An Illinois investment banking firm has sued developers of an ethanol plant being built near Lima, Ohio, alleging it didn't get a promised finder's fee for securing a buyer for ethanol to be produced by the plant.
Marathon Capital LLC, of Bannockburn, Ill., said its deal with Greater Ohio Ethanol LLC, of Harrod, Ohio, called for it to be paid a fee equal to 1 cent per gallon of ethanol if it found a buyer for the product. The $80 million plant, to be in operation this fall, will be able to make 57 million gallons of the corn-based fuel additive.
Marathon, which advises utilities and energy firms, said it brokered a deal last summer between Greater Ohio Ethanol and BP Oil, according the lawsuit filed this week in U.S. District Court in Toledo.
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