Renco Owes Ex-Unit $49M From Humvee Venture, Judge Says

Law360, Wilmington (December 21, 2012, 9:33 PM EST) -- A Delaware judge on Friday ordered Renco Group Inc. to release $49 million to its former unit AM General Holdings LLC, ruling that Renco and its subsidiaries held the funds in likely violation of a joint venture with MacAndrews & Forbes Holdings Inc. to produce Humvee trucks.

Vice Chancellor John W. Noble granted the mandatory injunctive relief requested by AM General, finding Renco had likely breached the contract and caused harm by withholding $49 million from ILSHAR Capital LLC, one entity formed in the 2004 joint...
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