Introduction

On 26 January 2006, a NAFTA arbitral tribunal handed down its Award in a case that stands to play a leading role in defining the limits of the "legitimate expectation" doctrine as a ground for complaint by investors under the "fair and equitable treatment" provisions of international investment treaties: International Thunderbird Gaming Corporation v. The United Mexican States ("Thunderbird"). The Thunderbird Award is also notable for its treatment of two further issues of interest: first, the question of when a claimant will "own or control" an enterprise for the purposes ...