Former Keywell executives criticize lawsuit

Feb 21, 2014 | 06:32 PM | Rey Mashayekhi

Tags  Keywell, Keywell Metals, J. Mark Lozier, OmniSource, SA Recycling, specialty steel, scrap, recyling bankruptcy

NEW YORK — The secured lenders and former executives of SGK Ventures LLC, the bankrupt specialty steel scrap processor formerly known as Keywell LLC, have responded to a multimillion-dollar lawsuit filed against them by unsecured creditors, disputing claims made in the suit and filing a motion calling for its dismissal.

The former executives and secured lenders call for the U.S. Bankruptcy Court in Illinois to "dismiss the complaint ... for its failure to state claims and to strike its demands for punitive damages," according to documents filed Feb. 19.

They also issued a press release Feb. 20, entitled "Keywell Executives Fire Back," describing the claims by the official committee of unsecured creditors as "senseless, illogical and unsupported by the facts."....

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