The lawsuit to block Aegean’s $367 million Acquisition of H.E.C. Europe Limited

Akin Gump has secured a temporary restraining order (TRO) in federal court in New York on behalf of RBM Holdings LLC, a group of investors seeking to enjoin Aegean Marine Petroleum Network’s planned $367 million purchase of H.E.C. Europe Limited, a shipping waste treatment company.

The group of activists, consisting of U.S. hedge funds and other investors and led by San Francisco-based Sentinel Rock Capital’s Tyler Baron, controls around 12% of Aegean Marine 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 arguing 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: RBM Holdings LLC; Sentinel Rock Capital;

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Author: Ambrogio Visconti