Investor Ronald Perelman won a judge’s tentative ruling ordering fellow billionaire Ira L. Rennert to pay $48.7 million in a dispute over a company that makes Humvee vehicles for the U.S. military.
The AM General affiliate of Perelman’s MacAndrews & Forbes Holdings Inc. sued Rennert’s ILR Capital LLC in June in Delaware Chancery Court in Wilmington, contending a Rennert firm wrongly took loans from their joint venture, Ilshar Capital LLC. Judge John Noble tentatively sided with Perelman in a Dec. 21 opinion.
AM General “has established much more than a reasonable probability of success on its breach of contract claim” as litigation continues, Noble wrote in ordering the payment.
In August, AM General was among three companies receiving a total of $185 million to help the Army develop an advanced replacement for the Humvee, to be called the Joint Light Tactical Vehicle.
Christine Taylor, a spokeswoman for Perelman, declined to comment on the ruling.
Rennert didn’t immediately return phone and e-mailed messages seeking comment.
The case is AM General Holdings LLC v. Renco Group, 7639, Delaware Chancery Court (Wilmington).