Keywell creditors sue execs for $65M
Dec 20, 2013 | 03:59 PM
| Rey Mashayekhi
NEW YORK Creditors of bankrupt specialty scrap processor Keywell LLC are suing the companys executives for more than $65 million for allegedly engaging in "a pattern of improper self-dealing" that saw them "lining their own pockets to the detriment of Keywell and its creditors."
The lawsuit, filed by the official committee of unsecured creditors of Keywell LLC, is part of the Chicago-based processors bankruptcy proceedings in U.S. Bankruptcy Court in Illinois. The committeeconsisting of several creditors, including Fort Wayne, Ind.-based OmniSource Corp., Orange, Calif.-based SA Recycling LLC and Portland, Ore.-based Schnitzer Steel Industries LLClaid out its allegations in a 48-page complaint that names Keywell president and chief executive officer J. Mark Lozier and chairman Joel D. Tauber among the defendants.....
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