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
CRH to Acquire Aggregate Operations in Denmark and Finland7.10.2026 08:24:00 CEST | Press release
Transaction Advances CRH’s Strategy to Build Aggregates-led, Connected Portfolio Aligned With Growing Infrastructure Megatrends CRH (NYSE: CRH), the leading provider of building materials, today announced that it has signed an agreement to acquire NCC Industry’s operations in Denmark and Finland from NCC AB. NCC Industry develops, produces and sells stone materials and asphalt products for construction and infrastructure projects. In Denmark NCC Industry’s national network of asphalt plants, land and marine based aggregates sites, together with its substantial high-quality reserves, will significantly expand CRH's presence in the market and its exposure to demand from major road, infrastructure and industrial projects. While in Finland NCC Industry’s attractive network of reserve backed hard-rock quarries, backfilling and recycling operations will complement CRH’s existing operations and connected portfolio of businesses in the Finnish market. Peter Buckley, President, CRH Internationa
Exein and Deutsche Telekom IoT Partner to Secure the Next Generation of Connected Devices7.10.2026 08:00:00 CEST | Press release
The companies will combine device-level security with global IoT connectivity to strengthen security for connected devices The partnership follows Exein's $270 million funding round, which included T.Capital, Deutsche Telekom's strategic investment arm, among its backers Exein, a global leader in physical AI and runtime security, today announced a strategic partnership with Deutsche Telekom IoT to bring integrated security to connected devices across Deutsche Telekom IoT’s ecosystem. With its own transatlantic network and around 600 roaming and satellite partners, Deutsche Telekom IoT provides worldwide connectivity for customers across industries and markets. The partnership pairs Exein's device-level security with Deutsche Telekom IoT’s global connectivity capabilities, addressing a gap that is becoming more urgent as intelligent, business-critical applications move directly onto devices operating in the field — robots, drones and industrial machines acting autonomously and making de
Stop Hoping for Secure AI and Start Building It: RSA Agent ID Closes the Agentic Identity Gap for Highly Regulated Industries7.10.2026 06:00:00 CEST | Press release
As AI, sovereignty, and board-level accountability converge on identity, RSA Agent ID enables finance, government, and regulated industries to find and register agents, prove the authority behind every consequential action, and run it where they choose At World Summit AI in the Netherlands, RSA, the identity standard for government agencies, finance, and high-assurance organizations, today announced RSA Agent ID, the agentic identity security platform for highly-regulated industries. RSA Agent ID discovers, secures, and governs AI agents across their lifecycle, letting regulated organizations find and register agents, prove the authority behind every consequential action, and run it where they choose. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261006426797/en/ Three forces are reshaping how organizations operate, and they are arriving at once. AI is transforming work and pushing agents into production faster than securit
The Empire State Building Observation Deck Hosts Annual Run-Up, Presented by NYU Langone Health and Powered by Merrell7.10.2026 04:25:00 CEST | Press release
The Empire State Building (ESB) hosted the 48th Annual Empire State Building Observation Deck Run-Up, presented by NYU Langone Health and powered by Merrell. In several designated heats, more than 200 runners from across the world raced up the building’s 1,576 stairs to reach the finish line on the iconic 86th Floor Observation Deck. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261006766024/en/ The Empire State Building Observation Deck Hosts Annual Run-Up, Presented by NYU Langone Health and Powered by Merrell “Athletes gather from around the globe to participate in the Empire State Building Observation Deck Run-Up, the world’s preeminent tower race,” said Tony Malkin, chairman and CEO of Empire State Realty Trust. “We congratulate all who participated in this ultimate feat of endurance at Tripadvisor’s number one top attraction in the U.S.” Ryoji Watanabe of Japan took first place in the Men’s Elite heat with a time of 1
Phenom Adds Major Headline Speakers as IAMPHENOM Europe Approaches Sold-Out Status6.10.2026 15:30:00 CEST | Press release
Second wave of esteemed speakers to bring real-world guidance on applying AI, agents and automation to improve hiring, development and retention Phenom, the leader in applied AI built to redesign work operations for hiring faster, developing better and retaining longer, today announced the newest wave of speakers for IAMPHENOM Europe 2026, the only applied AI event dedicated to human resources taking place on 4-5 November in Paris, France. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261006714151/en/ Phenom announced the newest wave of speakers for IAMPHENOM Europe 2026, the only applied AI event dedicated to human resources taking place on 4-5 November in Paris, France. The two-day conference gives attendees what other HR events can’t: an inside look at AI agents already in production, automated workflows tailored to specific business contexts and the dramatic results they are already delivering. Across keynotes, customer
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