ) yukos special ( you can download a free excerpt via these links as well ) .

tim osborne , director of gml , the holding company created by the yukos founder mikhail b . khodorkovsky , spoke after an arbitration court ordered russia to pay shareholders of yukos $ 50 billion .

the sale led to a legal challenge from yukos when rosneft floated on the london stock exchange .

" to all intents and purposes the yukos story is over , " he told the bbc .

in 1995 , khodorkovsky acquired yukos at a state auction at the knockdown price of $ 350m .

russia was told to pay the money to former shareholders in the now defunct oil producer yukos .

investigative committee claims yukos privatization in 1995 was illegal | russian legal information agency ( rapsi ) .

mammoth arbitrations : the yukos awards of 18 july 2014 by s . nappert on ogel and tdm

ario for the business . yukos , and the russian oil industry more generally , was in a

amsterdam , may 9 – the amsterdam court of appeal today ruled that the russian federation unlawfully bankrupted yukos oil company . the court concluded that the russian authorities “not only violated the russian ( tax ) rules , but also that this was done with the apparent intent to make yukos insolvent and ultimately bankrupt yukos . ” the russian bankruptcy cannot be recognized in the netherlands , the court ruled , as that would “violate public order . ” the dutch yukos foundation that was set up to protect yukos foreign assets is now one step closer to distributing additional assets to the former shareholders of yukos oil .

president putin himself congratulated yukos on its 10th birthday in 2003 . he was quoted as saying : “competently employing modern scientific and technical achievements , yukos is confidently moving on a trajectory of stable growth . ”

in november 2007 yukos’s liquidation was complete and the company was removed from the russian register of enterprises .

an executive at yukos confirmed the substance of the offer but said the government had not yet responded .

facts and circumstances that took place after yukos ' s bankruptcy also indicate that the tax authorities ' breaches were aimed at bringing about yukos ' s insolvency . almost all important assets ended up with russian state - owned companies , which were given the opportunity to pay yukos ' s tax debt in arrears .

place ( granovetter , 1985 ; north , 1990 ) . in this case , yukos outpaced the progress

the may 9 court ruling says that the liquidator appointed to sell off yukos assets in 2007 did not have the right to sell the shares of yukos finance bv , a dutch subsidiary of the oil firm .

the amsterdam court of appeal’s decision is in favor of one of the subsidiaries of yukos oil , the dutch company yukos finance bv , worth hundreds of millions of dollars . russian company promneftstroy argued it owned yukos finance , which the court ruled it bought in a rigged bankruptcy auction . promneftstroy’s claims were all dismissed .

before his arrest he was reckoned to be russia ' s richest man , managing the oil giant yukos .

the hague court said russian officials had manipulated the legal system to bankrupt yukos , and jail its boss .

– this process could take up to five years . clearly , the yukos saga is far from over .

the majority shareholders in the former yukos oil company representation of the majority shareholders in the former yukos oil company in proceedings initiated by the russian federation before the dutch courts to set aside the us $ 50 billion awards rendered in the arbitrations brought by the shareholders against the russian federation concerning the expropriation of their investments in yukos . we also advise the yukos majority shareholders in proceedings for the enforcement of these awards in multiple jurisdictions .

dr . billington on nov . 5 announced a gift of $ 1 million from the yukos oil company in support of two significant efforts at the library focusing on russia . dr . billington and mikhail khodorkovsky , yukos chairman and ceo , met today at the library to discuss the programs that yukos ' s gift will assist .

in afternoon trading , yukos shares were 12 % higher , clawing back almost all of thursday ' s losses .

yukos , russia ' s biggest oil company , has been in trouble with the russian government for some time .

as the results of the ruling were made public , yukos shareholders also expressed their overall satisfaction with the outcome .

creditors of the russian oil company yukos have voted overwhelmingly to ask a bankruptcy court to liquidate the beleaguered firm .

last week , steven theede quit as yukos boss after denouncing the creditors ' meeting as a " sham " .

khodorkovsky and lebedev are accused of embezzling the entire crude oil production of yukos over a six - year period .

