In court papers, Niles details last-minute death of Metalico deal
Oct 02, 2006 | 09:47 AM
| Paul Schaffer
Niles Iron & Metal Co. says in court papers that the cancellation of an asset takeover by Metalico Inc. was disclosed unexpectedly Aug. 31 to executives who thought they were assembled to close the transfer of two scrapyards in Niles, Ohio.
The Niles company says it was astounded by the nullification announcement by Carlos Aguero, chairman and president of Metalico, based in Cranford, N.J.
"Without warning, and only minutes before the scheduled wire transfer, defendant Aguero announced that he had, on his own, decided not to complete the transaction," according to a complaint filed Friday in Trumbull County Common Pleas Court in Ohio.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.