Written on: March 19, 2019 by ICM
After a six-month dispute between Diesel Direct, the company that agreed to buy leftover Lancaster, PA-based Worley & Obetz fuel, and Christine Shubert, the trustee overseeing the sale of Worley & Obetz assets, a settlement has been reached. Under the agreement, Diesel Direct would pay $225,000 for the fuel. This is 58% of the amount Shubert sought.
When Diesel Direct agreed to buy most of Worley & Obetz’s assets in September for $10.7 million, it included 469,000 gallons of heating oil, propane, kerosene, gasoline and other fuels, as well as additional gallons that might be uncovered. The dispute centered on which date to use to price the additional gallons, and how many extra gallons were uncovered. Shubert estimated there were 155,000 more gallons than originally tallied in terminals.
The agreement has been filed in U.S. Bankruptcy Court and is subject to court approval.
Click here to see the original story: https://lancasteronline.com/business/local_business/worley-obetz-fuel-squabble-settled-for/article_dd1c4e66-49b3-11e9-b8d1-43ba717c79fa.html
