Judge poised to hit Zolotas and NewLead with $22m judgment

A judge is poised to lodge a $22m judgment against Greek shipowner NewLead Holdings and chief executive Michael Zolotas, capping a lengthy legal battle over allegations of fraud in its venture into the coal mining industry.

New York Supreme Court Judge Charles Ramos indicated he would award $7.86m in damages to TransAsia Commodities, the Serge Turko-led trading company that filed the lawsuit four years ago claiming that NewLead's coal mining joint venture sold coal that the upstart miner did not have.