OCTG distributor Trident sues Basin Drilling, alleges fraud

Dec 16, 2010 | 12:22 PM |

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."....

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