Ex-Biofuel Plant Owner Says Buyer Avoiding $5.5M Payment

Law360, Wilmington (September 10, 2013, 4:23 PM EDT) -- The former majority owner of a Hawaii-based biomass power plant project on Monday sued the company to which it sold its stake, claiming it participated in a secret deal to get out of a $5.5 million payment due when a power purchase agreement wins regulatory approval.

MMARV Bioenergy LLC, which owned a 90 percent interest in the company developing the Hu Honua bioenergy facility, sued HIPP LLC, a subsidiary of Transformative Energy & Materials Capital Inc., and several of its directors and related organizations in the...
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