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Wind Turbine Co. May Dodge First Wind's $60M Attachment Bid

Law360, New York (September 21, 2012, 3:29 PM EDT) -- Private equity-owned Clipper Windpower LLC doesn't have to tie up $60 million over First Wind Energy LLC's concerns it will collapse before a contract arbitration wraps up — as long as the floundering turbine company hands over its financial statements, a New York state judge ruled Friday.

Judge O. Peter Sherwood denied First Wind's bid to attach $60 million of Clipper's assets only on the condition that Platinum Equity LLC's Clipper give First Wind its financial statements within three days, in a bid to allay First Wind's fears that Clipper is hemorrhaging money and will be belly-up before an arbitration process...

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