Sun Capital PE Funds Count As Businesses, 1st Circ. Says
By Beth Winegarner (July 24, 2013, 9:28 PM EDT) -- The First Circuit found Wednesday that two Sun Capital Partners Inc. private equity funds qualified as businesses, reviving a case over whether the funds became liable for a $4.5 million debt bankrupt Scott Brass Inc. owed a trucking-union pension fund after Sun Capital bought the metals manufacturer.
The dispute dates back to 2008, when Scott Brass declared bankruptcy and the New England Teamsters and Trucking Pension Fund demanded a $4.5 million payment from it and the Sun Capital funds. According to the Teamsters, the funds had entered a partnership or joint venture in common control with Scott Brass and were jointly...
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