NY-BLB&G
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
Deciphera Announces Oral Presentation of Positive Topline Results from Phase 2a Study of Sapablursen in Polycythemia Vera at the 67th American Society of Hematology (ASH) Annual Meeting6.12.2025 15:30:00 CET | Press release
Results from Phase 2a IMPRSSION study demonstrate sapablursen significantly reduced phlebotomy rate, controlled hematocrit and increased serum hepcidin Sapablursen was generally safe and well tolerated Results support further development of sapablursen in a Phase 3 study Deciphera Pharmaceuticals, a member of Ono Pharmaceutical Co., Ltd. (Headquarters: Osaka, Japan; President and COO: Toichi Takino; “Ono”), today announced the oral presentation of positive results from the Phase 2a IMPRSSION study of sapablursen in patients with polycythemia vera (PV) at the 67th American Society of Hematology (ASH) Annual Meeting, taking place December 6-9, 2025, in Orlando, FL. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251206361611/en/ The results were presented by Ionis Pharmaceuticals, who discovered and developed sapablursen and conducted the IMPRSSION study. In March 2025, Ionis and Ono entered into a license agreement in which On
Protagonist and Takeda Present Longer-Term Data at ASH 2025 Showing Rusfertide Delivers Durable Response and Hematocrit Control in Polycythemia Vera6.12.2025 15:30:00 CET | Press release
52-Week Results from the Phase 3 VERIFY Study of Rusfertide Demonstrated Sustained Hematocrit Control and Response, Defined by Absence of Phlebotomy Eligibility, with No New Safety SignalsThese Data Build on Positive 32-Week Primary Analysis from VERIFY, Which Met its Primary Efficacy Endpoint and All Four Key Secondary EndpointsPatients Crossing Over from Placebo to Rusfertide at 32 Weeks Achieved a Similar Response Rate to Those Initially Randomized to Rusfertide, with 77.9% Achieving Absence of Phlebotomy Eligibility Between Weeks 40-52Four-Year Results from the Combined REVIVE and Long-Term Extension THRIVE Study Demonstrated a 13-Fold Reduction in Annual Rate of Phlebotomies from Baseline Protagonist Therapeutics, Inc. (“Protagonist”) (NASDAQ:PTGX) and Takeda (TSE:4502/NYSE:TAK) announce that new 52-week results from the pivotal Phase 3 VERIFY study evaluating rusfertide in patients with polycythemia vera (PV) will be presented in an oral presentation at the 67th American Society
Vertex Presents New Data on CASGEVY®, Including First-Ever Data in Children Ages 5-11 Years, at the American Society of Hematology Annual Meeting and Announces Plan for Global Regulatory Submissions6.12.2025 13:01:00 CET | Press release
- Data from pivotal studies of CASGEVY in children ages 5-11 years with severe sickle cell disease or transfusion-dependent beta thalassemia demonstrates the transformative potential of the therapy in younger patients -- Efficacy and safety data in children 5-11 years are consistent with the durable and positive benefit/risk profile established from clinical studies in patients 12 years of age and older -- Vertex expects to initiate global regulatory submissions for CASGEVY in children 5-11 years in 1H 2026 - Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced data from multiple studies demonstrating the clinical benefits of CASGEVY® (exagamglogene autotemcel) in people ages 5 years and older living with severe sickle cell disease (SCD) or transfusion-dependent beta thalassemia (TDT). The results, including the first presentation of clinical data from pivotal studies in children ages 5-11 years, and longer-term data from the pivotal studies of people with severe SCD and
Leading Global Scientists Gather at Tengchong Scientists Forum to Explore Innovative Pathways in Frontier Technologies6.12.2025 12:31:00 CET | Press release
The 2025 Tengchong Scientists Forum opened on Saturday in southwest China’s Yunnan Province, convening leading scientists and academic figures to examine innovation across frontier fields including artificial intelligence, biodiversity and quantum technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251205499197/en/ Opening ceremony of Tengchong Scientists Forum on 6th December, 2025 Notable participants include Nobel Physics laureate Konstantin Novoselov, Fields Medalist Efim Zelmanov and Turing Award winner Andrew Chi-Chih Yao, who join 127 academicians, 77 university presidents from China and abroad, over 400 scholars and more than 600 entrepreneurs and financiers. The gathering aims to deepen collaboration between cutting-edge research and industrial development. Under the theme “Science · AI changing the World,” the forum features ten sub-forums, academic sessions and thematic events supporting major cooperation p
Lattice Wins 2025 Global Semiconductor Alliance Award6.12.2025 00:49:00 CET | Press release
‒ Named Most Respected Public Semiconductor Company Achieving $100 Million to $500 Million in Annual Sales ‒ Lattice Semiconductor (NASDAQ: LSCC), the low power programmable leader, today announced that it was selected as ‘Most Respected Public Semiconductor Company’ at the 2025 Global Semiconductor Alliance (GSA) Awards. The GSA awards recognize companies that have demonstrated excellence through their success, vision, strategy, and future opportunities in the industry as determined by votes from GSA members. “We are honored to be recognized by the Global Semiconductor Alliance and our peers as one of 2025’s most respected public semiconductor companies. This recognition reflects the dedication of the Lattice team and the trust of our customers, partners, suppliers, and investors. Looking ahead, we remain laser-focused on driving innovation and strengthening our role as the trusted low power programmable leader for semiconductor and system solutions,” said Ford Tamer, Chief Executive
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