Renco Accuses Perelman Of Lifting $175M From Humvee JV

Law360, Wilmington (June 29, 2012, 10:38 PM EDT) -- The Renco Group Inc. launched a derivative suit Friday alleging that MacAndrews & Forbes Holdings Inc. and its billionaire head Ron Perelman channeled $175 million to themselves from their joint venture to manufacture the Humvee military vehicle.

Filed in Delaware Chancery Court, the complaint alleges that the Perelman and his company forced subsidiary MacAndrews AMG Holdings LLC, the managing member of the joint venture with Renco, to improperly impose royalties and fees, manipulate internal accounts and provide the parent firm with a sweetheart loan.

“As a...
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