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Allied Deals banker cuts credit, files suit.
Publication:
American Metal Market
Publication Date: 25-MAR-02 |
Format: Online - approximately 1150 words
Delivery: Immediate Online Access |
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Full Article Title: Allied Deals banker cuts credit, files suit.(Dresdner Bank Lateinamerika AG ) |
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Article Excerpt
NEW YORK -- The future of Allied Deals Inc. appears to be in the balance, as one creditor pulls the plug and allegations of fraud are leveled at the Piscataway, N.J., trading business.
The company received a writ from Dresdner Bank Lateinamerika AG (DBLA) filed through the U.S. District Court in Miami March 11 claiming $21.5 million. Other banks are said to have pulled credit lines, and trading staff at the company has been reduced to just one trader, John Herbst.
"Dresdner was one of the earliest banks to give large credit lines--over $20 million," said a trader familiar with Allied Deals. "It also was one of the first to pull out."
DBLA's suit relates to a credit line it opened for Allied Deals with its parent, Allied Deals Holding Ltd. (a British Virgin Islands corporation based in the United Arab Emirates), acting as guarantor. In its complaint, DBLA includes copies of letters it sent to Anil Anand, Allied Deals' chief financial officer, and an executive at Allied Deals Holding Ltd....
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