Biofuels Co. Says PE Firm Skipped Out On $7M Funding Deal

Law360, New York (May 15, 2012, 5:34 PM EDT) -- Renewables company Pleasant Valley Biofuels LLC on Sunday accused private equity firm Quest Capital Finance Inc. and an affiliated law firm of shortchanging it on $7 million in promised financing, withheld even after collecting Pleasant Valley's quarter-million-dollar deposit.

In a suit filed in Idaho federal court, Pleasant Valley asks Quest Capital and the law firm, Florida-based Sanchez-Medina Gonzalez Quesada Lage Crespo Gomez & Machado LLP, to refund the $280,000 deposit made last fall.

In September, energy financing specialist Quest Capital signed a letter of intent to...
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