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
Galderma Receives U.S. FDA Approval for Differin® Epiduo® Acne Gel Prescription-to-OTC Switch22.5.2026 18:25:00 CEST | Press release
A unique Prescription-to-OTC switch in acne care, this approval expands access to a dermatologist-trusted, prescription-strength treatment for millions of acne sufferers ages 12 years and older Backed by more than 15 years of real-world dermatologist use and a robust clinical research program, this milestone demonstrates the depth of science behind the Differin® and Epiduo® heritage Adapalene plus benzoyl peroxide (0.1/2.5%) was the first FDA-approved, stable, fixed- dose prescription acne treatment to combine of benzoyl peroxide with a retinoid, and is now available over-the-counter The formulation is engineered to target multiple causes of acne more effectively than either of its individual active ingredients alone Galderma (SIX: GALD), the pure-play dermatology category leader, today announced that the United States (U.S.) Food and Drug Administration (FDA) has approved Differin® Epiduo® Acne Gel (Adapalene 0.1% and Benzoyl Peroxide 2.5% Acne Treatment) for over-the-counter (OTC) us
Avanzanite Bioscience’s Partner Agios Announces PYRUKYND® (mitapivat) Approval in the European Union for Adults with Thalassaemia22.5.2026 16:18:00 CEST | Press release
Avanzanite will commercialise and distribute PYRUKYND in Europe under its exclusive agreement with Agios Avanzanite is committed to collaborating with local authorities in the EU to enable access to PYRUKYND for adult patients with thalassaemia Avanzanite Bioscience B.V., a rapidly growing commercial-stage European specialty pharmaceutical company focused on rare diseases, today reported that its partner, Agios Pharmaceuticals, Inc. (Nasdaq: AGIO), a commercial-stage biopharmaceutical company headquartered in Cambridge, Massachusetts focused on delivering innovative medicines for patients with rare diseases, announced that the European Commission has granted marketing authorisation for PYRUKYND® (mitapivat), an oral pyruvate kinase (PK) activator, in adults for the treatment of anaemia associated with transfusion-dependent and non-transfusion-dependent alpha- or beta-thalassaemia, with an orphan medicinal product designation. This press release features multimedia. View the full releas
ICE Brent and ICE WTI Perpetual Futures to Launch on OKX22.5.2026 14:30:00 CEST | Press release
OKX, a blockchain technology and trading company serving more than 120 million customers globally,and Intercontinental Exchange (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets including the New York Stock Exchange, today announced plans for OKX to launch perpetual futures based on ICE's Brent Crude and WTI Crude energy benchmarks. The products are expected to be available to trade on OKX’s platform in jurisdictions where OKX is licensed to offer perpetual futures products. The new OKX contracts represent a major step forward in expanding regulated access to global commodity markets through digital asset infrastructure. This first product collaboration between OKX and ICE comes after the companies established a strategic relationship in March 2026. ICE operates some of the world’s leading exchanges, clearing houses and market data services across energy, commodities, fixed income and equities markets. ICE’s future
Enhertu® Recommended for Approval in the EU by CHMP for Patients with Previously Treated HER2 Positive Metastatic Solid Tumors22.5.2026 14:00:00 CEST | Press release
Enhertu® (trastuzumab deruxtecan) has been recommended for approval in the European Union (EU) as a monotherapy for the treatment of adult patients with unresectable or metastatic HER2 positive (immunohistochemistry [IHC] 3+) solid tumors who have received prior treatment and who have no satisfactory treatment options. Enhertu is a specifically engineered HER2 directed DXd antibody drug conjugate (ADC) discovered by Daiichi Sankyo (TSE: 4568) and being jointly developed and commercialized by Daiichi Sankyo and AstraZeneca (LSE/STO/NYSE: AZN). The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) based its positive opinion on results from patients with HER2 positive (IHC 3+) tumors in three phase 2 trials including DESTINY-PanTumor02,DESTINY-Lung01 andDESTINY-CRC02 where Enhertu demonstrated clinically meaningful responses across a broad range of tumors. The recommendation will now be reviewed by the European Commission, which has the authority
Future Health Challenge Awards USD 300,000 to Early Detection and Population Health Sensing Tools on Sidelines of World Health Assembly22.5.2026 13:45:00 CEST | Press release
Global teams recognised in the Future Health Challenge for solutions designed to detect health risks earlier and support faster health system decisions Future Health – A Global Initiative by Abu Dhabi and MIT Solve announce the winners of the inaugural Future Health ChallengeWinning solution equips frontline health workers in low-resource settings with mobile clinical decision-support tools, enabling earlier detection and more effective care deliveryTeams competed for a USD 200,000 grand prize and two USD 50,000 runner-up awards on the sidelines of the 79th World Health Assembly in GenevaWinners recognised for solutions advancing anticipatory, data-driven health systems Three global teams developing early detection and real-time population health monitoring solutions have secured a total of USD 300,000 on the sidelines of the 79th World Health Assembly. The winning solutions address critical challenges in early detection, continuous population insight and more timely decision making, s
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