Chancery ruling upholds valuation of former Port of Wilmington cargo handling company

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A Chancery Court ruling upheld the sales price of a cargo handling operation at the Port of Wilmington.

Vice Chancellor Sam Glasscock rejected arguments from attorneys for GT USA that Murphy Marine’s valuation was not

An agreement to sell Murphy in indicated that it would be valued a going concern, rather than at its lower liquidation value.

Murphy handled stevedoring operations at the port for 40 years and an assessment of the company by accounting and consulting firm KPMG estimated Murphy’s value as between $21.5 millionand $26,1 million.

GT objected to the valuation, which called for a sale price at the midpoint of the estimated agues.

GT is a privately held port operator based in the United Arab Emirates.

Glasscock acknowledged that both Murphy and GT USA were under pressure from the State of Delaware to move forward with a sale as part of the privatization of the port.

Prior to GT agreeing to a long-term lease of Port of Wilmington, the complex had been operated by Diamond State Port Corp., a state-owned entity.

In connection with the lease, GT is moving toward developing a container port at the site of the former Chemours plant in Edgemoor.

Click here for the ruling.

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