TMD raps Asarco over aborted zinc unit sale
Dec 06, 2005 | 09:30 AM
| Matthew Lerner
TMD Acquisition Corp., Benson, Ariz., has filed a complaint in U.S. Bankruptcy Court seeking compensation from Asarco Inc. over a mine sale that went sour.
TMD alleges that Asarco mishandled a $250,000 deposit it paid to acquire Asarco's Tennessee Mining division, which consists of three idle underground zinc mines, a processing plant and mineral rights near Knoxville, Tenn.
TMD also alleges that the Tucson, Ariz.,-based metals producer failed to provide TMD with required information and documentation in a timely manner, wrongfully terminated the agreement and shopped the properties to third parties when it was supposed to be in exclusive talks with TMD.....
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