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Timagenis Law Firm
Timagenis Law Firm

Notable Cases

On this page you will see some notable legal cases handled by our office, and clients served:

2008 - 2009 Highlights

  • April 2008- Excel-Quintana (M&A): Timagenis Law Firm acted as global legal advisors to Excel Maritime Carriers Ltd. (NYSE: EXM) on the acquisition of Quintana Maritime Limited (NASDAQ: QMAR), a combination of cash and stock deal overall worth US$ 2.45 Billion in enterprise value, making it the largest M&A deal in the history of dry bulk industry. Quintana became a wholly owned subsidiary of Excel and at the time the transaction was consummated the combined company fleet increased to 47 vessels (and a number of capsize newbuildings) placing Excel on the pinnacle of the dry bulk industry.  Timagenis Law Firm worked in conjunction with law firm White & Case LLP  (see official press release at Excel Maritime Carriers website: http://www.excelmaritime.com/press.php?year=2008 )

  • August 2009- Drew Marine (M&A): Timagenis Law Firm acted as local Counsel in Greece to J.F. Lehman & Co. (a leading middle-market private equity firm focused exclusively on the defense, aerospace and maritime sectors) on the acquisition of a Greek subsidiary of Ashland Inc. (NYSE:ASH) as a part of global transaction involving multiple jurisdictions, whereby Ashland Inc. sold its global marine services business, known as Drew Marine, to J.F. Lehman & Co. for approximately $120 million before tax. Timagenis Law Firm worked in conjunction with law firms Blank Rome LLP and Jones Day who were the legal advisors to J.F. Lehman. The Drew Marine business has approximately 325 employees, 28 offices and 98 stocking locations in 47 countries. The Drew Marine business is a recognized global leader in providing technical solutions, high-value products and services to the global marine industry.

  • August 2009 – Excel (Capital Markets / Equity Financing): Timagenis Law Firm acted as special Greek counsel to Excel Maritime Carriers Ltd. (NYSE: EXM), and owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, for the public offering of shares of its common stock.

  • May 2009 – Diana (Capital Markets / Equity Financing): Timagenis Law Firm acted as special Greek counsel to the Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes, for the public offering of shares of its common stock.

  • 2008-2009 –  Cruise Market:  Full legal services to the cruise operator EasyCruise (of the well known “Easy” brand) including advice on contentious and non-contentious matters relating to refit and construction of a cruise  vessel, settlement negotiations (both in and out of court), employment matters, ship sale and purchase, charter parties, agency, consumer protection, taxation, telecommunications and IT.

  • March 2008 – Data Protection: Advising a global chemical company under investigation by US and UK Authorities on Greek law data protection aspects.

  • 2008 -2009 – Renewable Energy Sources: Incorporation and organization of a company involved in renewable energy sources (mainly focusing on wind generators) and providing legal advice in connection with its investments in Greece.
     
  • 2008-2009 – Competition Law: Timagenis Law Firm represents two passenger ferry companies in the highly publicized investigation of the Hellenic Competition Commission relating to all companies engaged in passenger ferry operations, for alleged violations of the Greek and EU competition legislation, which is the most significant competition law case the Greek passenger ship industry has ever faced.

  • 2008-2009 – New buildings / Financing: Timagenis Law Firm represented several shipping companies and banks in relation to deliveries of newbuildings from Korean and Chinese shipyards, to their financing/mortgaging, to the restructuring of shipbuilding contracts (and the respective financing), as well as in relation to the exchange of vessels under construction. 

  • 2008-2009 – Shipping Finance: Timagenis Law Firm represented Greek and International banks (including Calyon, Bayerische Hypo-Und Vereinsbank AG, Aspis Bank, Proton Bank, EFG-Eurobank, Emboriki Bank) in connection with numerous ship financing transactions.

  • 2008-2009 – Commercial Litigation: Timagenis Law Firm was involved in numerous litigation cases representing shipping companies, banks, classification societies, as well as other local and international corporations.

  • 2008-2009 – Ship Sale and purchase: Timagenis Law Firm represented sellers and buyers in numerous transactions for all types of seagoing vessels (including vessels still under construction) 

  • 2008 – SLOPS (Environmental Litigation):  Timagenis Law Firm acted on behalf of two Greek companies specialized in the protection of the marine environment and pollution cleaning operations in a claim against the International Oil Pollution Compensation Fund (IOPC Fund) in connection with the recovery of the pollution cleaning compensation. The case involved the definition of the term “ship” under the International Convention on Civil Liability for Oil Pollution Damage (1992 Civil Liability Convention) for the first time worldwide. Following a 2006 decision of the Greek Supreme Court in plenary session, which upheld the views successfully argued by the lawyers of Timagenis Law Firm, the case was referred back to the court of Appeals of Piraeus and it was successfully terminated in February 2008. 

