Fight Over $73M in Humvee Joint Venture Profits Drives On
A long-running fight over the distribution of nearly $73 million in profits generated by a joint venture to make Humvees will continue, after the Delaware Court of Chancery ruled that a contract governing the arrangement was open to more than one interpretation.
May 18, 2017 at 04:42 PM
3 minute read
A long-running fight over the distribution of nearly $73 million in profits generated by a joint venture to make Humvees will continue, after the Delaware Court of Chancery ruled that a contract governing the arrangement was open to more than one interpretation.
The ruling by Vice Chancellor Joseph R. Slights III, on cross-motions for summary judgment by The Renco Group Inc. and MacAndrews & Forbes Holdings Inc., was the latest flashpoint in a five-year dispute between the two billionaire-owned firms, which partnered in 2004 to produce the military vehicles.
In 2012, Renco, owned by investor Ira Rennert, sued MacAndrews for breach of contract for allegedly using the holding company making the Humvees to collect $72.8 million that should have been distributed to Renco. The company then sought to invoke certain provisions in the agreement that Renco said allowed it to recoup the distributions made to MacAndrews.
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