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(AMM) Metalico row over PGM buy escalates

June 19, 2009 - 20:40 GMT Location: New York

Metalico Inc.'s chagrin over problems at platinum recycling operations acquired last year in Mississippi and Texas has landed the Cranford, N.J.-based recycler in federal court as a defendant.

The previous owners, companies and trusts affiliated with Allen Hickman Jr., want the rest of the payments they say are due under a $3.86-million note?an unpaid $2.57 million. The note was part of a broader transaction described at the time as worth $28.5 million.

The wrangle became a federal case with a filing this past week in the U.S. District Court for Western Texas.

According to the complaint filed by Hickman and affiliates, the 2008 deal includes an "irrevocable"...

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