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Platinum and Affiliates Withdraw One Motion, Make Another for PPG to Withdraw Counterclaim

Platinum Equity LLC and its affiliates, Platinum Equity Capital Partners II L.P. and Platinum Equity Advisors LLC recently withdrew their motion to dismiss PPG Industries' counterclaim. (CLICK HERE for related story regarding Platinum's recent motion.) However, Platinum and its affiliates have since filed a new motion to dismiss PPG's first amended counterclaims and third-party complaint in Supreme Court of the State of New York for the County of New York. (CLICK HERE for full text of motion.)

Project Gamma Acquisition Corp. and 3217926 Nova Scotia Co., two holding companies set up to assist in the purchase of the business, originally filed suit against Pittsburgh-based PPG in late December, in an attempt to terminate Platinum's agreement to purchase the PPG auto glass unit. PPG in turn filed its counterclaim-along with its own motion to dismiss the original claims Platinum made in its complaint-in late January. (CLICK HERE for related story about PPG's counterclaim.)

The motion includes a request to dismiss PPG's first through seventh causes of action, including:

  • A request for declaratory relief;
  • Breach of contract claims regarding the payment of the "break-up" fee;
  • Breach of contract claims relating to additional monetary damages for breach of the Asset Sale Agreement (ASA);
  • Breach of contract claims relating to the companies' confidentiality agreement and related ASA provisions;
  • Commercial disparagement claims;
  • Prima facie tort allegations; and
  • Claims of civil conspiracy/acting in concert/aiding and abetting.

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