NY-BLB&G
15.4.2016 18:03:09 CEST | Business Wire | Press release
Metropolitan Capital Advisors International Ltd. (“Metropolitan”), together with its counsel, Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) today announced that Navios Maritime Acquisition Corporation (“Acquisition”) and Navios Maritime Holdings Inc. (“Holdings”) have terminated a loan agreement whereby Acquisition committed to provide Holdings with a $50 million revolving credit facility (the “Loan”). The Court set a hearing for May 12 to consider Metropolitan’s request to enjoin any drawdown of the loan pending a trial to invalidate it completely. As a result of the termination of the Loan, this hearing is no longer needed.
The termination of the loan comes two weeks after BLB&G commenced a lawsuit in the United States District Court in the Southern District of New York on behalf of Metropolitan and its co-founder Jeffery E. Schwarz. The lawsuit alleged that Loan was a scheme to allow Holdings to effectively transfer $50 million from Acquisition, as the Loan was issued on terms grossly below market rates and with illusory collateral, and that Holdings breached its fiduciary duties as Acquisition’s controlling stockholder by causing Acquisition to issue the Loan.
Commenting on the outcome, Mr. Schwarz stated: “I am gratified that the boards of Holdings and Acquisition ultimately heard the voice of Acquisition shareholders and reached the conclusion that was obvious to us from the time of the announcement of the loan agreement—the loan by Acquisition to its distressed parent Holdings was a misguided attempt to transfer tens of millions of dollars of value from Acquisition’s minority shareholders to its corporate parent. I hope going forward that Holdings will treat all shareholders of Acquisition fairly, and that the Acquisition Board will be as concerned for the interests of its public shareholders as it is for those of Holdings.”
BLB&G partner Mark Lebovitch led the firm’s litigation efforts. On the result, Mr. Lebovitch commented: “It is unfortunate that it took Metropolitan’s commencement of a lawsuit and the Court scheduling an injunction hearing for the Boards of Acquisition and Holdings to unwind this conflicted transaction. The loan reflected serious corporate governance shortcomings, as no truly independent director would consider the loan agreement to be fair to Acquisition. This outcome shows the benefits achievable when dedicated shareholders bring smart litigation to challenge disloyal actions by corporate directors.”
About Metropolitan Capital Advisors, Inc.
Founded in 1992, by Jeffrey Schwarz and Karen Finerman, Metropolitan Capital employs an opportunistic approach to value and event investing, with a commitment to shareholder activism.
About BLB&G
Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Widely recognized as one of the leading law firms worldwide advising institutional investors on securities fraud, corporate governance and shareholders’ rights issues, BLB&G is unique among its peers, having obtained 5 of the 10 largest securities recoveries in history and having recovered over $30 billion on behalf of defrauded investors. The firm has also prosecuted groundbreaking corporate governance litigation related to breaches of fiduciary duty, corporate transactions which violated fair process and fair price, the applicability of the business judgment rule, issues of corporate waste, shareholder voting rights claims, and executive compensation. More information about BLB&G can be found online at www.blbglaw.com .
More information on Bernstein Litowitz Berger & Grossmann LLP can be found online at www.blbglaw.com .