  • 2009 – Molton Brown (Agency/Distribution Litigation):  Timagenis Law Firm represented the British based cosmetics corporation Molton Borwn before the Greek Courts and successfully defended in a litigation regarding the termination of a distributorship agreement.

  • 2009 – CSAV (Agency): Timagenis Law Firm acted for CSAV (Compañía Sud Americana de Vapores), the largest shipping company in Latin America, providing strategic advice, handling all negotiations and preparing the structure for the replacement of an agent company in Greece.

  • 2008-2009– Arbitration:
    - Timagenis Law Firm acted on behalf of the claimant in the first arbitration conducted under the rules of the recently established Piraeus Association for Maritime Arbitration and relating to a dispute between the shareholders of shipping companies.
    - The senior partner of Timagenis Law Firm, Gregory J. Timagenis, has acted as arbitrator in three (out of which two still ongoing) institutional arbitrations conducted under the auspices of the Hellenic Chambers of Shipping.
    - In addition Mr. Timagenis acted as the sole arbitrator in an ICC Arbitration involving a South African and a Lebanese enterprise, both involved in the mining business, in a dispute regarding the sale and purchase and operation of gold mining sites in Armenia.
     
  • 2008-2009– Real Estate: Acting for current clients in relation to all kinds of medium and large real estate transactions and legal proceedings involving land.

  • 2007 – Oceanaut (M&A): Timagenis Law Firm acted as counsel to Oceanaut, a blank check company (AMEX:OKN), in connection with agreements to purchase, for an aggregate purchase price $700 million in cash, nine dry bulk vessels from companies associated with members of the Restis family, including four secondhand vessels and five newbuildings.

 

2006 Highlights

In addition to the usual corporate, financing and litigation work in 2006, certain cases are worth mentioning for their size or complexity or innovative or unusual character.  Thus in 2006:

 

1)  In January 2006 we acted for the re-establishment in Greece of a major European Bank following a change in the Law.

2)  Between March and October 2006 we acted for the Buyers the en block acquisition and financing of a fleet of seven (7) tugs in connection with a complex M+A deal in October 2006.

3)  Between April and September 2006 we acted for Deutsche Schiffsbank AG and the other Lenders in a syndicated loan of $257,000,000 to Capital Maritime and Trading Corp. in September 2006.

4)  Between May and July 2006 we acted for the Buyers in the acquisition following a bid of the daily newspaper “Eleftheros Typos”, which was deemed to be a major event for the press, widely publicized.

5)  In June and July 2006 we acted for Blue Star Ferries in the acquisition of the DANE fleet of ferries at an auction in Rhodes Island on 5th July 2006 in the context of a special liquidation procedure of the Dodecanese ferry operator.

6)  As of October 2006 we act as advisors of easyCruise in connection with planning and organizing its operations for performing cruises to the Greek islands which started on 18th May 2007.

7)  During the fourth quarter of 2006 we acted on behalf of FBBank in a complex refinancing of the ferry operator NEL, which gave an end to a widely publicized earlier dispute between the parties.

 

Activities in 2005

A.  The main characteristic of the firm's activity in 2005 was its heavy involvement with the listing of Shipping Companies with US Stock Markets (IPOs). In this respect we have acted as Greek counsel:

1)  For the listing and the follow-on equity offering of Diana Shipping Inc. at New York Stock Exchange (NYSE)

2)  For the initial listing of Excel Maritime Carriers Ltd. to NYSE, to which Excel was transferred from the American Exchange

3)  For a number of other companies the IPOs of which were suspended due to the situation of the stock markets in the second part of 2005, with most known the Capital Maritime & Trading Corp.

4)  For the Sellers and managers of the Vessels acquired by Global Oceanic Carriers Ltd. (listed with AIM in London).

 

B.  A second characteristic of our firm's activity in 2005 was the heavy involvement with the sale and purchase of ships under construction. In this respect we have acted as Greek counsel:

1)  For both sellers and buyers in a number of deals including eight ships of Metrostar Management Corp.

2)  For the sale and purchase of ships and ship financing advising a number of Greek and foreign banks and owners.

 

C.  Among the litigation cases it is worth mentioning that we acted:

1)  For Hellenic Mutual War Risks Association (Bermuda) Ltd (the world's largest war risk mutual insurance)

2)  For Marina Zeas (a yachting port in cases concerning damage from bad weather and fires)

3)  A pollution cleaning company against the International Oil Pollution Compensation Fund (the first court case world wide - now at the Greek Supreme Court) involving interpretation of the term "ship" in the CLC and Fund Convention, and

4)  The newspaper "Kathimerini" in litigation before the Court of Appeal.