Petroleum Distributor Sued Over Unpaid Fees In $65M Recap

Law360, New York (April 17, 2013, 6:42 PM EDT) -- Capital markets and financing company Scimitar Capital Partners LLC filed a contracts suit against a New York petroleum distributor in Connecticut federal court Wednesday, claiming Chestnut has illegally refused to pay fees owed to Scimitar for securing $65 million in recapitalization financing.

Scimitar claims that New Paltz, N.Y.-based Chestnut Petroleum Distribution Inc. breached a written contract to pay the consultant a finder's fee for securing refinancing capital for Chestnut's portfolio of gas stations across the Northeast. The firm worked with several banks and private equity firms...
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