Port of Wilmington operator GT USA was ordered to pay $$21,464,605 over the disputed sale of a stevedoring firm.
Vice Chancellor Lori Will ruled that the trust that owns Murphy Marine was entitled to the settlement for the failure to complete the sale of Murphy to GT.
Murphy Marine provided stevedoring services at the Port of Wilmington with the state pushing to sell the cargo handling firm as part of a deal to lease the state and city-owned port to GT.
GT objected to the proposed sale price calculated by accounting firm KPMG, claiming that the proposed sale price did not take into account the risks of privatizing the port.
Will ruled that Emirates-based GT did not act in good faith in completing the sale after rejecting the KPMG’s figure. She also found GT in contempt in regard to the confidentiality of financial information and ordered the port operator to pay legal fees related to the contempt filing.
Click here for the text of the 69-page decision.
