MacAndrews Must Repay $68M To Humvee JV, Renco Says

Law360, Wilmington (May 2, 2013, 10:19 PM EDT) -- Renco Group Inc. on Thursday asked a Delaware Chancery judge to force the repayment of $68 million it claims MacAndrews & Forbes Holdings Inc. improperly distributed to itself from the companies' joint venture to produce the Humvee military vehicle.

At a hearing in Dover, Renco urged Vice Chancellor John W. Noble to issue an injunction compelling MacAndrews to return the sum to AM General Holdings LLC and prohibiting it from making any further distributions from their joint venture.

As managing partner, MacAndrews is entitled to distribute...
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