An affiliate of Black Diamond Capital Management LLC, the investment firm run by billionaire Stephen Deckoff, lost its bid Tuesday to end litigation in Delaware over an alleged scheme to place another portfolio company’s assets beyond the reach of a major creditor.
Vice Chancellor Lori W. Will ordered PTC Liberty Tubulars LLC to face fraudulent transfer claims stemming from a fast-tracked auction that handed over virtually the entire business of Boomerang Tube LLC, an oil-rig tubing manufacturer also controlled by Black Diamond. The judge let the asset manager itself out of the case brought by affiliates of steelmaker ...