# kremlin welcomes the # yukos decision made by the court system whose jurisdiction # russia does not recognize . urltoken

without an official response to the latest yukos proposal , fears are building that russia ' s president , vladimir v . putin , is determined either to break up yukos or regain government control of a large part of it .

yukos still has fields producing 450 , 000 barrels of oil a day , and employs 70 , 000 workers .

yukos universal limited ( isle of man ) v . the russian federation ( pca case no . aa 227 )

in april 2004 , yukos was given just two days to pay the reassessed outstanding tax for 2000 . however , the tax authorities did not even bother to wait : they froze all company assets , making it impossible for yukos to pay even if simultaneously challenging the legitimacy of the reassessment ( for more information , see the yukos library ) .

finding that russian authorities had subjected yukos to politically - motivated attacks , the panel made an award to a group of former yukos shareholders that equates to more than half the entire fund moscow has set aside to cover budget holes .

the european court of human rights ( echr ) in strasbourg is expected to announce a separate decision on thursday on yukos’s multi - billion - dollar claim against russia , ruling on “just satisfaction” or compensation , a yukos spokeswoman said .

yukos , which was once russia’s largest oil company , was bankrupted in 2006 after russian authorities imposed back tax claims and fines of $ 24 billion in what was widely seen as a politically motivated assault on then - yukos ceo mikhail khodorkovsky . former yukos assets today form the bulk of state - controlled rosneft , the world’s biggest public oil producer .

russian tax authorities and state - owned oil giant rosneft are among creditors chasing yukos for $ 17bn ( £9bn ) .

mr khodorkovsky built yukos into russia ' s largest investor - owned oil company after the fall of the soviet union .

it discusses in detail the events that led to the arrest of khodorkovsky and many other key executives of yukos in 2003 . finally , the case examines the future prospects of yukos in the light of the above crisis . a country report on russia and an industry note on the russian oil industry are available to facilitate better understanding of the yukos story .

the russian investigative committee says it is close to proving the privatization of the now defunct yukos energy company was illegal .

the original 45 % stake in yukos now represents only 0 . 1 % of the company after various share issues .

russia must pay the compensation to subsidiaries of gibraltar - based group menatep , a company through which khodorkovsky controlled yukos . group menatep now exists as the holding company gml , and khodorkovsky is no longer a shareholder in gml or yukos .

‘ [ yukos are ] a third the cost of exxon for example , their operating costs are $ 1 . 50

those lodestars risk being sorely tested by the latest twist in the disputes between the former shareholders of yukos and russia .

the yukos foundation was formed in 2005 to ensure that the assets of the yukos group outside russia can be protected and distributed fairly to the company’s former creditors and shareholders as soon as litigation regarding the entitlement to such assets is favorably resolved . the foundation is identifying and verifying yukos shareholders in order to return financial assets to them when legal challenges are completed .

according to court filings , rosneft filed suit in armenia in the late 2000s seeking possession of one of yukos ' s far - flung subsidiaries , yukos cis , which was located there . in 2011 , rosneft won possession of the subsidiary .

the battle over yukos took another political turn on friday when prime minister mikhail kasyanov said he was " deeply concerned " .

there was another day of volatile trading in yukos shares on friday , while the wider stock market and the rouble steadied .

state - owned rosneft became russia ' s no . 1 oil company after it acquired yukos ' assets following its breakup .

a yukos oil employee works under a picture of mikhail khodorkovsky , the company ' s imprisoned chief shareholder . the russian government says yukos owes $ 7 billion in back taxes , an amount that could increase . ( viktor korotayev - - reuters )

the guilty verdict was the first against a former yukos official , a number of whom are currently on trial in russia .

the charges of tax evasion are more recent , but yukos ' s accounts had been signed off by government tax inspectors .

the claim was filed by a subsidiary for the financial holding company gml , once the biggest shareholder in yukos oil co .

accounts of the rise and fall of yukos typically begin with the collateral auction of december 1995 , and the subsequent sale of these shares together with an investment tender a year later , which gave khodorkovskiy’s menatep group control of over 85 % of yukos’s shares . 1 however , this focus on khodorkovskiy mistakenly ignores the significance of the preceding years when yukos was founded and corporatized . during this time , the key roles were played by former members of the nomenklatura , whose ability to shape the development of yukos was a result of institutional legacies and incentives , as well as of personal choices and preferences . in contrast , khodorkovskiy played a key role in the actual privatization of yukos in 1995 and was also central to the yukos affair of 2003–2004 .

