7th Circ. Says Both Sides In Ethanol Suit Broke Contract
Law360, New York (December 14, 2016, 9:42 PM EST) -- A Seventh Circuit panel on Wednesday reversed an Illinois federal court victory for two ethanol companies over a once-bankrupt distributor, finding that both sides of the case failed to honor a termination agreement.
After emerging from bankruptcy several years earlier, ethanol distributor Aventine Renewable Energy Ltd. in 2013 sued Glacial Lakes Energy LLC and Aberdeen Energy LLC because it owed them $900,000 but was owed approximately $1.6 million by them, resulting in a net $700,000 owed to Aventine. An Illinois federal judge in February granted Glacial and Aberdeen summary judgment because Aventine had not paid the $900,000 to honor its side...
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