independent

Thursday 17 April 2014

$100m action between NTR and ex-boss of US arm has date set

A $100m (€78m) Texas legal action between the former boss of Greenstar's US arm and the Irish-owned firm is slated to get under way next September.

Matthew Delnick launched a $15m lawsuit against Greenstar's US unit during the summer. He claims that NTR rebuffed an approach to buy its American waste business last year for up to $420m.

Mr Delnick would have stood to make money on such a deal from shares he held in the Greenstar US business as chief executive of the division. The $15m also includes sums for damages, costs and severance payments he claims he's due.

Mr Delnick, who was fired from his post by NTR in February, claims he was told by NTR in 2010 that it could no longer supply Greenstar's US business with capital. Mr Delnick claims he then suggested NTR seek a buyer for the US division and that the largest waste operator in the US, Waste Management, said it was prepared to pay almost $400m to buy it.

Mr Delnick has made additional allegations regarding dealings with the NTR board which have been rejected by the Irish company. Greenstar's North American firm has counter-sued Mr Delnick for $100m, claiming he attempted to push through a sale of the Greenstar business for "personal gain", an allegation Mr Delnick denies.

The two sides have been told that they'll have to make initial disclosures by December 10, while Mr Delnick has been told he'll have to designate his experts by March. Greenstar will have to designate its experts by April. The case, which is slated to be heard by a jury, is expected to start on September 9 and last about two weeks.

Irish Independent

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