Wolf Haldenstein Announces Investigation Of General Maritime Corporation
Attorney Advertising. The law firm of Wolf Haldenstein Adler Freeman &
Herz LLP is investigating possible breaches of fiduciary duty by the
Board of Directors of General Maritime Corporation (“General...
Attorney Advertising. The law firm of Wolf Haldenstein Adler Freeman & Herz LLP is investigating possible breaches of fiduciary duty by the Board of Directors of General Maritime Corporation (“General Maritime” or the “Company”) [NYSE:GMR] arising out a $200 million secured loan received from Oaktree Capital Management (“Oaktree”). On March 29, 2011, General Maritime entered into a Credit Agreement (“the Agreement”) with Oaktree for $200 million. As a condition of the agreement, General Maritime would provide an Oaktree partnership with warrants for the purchase of 19.9% of the company’s shares for $0.01. In addition, the agreement also calls for General Maritime’s Chairman, Peter C. Georgiopoulos, to be granted an interest in the Oaktree partnership and therefore, he would be entitled to 4.9% of all distributions made by the partnership. Wolf Haldenstein is specifically investigating the possible negative effects the agreement will have on the shareholders of General Maritime, as well as the overall propriety of the loan. Wolf Haldenstein has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in U.S. federal and state courts. Please visit the Wolf Haldenstein website ( http://www.whafh.com) for more information about the firm. If you own General Maritime common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: Gregory Nespole or Derek BehnkeWolf Haldenstein Adler Freeman & Herz LLP270 Madison AvenueNew York, New York 10016Phone Numbers: (800) 575-0735(212) 545-4600 Email: firstname.lastname@example.orgClassmember@whafh.com Website: http://www.whafh.comAttorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Shares of General Maritime Corporation (NYSE:GMR) were gapping down Thursday morning with an open price 15.4% lower than Wednesday's closing price. The stock closed at 26 cents yesterday and opened today's trading at 22 cents.