yukos , established by mikhail khodorkovsky and at the time russia ' s largest oil company , was declared bankrupt on august 1 2006 by the moscow city arbitrazh court . rebgun was appointed as yukos ' s bankruptcy trustee . important yukos assets , such as a refinery in lithuania and a pipeline operation in slovakia , were held by a 100 % dutch subsidiary , yukos finance bv . rebgun , in its role as representative of yukos finance ' s 100 % shareholder , yukos , dismissed yukos finance directors david godfrey and bruce misamore and appointed new directors . on september 10 2007 rebgun sold the shares in yukos finance in an auction to russian investment company promneftstroy for $ 307 million . godfrey and misamore sued rebgun before the amsterdam district court , with the main purpose of obtaining declaratory decisions that all resolutions adopted by or on behalf of rebgun and the new directors were null and void . in the annulment proceedings , godfrey and misamore created landmark case law in advancing two sets of defences relating to :

meanwhile , yukos was selling some of its prime oil - producing assets to obscure entities offshore . yukos seemed in danger of becoming a shell company . not surprisingly , daiwa and west merchant folded their hands . khodorkovsky and his partners bought back most of the stake themselves . the share offerings were canceled and whatever assets had been moved offshore were returned to yukos in russia .

the financial times reported today authorities were considering launching a $ 3 billion tax demand against yukos ' s main subsidiary yugansk in addition to a $ 3 . 4 billion claim against yukos itself for 2000 and another $ 3 . 4 billion for 2001 .

yukos was created as a joint stock company in 1993 and privatized in 1995 , with operations across the oil and gas sector ; yuganskneftegaz ( yng ) was its main production subsidiary . in 2002 , yukos was russia’s largest company in the sector and listed as one of the world’s top ten oil and gas companies by market capitalization . the claimants complained that , starting in july 2003 , russia took a series of measures leading to yukos being declared bankrupt in august 2006 . yukos was eventually struck off the registry of companies in november 2007 and its assets nationalized . russian state - owned companies gazprom and rosneft acquired yukos’ remaining assets .

yukos’s back tax bill ended up exceeding $ 30 billion for 2000 to 2004 . according to an analysis by the parliamentary assembly of the council of europe published in january 2005 , “the total tax burden for yukos , including the retroactive reassessments , is indeed about triple that of its russian competitors” and “the total tax burden for 2002 exceeds [ yukos’s ] turnover for that year . ”

the court said in its ruling that russia had violated international laws under the energy charter treaty , leading to yukos going bankrupt .

it is hard to say whether or not yukos has fully repaired its relations with foreign banks ; it has no credit rating .

former yukos ceo mikhail khodorkovsky was believed to have been the richest man in russia at the time of his arrest in 2003 .

the tax ministry justified additional taxes and fines by inventing entirely new legal concepts , which were applied only to yukos , and misapplying russian tax law , notably by retroactively assigning profits made by yukos’s trading subsidiaries to the parent company at a higher tax rate .

creditors for the troubled oil company yukos have begun proceedings which could see russia ' s former no 1 oil producer declared bankrupt .

yukos was sold off to state - owned companies , including rosneft , now one of the world ' s largest energy companies .

also , yukos put $ 7 million in two houston bank accounts to cover legal fees and mr . misamore ' s costs .

russia strikes back - but the yukos saga is far from over . here we give the london , geneva , and paris perspectives

last month , the russian government appealed a hague arbitration court decision ordering moscow to pay ex - yukos shareholders $ 50 billion . it said the shares belonging to yukos’ former owners were investments made through front companies registered in other countries in violation of russian law .

among the measures alleged to have breached the ect are the criminal prosecution of the company and its management . mikhail khodorkovsky ( ceo of yukos and supporter of russian opposition parties ) , platon lebedev ( director of the claimants hulley enterprises and yukos universal ) and vasily shakohvsky ( president of yukos - moscow ) were charged and convicted of crimes including embezzlement , fraud , forgery and tax evasion . to escape similar charges , other executives fled russia , such as leonid nevzlin ( deputy chairman of the yukos board of directors ) .

while the court ruling is a blow to the former yukos shareholders , it is unlikely to end the dispute that began when the russian authorities arrested yukos’s chairman , mikhail b . khodorkovsky , in 2003 and sold off his company over the next several years . former yukos assets are an important component of rosneft , the state - controlled entity that is now the world’s largest publicly traded oil producer .

assessments and the seizure and sale of yukos’ assets , which ultimately led its bankruptcy . yukos’ shareholders , arguing that the actions of the russian state constituted an unlawful expropriation of their investments and relying on the energy charter treaty ( ect ) , initiated arbitration proceedings against russia in october 2005 . the arbitral tribunal eventually awarded yukos’ shareholders a staggering us $ 50 + billion in damages in july 2014 .

