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Backer Demands $237M From Developer Of Axed Power Plant

Law360, New York (May 2, 2012, 2:48 PM EDT) -- EIG Management Co. LLC on Tuesday asked a New York federal judge to make a Canadian developer and its affiliate fork over at least $237 million EIG claims is owed to investors who backed a 283-megawatt natural-gas-fired power plant the Ontario provincial government abruptly canceled last fall.

Greenfield South Power Corp. is attempting to do an "end run" around the parties' plant financing agreement with an insufficient and improperly calculated offer to compensate the fund manager only $82.3 million, according to a motion for a preliminary...
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