Siderius, Inc. v. Sriberg

This action was brought by Siderius, Inc., and its wholly owned subsidiary, Federal Steel Corporation, against Paul Sriberg, the former majority stockholder, director and president of the plaintiffs’ customer, Roll Form Products, Inc. (Roll Form). The complaint alleged default by Sri-berg on two guarantees, one to each plaintiff, whereby he guaranteed the payment of all indebtedness that was owed by Roll Form to the plaintiffs. Sriberg filed an answer alleging four affirmative defenses and a counterclaim seeking damages for defective steel and late deliveries. The plaintiffs responded with a…