PSC Metals denied settlement over ill-fated acquisition

PSC Metals denied settlement over ill-fated acquisition
<![CDATA[

A federal judge in Nashville, Tennessee, has denied a request by Mayfield Heights, Ohio-based PSC Metals to collect $21.6 million from Kentucky-based Southern Recycling LLC  after an unsuccessful negotiation to purchase assets from Southern Recycling.

According to an online article by Law360, PSC had alleged that Southern breached an exclusivity clause pertaining to the negotiated purchase of assets valued by Southern Recycling at around $27 million.

The Law360 write-up says Southern Recycling acknowledged it negotiated with another party during the time the exclusivity cause was in place, but a sale never occurred to either party.

U.S. District Judge Aleta A. Trauger has determined that while the breach could reasonably result in a lower $90,000 damage amount, there was no basis to conclude the damages were “equal to the full expected value of the proposed deal.”

PSC Metals currently has operations in several states, including seven in Tennessee, with one of those in Nashville.

Southern Recycling operates three facilities in Kentucky plus one in Nashville.

]]>
Source: Recycling Today
PSC Metals denied settlement over ill-fated acquisition
<![CDATA[A federal judge in Nashville, Tennessee, has denied a request by Mayfield Heights, Ohio-based PSC Metals to collect $21.6 million from Kentucky-based Southern Recycling LLC  after an unsuccessful negotiation to purchase assets from Southern Recycling.According to an online article by Law360, PSC had alleged that Southern breached an exclusivity clause pertaining to the negotiated purchase of assets valued by Southern Recycling at around $27 million.The Law360 write-up says Southern Recycling acknowledged it negotiated with another party during the time the exclusivity cause was in place, but a sale never occurred to either party.U.S. District Judge Aleta A. Trauger has determined that while the breach could reasonably result in a lower $90,000 damage amount, there was no basis to conclude the damages were “equal to the full expected value of the proposed deal.”PSC Metals currently has operations in several states, including seven in Tennessee, with one of those in Nashville.Southern Recycling operates three facilities in Kentucky plus one in Nashville.]]>