OCTG distributor Trident claims fraud, breach of contract in suit vs. Basin
Dec 16, 2010 | 06:43 AM
|
Trident Steel Corp. has accused Basin Drilling Co. of fraud and breach of contract, alleging that two of its executives bought steel pipe they knew they couldn't afford.
The St. Louis-based oil country tubular goods (OCTG) distributor is accusing Basin of "luring" Trident to supply pipe "when there was little or no chance of repayment," according to a complaint filed in a federal court in Mississippi.
In the complaint, Trident accuses Aberdeen, Miss.-based Basin of "leading-on" Trident in its hopes of being paid. The plaintiff also claims that Basin "recently ceased communicating" with it and suggests the company "may now be out of business" and has "auctioned off many of its remaining assets."....
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.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here