“the foundation was set up to protect the assets of the yukos group outside russia for the purpose of ultimately distributing the monies to creditors and former shareholders of yukos , who were harmed by the unlawful expropriation . the ruling shows that yukos’ management’s strategy to seek the protection of independent courts , outside of russia , pays off , ” said eelco meerdink , who represented yukos in the proceedings . while promnefstroy may appeal the court’s decision to the supreme court , meerdink said “the foundation is confident that this judgment will be upheld . ”

according to stuart eizenstat , ex - us deputy treasury secretary and member of the international advisory board ( iab ) to the company that controls yukos , the board members are preparing to use their influence in washington , london and berlin to push for support for yukos .

rosneft said monday in a statement that it does not bear any responsibility in the court dispute between yukos shareholders and russia , before going on to say that its receipt of yukos ' assets was fully justified and in strict accordance with the laws applicable at the time .

though he wasn ' t involved this case , he was at the centre of the events that led to the downfall of yukos .

due to the freezing order on yukos’s assets , the company defaulted on repayment of loans of $ 1 . 6 billion and $ 1 billion from a consortium led by société générale . rosneft , in a confidential agreement with the consortium , agreed to purchase yukos’s debts in exchange for the consortium instigating bankruptcy proceedings , which it did in march 2006 . the russian government became the main creditor of yukos .

khodorkovsky ceded his controlling interest in menatep , which owned 60 to 70 percent of yukos , to nevzlin , after he was jailed . “i am very pleased the international tribunal in the hague decided that russia violated international laws and illegally nationalized yukos , ” said nevzlin .

rosneft bought the bulk of yukos assets through auctions after the company was declared bankrupt . its shares were down 2 . 6 percent .

moscow raids pwc over yukos back tax “russian investigators raided the moscow office of pwc on friday , stepping up pressure on the “big four” audit firm ahead of a crucial court case over allegations that it signed off on false accounts by yukos , the bankrupt oil company .

in january 2015 , yukos’ shareholders applied to the english high court for the recognition of the awards . russia responded by challenging the english

the recent hague judgment in the yukos case should accordingly have no direct consequence in france for the enforcement proceedings that have been commenced .

itar - tass . ( 2014 , aug . 12 ) . russia might appeal hague’s arbitration court resolution on yukos . retrieved from urltoken

“yukos was the object of a series of politically motivated attacks by the russian authorities that eventually led to its destruction , ” the court said . “the primary objective of the russian federation was not to collect taxes but rather to bankrupt yukos and appropriate its valuable assets . ”

group menatep limited ( gml ) was established in 1997 by khodorkovsky , the former ceo of yukos , to serve as majority shareholder of yukos through subsidiaries , including two of the claimants , hulley enterprises and yukos universal . nevzlin , former deputy chairman of the yukos board of directors , is currently a beneficiary of 70 % in gml . satisfied with the award , he expressed hopes that russia would honour it , as well as gml’s readiness to search for and freeze russia’s assets around the world ( alpert , 2014 ; cave , 2014 ) .

earlier this year , the svea court of appeal had already granted russia negative declaratory relief in another yukos arbitration brought by other former yukos shareholders under the spain russia bilateral investment treaty ( gan reported here ) and decided that the tribunal in this case had no jurisdiction , either . now , the setting - aside decision by the hague district court of 20 april 2016 forms the latest chapter in the yukos saga .

