merrill-wins-neptune-case-in-cyprus-court

Merrill wins Neptune case in Cyprus court

But the saga goes on as the minority shareholders who brought the case make a similar filing in Singapore.
The financing that was put in place by Merrill Lynch to enable the founding CEO of drill-ship owner and operator Neptune Marine Oil Gas to buy control of the company has been given the all clear by a Cyprus court.

Most of the ruling is based on technical grounds, including a decision that the four minority shareholders who brought the case had no legal rights to do so as they are not registered shareholders. However, the judge also gave some very straight forward comments that the claim may have been raised to pressure the defendants into buying the shares held by the minority shareholders at a higher price.

The case relates to Neptune CEO Idar...
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