United Salt Must Face Investor Suit Over Plant Buy

Law360, New York (July 29, 2011, 5:19 PM EDT) -- A Texas appeals court on Thursday reopened a shareholder suit brought by a board member of mining company United Salt Corp. against company officers over alleged problems with a plant acquisition.

The First District Court of Appeals said Lloyd Webre Jr., a board member for United Salt who owns 24 percent of its parent company, can proceed with his suit against United Salt's officers over how they handled the acquisition of a plant in Saltville, Va.

Webre, a descendant of the 83-year-old company's founder, complained that...
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