Salzgitter Mannesmann pursues $6M collection
Mar 06, 2012 | 11:06 AM
| Frank Haflich
LOS ANGELES Salzgitter Mannesmann International (USA) Inc. said it is pursuing payment of a $6-million breach-of-contract judgment awarded to it against a California distributor over a tubing venture that turned sour.
An attorney for Salzgitter Mannesmann said the company is "working on judgment collection efforts" vs. oil country tubular goods (OCTG) distributor Alexander Steel Sales Inc. (ASSI), Temecula, Calif., and its president, Donald R. Alexander.
In a complaint originally filed in U.S. District Court in Houston in December 2010 and amended in March 2011, Salzgitter Mannesmann said it had incurred losses of at least $3.5 million in the venture and expected to lose at least $6 million before all of the inventory purchased for the venture could be sold.....
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