Date: October 2, 2012
Source: News Room
The former head of Greenstar Recycling's US business is being countersued for at least $100 million by the company which alleges he had promoted the $420 million sale of the US operations for "personal gain," as reported by the Irish Independent. Matthew Delnick, who was appointed chief executive of the US arm in 2010 and was fired last February, sued the company for $15 million that he alleges was due to him had the company been sold. The company charged that Mr. Delnick made "unfounded derogatory comments" about NTR chief executive Michael McNicholas by alleging that he rebuffed an offer from industry giant Waste Management in order to preserve his job. The company also says that Mr Delnick increased his interest in the firm's long-term incentive plan (LTIP) "without authorization of the Greenstar board." That would have given him a bigger payout if the company were sold.
The US Greenstar business is unconnected structurally to NTR's Greenstar operation in Ireland, which was placed in receivership in August with debts of 83 million Euros.
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