Grey Mountain Sues Over Alleged Bolttech Buyout Fraud

Law360, New York (January 3, 2012, 3:41 PM EST) -- Private equity firm Grey Mountain Partners LLC on Friday sued the former owners of Bolttech Holdings LLC for allegedly inflating the value of the bolting technology company to induce Grey Mountain to acquire it for $30 million more than its worth.

Grey Mountain filed the claims for fraud and breach of contract in Pennsylvania federal court, claiming Bolttech's former directors worked with buyout firm and majority Bolttech shareholder PNC Mezzanine Partners III LP to artificially inflate the company's value while hiding its dire financial situation....
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