Magnesium Co. Says CVM Minerals Breached $121M Deal

March 8, 2012 – In The News
Law360
Ely Goldin, a partner in the Blue Bell office, recently discussed the breach of contract suit that Magnesium.com filed against CVM Minerals Ltd.

According to the complaint filed in New Jersey federal court, CVM, a Malaysian magnesium producer, had promised Magnesium.com an equity stake in a new $34-million Malaysian magnesium production facility to get Magnesium.com to sign an offtake deal purchase and distribute the magnesium. Over time, the Malaysian company manufactured a series of delays so that Magnesium.com never received the stake or much magnesium.

Goldin, who represents Magnesium.com, argued that the delays were “a tremendous blow to our reputation in the industry.” He added that the alleged deception was also “financially devastating” to Magnesium.com.