Slights Knocks Renco for Reargument Motion in Humvee Spat
The Delaware Court of Chancery on Tuesday denied The Renco Group Inc.'s latest motion for reargument in a lawsuit over the distribution of nearly $73 million in profits generated by a joint venture to make Humvees, criticizing the firm for what it said has become a "pattern" in five years of litigation.
July 19, 2017 at 04:52 PM
3 minute read
The Delaware Court of Chancery on Tuesday denied The Renco Group Inc.'s latest motion for reargument in a lawsuit over the distribution of nearly $73 million in profits generated by a joint venture to make Humvees, criticizing the firm for what it said has become a “pattern” in five years of litigation.
In a seven-page letter opinion, Vice Chancellor Joseph R. Slights III stood by his May 17 decision to block cross motions for summary judgment by Renco and MacAndrews & Forbes Holdings Inc., the latest flash point in a five-year dispute between the two billionaire-owned firms, which partnered in 2004 to make the military vehicles.
He said the motion—Renco's fourth in the past two years—simply rehashed its earlier arguments that it was entitled to the profits under the terms of a limited liability agreement the companies had entered over a decade ago.
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