DOD Contractor Sues Noteholders In Takeover Battle

Law360, New York (October 6, 2011, 8:37 PM EDT) -- Anti-corrosion protective cover maker Shield Technologies Corp. on Thursday sued some of its own noteholders in Illinois, saying that an escalating dispute over their efforts to receive common shares instead of repayment could violate government contracting and securities laws.

In a conflict that came to a head in September, two members of Shield Acquisition Group LLC — a nonoperating investment company — are trying to seize control of Shield and fire the retired Navy officer who maintains the company's sales contracts, according to the complaint filed...
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