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Kasowitz Clients Oceanus and MatlinPatterson Affiliate Sue Billionaire Shipping Magnate George Economou and Son Christos for Allegedly Sabotaging Sale of Oceanus Tanker Fleet

·2 min read

NEW YORK, Dec. 21, 2020 /PRNewswire/ -- Kasowitz Benson Torres has filed a $100 million lawsuit on behalf of shipping company Oceanus LLC and its majority owner, an affiliate of private equity firm MatlinPatterson, against billionaire shipping magnate George Economou and his son Christos Economou in the Supreme Court of New York, New York County for damages arising from their unlawful and unrelenting campaign to sabotage Oceanus's efforts to sell its tanker fleet so that the Economous can acquire the fleet at a deep discount.

The complaint alleges that the Economous have been using the fleet's management companies which they own to drive down the value of the ships and block Oceanus' efforts to sell the ships on the market and have threatened Oceanus' secured lenders and potential buyers to discourage market interest and force the company to sell its ships to them at a deep discount. The Economous' interference, which is continuing despite Oceanus' cease-and-desist demands, is causing over $100 million in damages.

The lawsuit has been covered in the article "George and Christos Economou sued for 'sabotaging' LNG carrier sales," published by TradeWinds, a leading trade news source covering the shipping industry.

The Kasowitz team representing Oceanus LLC and Coöperatieve MP Oceanus U.A. is led by partners David S. Rosner and Uri A. Itkin and includes associates Danielle R. Gill and Ryan A. Madden.

About Kasowitz Benson Torres LLP
Kasowitz Benson Torres LLP is a leading national law firm with a core focus on commercial litigation, complemented by strong bankruptcy/restructuring and real estate transactional practices. Kasowitz is known for its creative, aggressive litigators and willingness to take on tough cases. The firm has extensive trial experience and is always trial-ready, representing both plaintiffs and defendants in every area of litigation. Kasowitz is committed to pursuing aggressive and innovative approaches to its clients' most challenging legal matters. Headquartered in New York City, the firm also has offices in Atlanta, Denver, Houston, Los Angeles, Miami, Newark, San Francisco, Silicon Valley and Washington, DC. For more information, please visit www.kasowitz.com.

Media Contact:
Gabriella Schoff
585-350-8512
gschoff@kasowitz.com

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View original content:http://www.prnewswire.com/news-releases/kasowitz-clients-oceanus-and-matlinpatterson-affiliate-sue-billionaire-shipping-magnate-george-economou-and-son-christos-for-allegedly-sabotaging-sale-of-oceanus-tanker-fleet-301197026.html

SOURCE Kasowitz Benson Torres