In court papers, Niles describes last-minute death of Metalico deal

Oct 02, 2006 | 10:40 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 complete 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 Cranford, N.J.,-based Metalico.

"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 (Ohio) Common Pleas Court.....

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