View source version on businesswire.com: http://www.businesswire.com/news/home/20160415005721/en/
Contact:
Bernstein Litowitz Berger & Grossmann LLP
Alexander Coxe,
+1-212-554-1423
Marketing and Communications Director
alex@blbglaw.com
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Venture Global and ConocoPhillips Announce 20-Year LNG Sales and Purchase Agreement1.10.2026 22:30:00 CEST | Press release
Today, Venture Global, Inc. (NYSE: VG) and ConocoPhillips (NYSE: COP) announced a new, long-term Sales and Purchase Agreement (SPA) for liquefied natural gas (LNG). Under the SPA, ConocoPhillips will buy 1.0 million tonnes per annum (MTPA) of LNG from Venture Global for 20 years, starting in 2030. "Venture Global is proud to welcome ConocoPhillips, one of the world's leading energy companies, as a long-term partner," said Venture Global CEO Mike Sabel. "This agreement reflects continued market confidence in our proven ability to deliver reliable, low-cost U.S. LNG quickly and at scale. We look forward to supporting ConocoPhillips' growing global LNG portfolio for decades to come." About Venture Global Venture Global is an American producer and exporter of low-cost U.S. liquefied natural gas (LNG) with over 100 MTPA of capacity in production, construction, or development. Venture Global began producing LNG from its first facility in 2022 and is now one of the largest LNG exporters in th
UL Solutions Inc. Completes Acquisition of Eurofins Scientific’s Electrical & Electronics Business1.10.2026 22:05:00 CEST | Press release
UL Solutions Inc. (NYSE: ULS), a global leader in applied safety science, today announced it has completed the acquisition of the electrical and electronics (E&E) business of Eurofins Scientific SE. “This acquisition extends our 132-year commitment to our mission of working for a safer world,” said President and CEO Jennifer Scanlon. “We are thrilled to welcome our new colleagues to UL Solutions. By bringing together complementary expertise and capabilities, we are expanding our global footprint, enhancing our TIC services for electrical safety and connected products, and adding services that support customers around the world.” Eurofins’ E&E business provides testing, compliance and certification services that support global market access for electromagnetic compatibility and wireless testing, electrical safety, medical devices and other technologies. The acquisition adds laboratories and accreditations in EMEA, Asia and the United States to UL Solutions’ global network. About UL Solu
Barnes Aerospace Acquires ATL Turbine Services, Establishing First Aeroengine Component Repair Operation in Europe1.10.2026 20:50:00 CEST | Press release
ATL Turbine Services strengthens Barnes Aerospace's global repair network with specialized turbine component repair capabilities that will serve as a platform for growth across the region. Barnes Aerospace, a global provider of component engineering, manufacturing and repair solutions for the aerospace industry, today announced the acquisition of ATL Turbine Services Ltd. ("ATL Turbine Services"), a Dundee, Scotland-based specialist in the refurbishment and repair of hot-section gas turbine components, marking Barnes Aerospace's first dedicated component repair and overhaul presence in Europe. The acquisition establishes Barnes Aerospace's initial Component Repair and Overhaul (CRO) footprint in Europe, expanding the company's aftermarket presence and strengthening its ability to serve customers in the region. ATL Turbine Services brings established in-region repair, assessment, coating, and engineering capabilities that complement Barnes Aerospace's existing global repair network and
Netmore Named Smart Company of the Year at the Premios iAgua 20261.10.2026 19:00:00 CEST | Press release
Netmore recognized for commitment to Spanish water market backed by locally developed products, proven smart metering expertise, and deep local market knowledge Netmore Group, the leading network operator and platform provider for Massive IoT, today announced it has been named Empresa Smart del Año — Smart Company of the Year — at the Premios iAgua 2026, the awards of iAgua, the Spanish-speaking water sector's leading media platform. The award was presented at the closing gala of the Spain Smart Water Summit, held at the Meliá Avenida América in Madrid. The award recognises a company that has taken an unusual route into water. Netmore is not a technology firm that added connectivity to its portfolio: it is a network operator that decided to specialise in the water cycle. In eighteen months, it has completed four acquisitions and become the world's largest LoRaWAN® network operator, with more than eighteen million IoT devices under contract across more than fifty countries. Its commitme
Elliptic Sets the Engineering Bar for On-Chain Risk With “Built for Compliance” Paper as New Rules Take Hold and Banks Launch a Joint Stablecoin1.10.2026 15:40:00 CEST | Press release
Built for compliance arrives as crypto compliance rules tighten worldwide and a bank-led stablecoin enters the market Elliptic, the global leader in on-chain risk management, today published Built for compliance, a paper setting out the nine engineering decisions that determine whether an on-chain risk system can support fast, accurate and defensible compliance decisions at agentic scale. Machines are already moving money on their own, at machine speed. Compliance teams now have to make hundreds of thousands of decisions a day, at that same speed. However, many on-chain risk systems were never engineered to support that pace. A compliance system that computes exposure on a schedule delivers stale results. One that defines blockchain coverage loosely enough lets a screening miss exposure entirely. A system that skips testing disaster recovery, a spike or an outage, takes down the customer’s compliance system too. That gap between machine speed and system design is exactly what regulator
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom