Sapphire Power Trying To Skimp On $256M Deal, Suit Says

Law360, New York (November 14, 2012, 4:18 PM EST) -- A New Jersey energy holding company on Tuesday accused Sapphire Power Finance LLC, a Texas outfit linked to The Carlyle Group LP, of fabricating indemnification claims in order to avoid paying part of the $256 million it owes for a 2011 power portfolio purchase.

Sapphire is blocking the release of more than $17.5 million that is still sitting in escrow after it purchased a group of power generation facilities from Morristown, N.J.-based MEG Holdings LLC last year, according to a complaint the seller filed in New York state court.

MEG, whose main operating unit is the privately held Morris Energy Group...

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