“yukos was the object of a series of politically motivated attacks by the russian authorities that eventually led to its destruction , ” the court ruling said . “the primary objective of the russian federation was not to collect taxes but rather to bankrupt yukos and appropriate its valuable assets . ”

the russian authorities treated yukos in its attempts to remedy its earlier fraudulent value added tax constructions differently to other russian companies in similar cases .

russia strikes back - but the yukos saga is far from over . here we give the london , geneva , and paris perspectives - lexology

clarity as to when state assets may be the subject of enforcement , but the test favours the state . doubtless this is why yukos’ shareholders

rfe / rl . ( 2014 , july 28 ) . interview : expert says yukos ruling could take years to enforce . retrieved from urltoken

yukos consistently paid its tax obligations in full , and even though it benefitted from lawful tax optimisation methods , the company was the largest private taxpayer in russia ( read more ) . from 1995 to 2004 , yukos audits had been approved by pricewaterhousecoopers ( pwc ) ( by 2007 , after intense coercion and threats from the russian authorities , pwc withdrew their stamp of approval from yukos’s audits – see financial times and wall street journal and this q & a . in july 2003 even the russian tax ministry had approved yukos’s good standing , with only minor adjustments . nevertheless , in december 2003 , the tax ministry launched the first of what would become a series of extraordinary audits of yukos’s tax payments .

in 2015 , feldman signed an agreement with one of the hopeful purchasers of these yukos companies , including a russian company known as ooo promenfstroy . the purchasers agreed to pay for feldman ' s legal defense against the two yukos companies and the two stichtings ( i ' ll refer to these collectively as " the yukos entities " for bevity ) , in exchange for feldman providing them with information relating to their activities . in other words , feldman was being paid by the purchasers to give them the real scoop about these yukos companies , including their hidden assets .

the russian tax authorities , in their auction of yukos ' s production facility ( its main source of income ) , did not , in good faith , strive for the highest possible proceeds to pay off yukos ' s outstanding tax debt . the main reasons for this conclusion were :

following the appointment of a bankruptcy receiver , a creditors’ meeting was called for june 2006 . at the meeting a restructuring plan was presented by yukos that would have allowed the company to settle its liabilities and continue operating in light of rising oil prices . the plan was rejected , as the russian authorities once again demonstrated that they were not interested in settling with yukos . in august 2006 , a russian court declared yukos insolvent .

analysts say the move against mr khodorkovsky and yukos has created the biggest political and economic crisis of president putin ' s three years in office .

the former security chief of russian oil giant yukos , alexei pichugin , has been sentenced to 20 years in jail for murder and attempted murder .

yukos has been under remorseless pressure from the russian authorities since mr khodorkovsky was arrested in 2003 , a campaign which many believe is politically motivated .

he said the yukos case has taken on overt political tones , both internationally and domestically , far beyond how arbitration disputes typically are sorted out .

[ … ] talking about yukos and pricewaterhousecoopers’ russian member firm . but i could also be talking about satyam and pricewaterhousecoopers’ indian member [ … ]

mr . khodorkovsky owns 4 percent of yukos directly and 22 percent through a trust of which he is the sole beneficiary , according to russian analysts .

rosneft said on monday that it “was not a party to and did not participate in the arbitrations and is not bound by the published rulings . rosneft believes that all of its purchases of former yukos assets and all other actions taken by it with respect to yukos were entirely lawful and proper . ”

one russia - based analyst said yukos was in a " downward spiral " which was likely to result in the eventual sale of its remaining assets .

it had come close to folding but now yukos became russia ' s second biggest oil company , pumping one in every five barrels the country produced .

president putin has said the state doesn ' t want to bankrupt yukos ( file photo ) 1 july 2004 - - russia ' s tax ministry is claiming another $ 3 . 4 billion from the oil giant yukos in back taxes , in addition to an existing tax bill for the same amount .

the panel of judges , which has been reviewing the case since 2005 , concluded that officials under putin had manipulated the legal system to bankrupt yukos .

yukos first brought the case to court in december , in an attempt to stop the russian government from auctioning off its key production asset , yuganskneftegas .

“…as reported in major features published in today’s wall street journal and the financial times following separate investigations conducted by both newspapers , pwc appears to have succumbed to a woefully illegal war of intimidation waged against them by russian authorities who sought to cast doubt on the reliability of the yukos audits . pwc was subject to police raids , partners were threatened with imprisonment for their work on yukos , and legal proceedings unrelated to yukos were lodged by prosecutors against the firm . these problems all disappeared after pwc withdrew its yukos reporting . a persistent threat echoed by authorities as pwc adamantly defended its yukos reporting – that the firm’s russian license could be revoked – has not been raised again since pwc backed down , and yukos - related investigations into pwc appear to have ceased . the allegedly “new” information received by pwc was not only supplied by the prosecution , but also never independently verified before pwc withdrew their audits . ”

prosecutors in the trial of former yukos chief executive mikhail khodorkovsky called on tuesday for the tycoon to be sentenced to 10 years for fraud and tax evasion .

he was accused of organising the murder of the gorins in 2002 on the orders of leonid nevzlin , a shareholder in yukos and friend of mr khodorkovsky .

