The Delaware Court of Chancery on Tuesday denied The Renco Group Inc.’s latest motion for reargument in a lawsuit over the distribution of nearly $73 million in profits generated by a joint venture to make Humvees, criticizing the firm for what it said has become a “pattern” in five years of litigation.
In a seven-page letter opinion, Vice Chancellor Joseph R. Slights III stood by his May 17 decision to block cross motions for summary judgment by Renco and MacAndrews & Forbes Holdings Inc., the latest flash point in a five-year dispute between the two billionaire-owned firms, which partnered in 2004 to make the military vehicles.
