Aegean Marine Petroleum Network has terminated its agreement to acquire H.E.C. Europe Limited

Following receipt of a temporary restraining order (TRO), secured by a team at Akin Gump in federal court in New York, Aegean Marine Petroleum Network has terminated its agreement to acquire H.E.C. Europe Limited, a shipping waste treatment company, and decided not to go through preliminary injunction proceedings. Akin Gump represented RBM Holdings LLC, a group of investors seeking to enjoin the planned $367 million purchase.

RMB Holdings, LLC is a bank holding company and thought its subsidiaries offers commercial banking services. The company was incorporated in 2008 and is based in Birmingham, Alabama.

The investors belong to a larger group that controls about 12 percent of Aegean Marine’s stock and is running a proxy contest for seats on the company’s board. RBM successfully argued that closing the deal would disenfranchise shareholders in the face of a contested election and result in massive dilution of current holders. RBM also argued that the deal would “further line the pockets” of Aegean Marine’s controlling founder.

Judge Loretta Preska of the U.S. District Court for the Southern District of New York agreed, saying, among other things, that “irreparable harm” would be inflicted by the proposed transaction. The Akin Gump team that argued for the TRO was led by litigation partner Douglas Rappaport (Picture). He was joined by fellow litigation partner Robert Boller, counsel Adam Hockensmith and associate Richard Williams Jr.

 

 

Involved fees earner: Douglas Rappaport – Akin Gump; Robert Boller – Akin Gump; Adam Hockensmith – Akin Gump; Richard Williams Jr. – Akin Gump;

Law Firms: Akin Gump;

Clients: RMB Holdings, LLC;

 

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Author: Ambrogio Visconti