# russia ' s # yukos case at # echr : council of europe member states today express ‘serious concern at the non - implementation of judgment ' .

a source close to the investigation told tass that a preliminary probe into the main yukos case which was opened in march 2003 has been extended until june .

yukos v . russian federation : observations on the tribunal ' s ruling on damages by by b . sabahi and d . ziyaeva on ogel and on tdm

in seeking to enforce their uncitral arbitration award against the russian state , the yukos shareholders would in the first instance look to enforce directly against russian assets .

deputy minister storchak said the award runs against the decision of the ecthr , which “concluded twice that yukos committed large - scale tax evasion and its management was aware of violations , that all extra tax payments required from yukos were lawful and legitimate and that yukos was not discriminated against and the actions by the russian authorities were not politically motivated . ” the statement of the finance ministry complained of many other flaws in the arbitration , including biased investigations and use of evidence , inadmissible reviews of russian court judgments , and a “senseless and completely speculative attempt to give a hypothetical appraisal” of yukos ( itar - tass , 2014a ) .

according to the courts , the russian government inflicted undue harm on those shareholders through punitive tax claims and asset seizures in the aftermath of the 2003 arrest of yukos founder mikhail khodorkovsky , previously russia’s richest man . yukos’s assets were distributed to front companies and later acquired by rosneft , which became the largest oil company in russia , and other state - owned and regime - friendly entities such as gazprom . this wiped out the holdings of yukos’s shareholders , and they sued .

" every armenian judge in charge of proceedings having to do with ' yukos ' has received a clear and unambiguous signal : either you follow directions from above and hand down judgments in favor of ' rosneft ' and against ' yukos , ' or you face serious consequences , " he said in his written testimony .

foreign advisers to the crisis - hit russian oil giant yukos are planning to lobby western governments on the firm ' s behalf , bbc news online has learned .

the shares were in fact owned by two menatep - owned companies in cyprus and the isle of man , a fact which yukos says makes the seizure illegal .

mr . rothschild now controls the voting rights on a stake in yukos worth almost $ 13 . 5 billion , the newspaper said in a dispatch from moscow .

“the yukos foundation applauds the ruling in this case , which has exposed the extent to which the russian federation will go to manipulate the legal process and ignore the rule of law in order to accomplish their aims , ” said steve theede , former yukos ceo , and now a member of the foundation’s board of directors .

' ' the government is showing that this is not about taxes ; it ' s about trying to change the ownership of yukos , ' ' said the executive , who spoke on the condition of anonymity . ' ' if they agree to what yukos has offered , they ' ll get all the taxes . ' '

houston , dec . 28 - deutsche bank sought on tuesday to have a federal judge dismiss the bankruptcy protection filing in houston by the russian oil giant yukos .

what ' s tax got to do with it ? the yukos tribunal ' s approach to motive and treaty interpretation by r . teitelbaum on ogel and on tdm

tsarova , m . ( 2014 , aug . 15 ) . yukos winning award : will russia avoid arbitral enforcement again ? cis arbitration forum . retrieved from urltoken

there were signs that the russian government was preparing to break apart the oil giant and sell it off at bargain - basement prices , analysts said - - a move that would jeopardize not only the billionaire oligarchs now controlling yukos but also thousands of private investors who hold up to $ 2 . 5 billion of yukos stock .

interestingly , in a previous case , yukos capital v ojsc rosneft oil co involving a different yukos entity , both english and dutch courts recognised an arbitral award in circumstances where russian courts ( courts at the seat of arbitration ) had annulled the arbitral award that yukos capital was seeking to enforce . it was held that russian courts’ annulment of the arbitral award was the result of a “ partial and dependent judicial system “ . such an allegation is unlikely to be levelled at the hague court .

