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

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

Kasowitz Benson Torres has filed a $100 million lawsuit on behalf of shipping company Oceanus 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’ 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 Kasowitz team representing Oceanus 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.