Justice: Lender Entitled To Damages For Nonpayment Of $25M Fracking Loan
Mealey's (March 31, 2016, 10:01 AM EDT) -- NEW YORK — A state justice in New York on March 4 ruled that a lender was entitled to damages for the nonpayment of a $25 million loan made to a company and its principal, ostensibly for the purpose of purchasing engine inventory and other equipment to be used in launching a hydraulic fracturing business (GE Oil & Gas Inc. v. Turbine Generation Services LLC, No. 652296, N.Y. Sup., New York Co.; 2016 N.Y. Misc. LEXIS 700).