yukos chief executive mikhail khodorkovsky is in jail facing fraud and tax evasion charges , and almost half the company ' s shares were frozen by russian authorities on thursday .

having learned in advance about the ruling via the media , foreign minister sergei lavrov said that moscow would appeal if it was confirmed that the yukos shareholders had triumphed .

yukos has pledged to fight to recover its lost assets , which it claims have been illegally expropriated , by taking its case to the european court of human rights .

mikhail khodorkovsky , once russia ' s richest man as head of oil giant yukos , spent 10 years in custody for tax evasion and theft after funding opposition parties .

the ruling is littered with testimony from witnesses pointing to mr putin ' s anger about mr khodorkovsky , particularly when the former yukos chief raised the issue of corruption .

. @ wikileaks no , # wikileaks publications have already been accepted as evidence in many court cases , ie # elmasri , # yukos . so # germany can too

once russia’s largest oil company , yukos was systematically pared down in the early 2000s through a series of bankruptcy proceedings that legal experts have said were rife with inconsistencies .

in july 2014 , an arbitration court in the hague ordered russia to pay $ 50 billion to compensate yukos shareholders , one of the largest such awards in history .

markin said the former yukos head mikhail khodorkovsky had de facto stolen the company’s shares from the country and is now trying to gain another $ 50 billion through deceit .

the interfax news agency said that the offer was the same one made to the government by yukos ' s chief executive , steven m . theede , on thursday .

critics of russian president vladimir putin say the attack on yukos , including a $ 27 . 5bn ( £14 . 4bn ) backdated tax bill , is politically motivated .

majority shareholders in the former yukos oil company v . russian federation ( uncitral cases ) securing a us $ 50 billion award in favor of our clients , the largest award ever rendered by an arbitral tribunal . the dispute related to the expropriation of our clients’ investment in yukos oil company . claims brought under the energy charter treaty .

there’s quite a bit of bad news coming out of russia about pricewaterhousecoopers and their client yukos . former yukos chief mikhail khodorkovsky and his business partner platon lebedev stand co - accused in a new trial brought by prosecutors intent on preventing their scheduled release from prison in 2011 . khodorkovsky and lebedev have decided to target pwc in their defense .

menatep selected its international advisory board ( iab ) earlier this year as part of a structure designed to make yukos a poster - child for good corporate governance in russia .

in 2004 , the back tax bill led to yukos ' main yuganskneftegaz subsidiary being expropriated by the government and sold off at auction - to be ultimately acquired by rosneft .

the council of europe - a major international human rights watchdog - has condemned russia ' s refusal to pay compensation to shareholders in the now - defunct yukos oil giant .

" according to the investigation , the privatization of yukos in 1995 violated competition and antimonopoly legislation , " the official spokesman of the committee vladimir markin told tass on friday .

in a separate development this week , yukos ' s chief executive officer , steven theede , is reported to be struggling for control of the firm against his own management .

meyer , h . , and bierman , s . ( 2014 , july 31 ) . yukos hunting rosneft assets from venezuela to vietnam . bloomberg news . retrieved from urltoken

the yukos case started more than a decade ago and has further to go in terms of the hague court proceedings and enforcement proceedings in multiple jurisdictions . what lies ahead is hard to predict especially given wider political issues involving russia . however , yukos is turning into a case for the arbitral community to test its limits and set new precedents .

according to mr eizenstat , the iab discussed the situation on the phone on wednesday and members expressed " grave concern " about what was happening both to yukos and to russia .

the two have known each other for years “through their mutual love of the arts” and their positions as directors of the open russia foundation , yukos’ philanthropic branch , it said .

the $ 350 million that khodorkovsky and his partners paid for control of 78 % of yukos was quite the bargain . it implied a value for the whole company of $ 450 million . when the shares began trading less than two years later , yukos ' market capitalization was $ 9 billion . today the market cap is closer to $ 15 billion .

alex temerko : # ukraine born former # yukos oil exec wanted for fraud by # russia , now # uk citizen & major funder of # cameron ' s party . naturally

. @ cyber _ president completely untrue . # wikileaks has been used in numerous court cases , # elmasri , # yukos ( against # russian govt & they won ! )

“certainly the decision of the dutch court will impact on the ability of yukos shareholders to enforce the arbitration award in various countries around the world , ’’ mr . sullivan said .

sim lc . ( 2008 ) case study of yukos . in : the rise and fall of privatization in the russian oil industry . st antony’s series . palgrave macmillan , london

yukos operations in moscow have reportedly refused to accept the authority of mr theede , who has run the business from self - imposed exile in london for more than a year .

from 1998 to 2000 he worked in oao nk yukos , from 2001 to 2004 he grew to the position of managing director in the jscb " trust and investment bank " .

" the russian equity market faces the grim prospect of the entire equity value of yukos being destroyed by the state , " ufg financial group said in a grim commentary thursday .

although prevented by dutch law from continuing their enforcement actions in the netherlands , yukos’ shareholders will continue their attempts to enforce the awards in other jurisdictions , irrespective of this decision .

buckley , n . , and hille , k . ( 2014 , july 28 ) . retrieved yukos shareholders face battle to claim $ 50bn . financial times . retrieved from urltoken

no one should be under any illusions : corruption was a problem before yukos was destroyed . some even speculate that khodorkovsky was targeted because he was too vocal in highlighting corruption in state - owned companies . it has become much clearer since the beginning of the yukos affair that corruption in russia is now so endemic that it is simply a fact of life .

in three awards dated 18 july 2014 , each totalling over 600 pages , an uncitral arbitral tribunal under the auspices of the permanent court of arbitration ( pca ) ordered russia to pay over us $ 50 billion in compensation for the indirect expropriation of oao yukos oil company ( yukos ) . this is the largest damages award yet known in investment treaty arbitration .

in july 2014 , a pca tribunal consisting of yves fortier qc , charles poncet and stephen schwebel ordered russia to pay damages in excess of us $ 50billion to the former yukos majority shareholders . the tribunal held that russia had launched “ a full assault on yukos and its beneficial owners in order to bankrupt yukos and appropriate its assets while , at the same time , removing mr . khodorkovsky from the political arena “ . the award was 20 times bigger than any previous arbitral award and equivalent to 20 per cent of russia’s annual budget .

" yukos is quickly becoming a toxic waste stock that many portfolio managers would not want to own not only for portfolio performance , but also for career reasons , " said aton .

yukos founder mikhail khodorkovsky , who was released last december after spending 10 years in prison said he was pleased with the ruling but added that he would not benefit from the decision .

despite having little industry knowledge , mr . khodorkovsky helped revive the company by bringing in western techniques like water injection and fracking . production at yukos almost doubled between 1995 and 2003 .

yukos is currently in danger of being torn apart by bailiffs who have said they might sell off its main operating arm to settle a $ 3 . 4bn bill for back taxes .

at stake is yukos ' s decision to arrange its affairs to benefit from low local tax rates introduced as part of the government ' s efforts to bring developments to the regions .

yukos oil company chief executive officer mikhail khodorkovsky ( r ) stands behind a glass wall at a courtroom in moscow , on december 29 , 2010 . ( photo by alexander nemenov )

but some analysts worry that the government ' s claims against yukos , the country ' s largest oil exporter , could continue to rise , possibly as high as $ 10 billion .

pwc said in its decision to pull the audits was “influenced by the fact that some former shareholders and management of yukos are continuing to encourage others to rely on pwc’s audit reports” .

third , while yukos was subjected to processes of law , the tribunal did not find that the expropriation was “carried out under due process of law , ” in view of the harsh treatment accorded to the executives and counsel of yukos . the tribunal went so far as to state that the russian courts , in sentencing khodorkovsky and lebedev , “bent to the will of russian executive authorities to bankrupt yukos , assign its assets to a state - controlled company , and incarcerate a man who gave signs of becoming a political competitor” ( para . 1583 ) .

the government may find it hard to untangle yukos ' s complicated ownership structure to seize assets . as a holding company , yukos does not own many physical assets , according to executives , but it controls subsidiaries that own the refineries and pumping installations . coming up with an inventory and figuring out which assets to take over could take weeks or months , analysts said .

daniel feldman was a former director of two yukos companies , and the secretary of two related " stichtings " which are essentially foreign foundations ( often purporting to be charities ) that are sometimes used for asset protection purposes . feldman was terminated from all these companies in 2013 and 2014 . feldman attempted to negotiate a settlement with these yukos companies and stichtings , but failed .