Delaware

Delaware port operator faces $21M in damages over buyout dispute

Published

2 years ago

September 20, 2022

Delaware port operator faces M in damages over buyout dispute

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DOVER, Del. – The corporate that privatized operations on the port of Wilmington a number of years in the past owes greater than $21 million in damages for breaching an settlement to purchase the port’s former stevedoring agency, a Delaware decide dominated Monday.

Vice Chancellor Lori Will even discovered GT USA Wilmington in contempt for violating a courtroom confidentiality order by utilizing supplies it obtained in defending itself in a 2018 lawsuit filed by Murphy Marine Companies to barter a take care of one in all Murphy Marine’s largest clients.

Monday’s ruling got here greater than a 12 months after a special Chancery Court docket decide dominated that GT was sure by the phrases of a 2018 letter settlement relating to the acquisition and sale of 100% of the fairness curiosity of Murphy Marine.

Will dominated Monday that GT violated the binding letter settlement by refusing to barter a definitive buy settlement with Murphy Marine. She additionally stated GT improperly used info obtained from Murphy Marine throughout the lawsuit to barter its personal stevedoring contract with Dole Contemporary Fruit Firm.

Officers with GT USA Wilmington didn’t instantly reply to an e mail looking for remark.

GT USA Wilmington is a subsidiary of port administration firm Gulftainer, which is predicated within the United Arab Emirates. In 2018, it obtained the rights to function the Wilmington port for 50 years in trade for agreeing to make important upgrades and to pay the state not less than $3 million yearly in concession charges.

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Murphy Marine is a family-owned enterprise that was bought in 2006 by a former longshoreman and three of his cousins by means of trusts, that are the corporate’s stockholders.

Will awarded the trusts greater than $21.4 million direct damages for the lack of truthful market worth that GT agreed to pay for Murphy Marine’s inventory. She additionally stated the plaintiffs are entitled to pre- and post-judgment curiosity at a price of seven.5%, compounded quarterly, from September 2018 to the date of fee.

Will even ordered GT to pay the authorized charges and bills incurred by Murphy Marine relating to its movement to search out GT in contempt for violating a confidentiality order governing the trade of paperwork within the lawsuit. Based on the ruling, GT used income and monetary info for varied Murphy Marine clients to barter its personal stevedoring contract with Dole, which had been a buyer of Murphy Marine.

“That violation was not a technical one,” the decide wrote. “Somewhat, it’s extra seemingly than not that GT used a competitor’s clearly confidential info to barter with a then-current Murphy Marine buyer in opposition to Murphy Marine.”

Beneath a privatization deal signed with Gov. John Carney’s administration in 2018, Gulftainer agreed to take over operations on the port for 50 years and make investments nearly $600 million in port upgrades and a brand new container-handling terminal at Edgemoor.

State officers didn’t require GT to purchase Murphy Marine, however each firms have stated they felt “stress” from the state to make a deal. The businesses finalized the letter settlement in April 2018 and agreed shortly thereafter that KPMG would conduct a valuation evaluation of Murphy Marine.

KPMG estimated Murphy Marine’s fairness worth to be between $21.5 million and $26.1 million.

GT officers weren’t proud of these numbers and requested KPMG to “repair its evaluation,” in keeping with courtroom data. A key concern for GT was that the impact of the port privatization was not included in KPMG’s valuation, although the events agreed that privatization wouldn’t be thought-about.

Vice Chancellor Sam Glasscock III famous in a ruling final 12 months that, if GT didn’t purchase Murphy Marine, its privatization of the port would have a “drastically detrimental impact” on Murphy Marine’s worth.

“GT, which is the biggest privately-owned port operator on the planet, may have began its personal stevedoring enterprise and shuttered Murphy Marine’s enterprise completely by denying it entry to the port,” he famous.

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Delaware

Ex-NFL star DeSean Jackson finalizing deal to become head coach at Delaware State

Published

3 hours ago

December 26, 2024

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Ex-NFL star DeSean Jackson finalizing deal to become head coach at Delaware State

Former Eagles wide receiver DeSean Jackson is reportedly closing in on an agreement to become the next head coach at Delaware State University.

Jackson, 38, had an on-campus interview, and the school and ex-NFL wideout are expected to “come together” soon,” ESPN reported Thursday.

It was also reported that coaching at a historically black college or university (HBCU) was a “dream” for Jackson.

Jackson spent 15 years in the NFL with the Eagles, Washington, Rams, Raiders and Ravens, with his last season coming in 2022.

The three-time Pro Bowler does have coaching experience, serving as an assistant coach at Woodrow Wilson High School in his hometown of Long Beach, Calif. this year.

He is now getting close to taking over the football program at the HBCU that had just one win in 2024 and one win in 2023 after going 5-6 in 2022.

Now, the school will see if some of Jackson’s experience can rub off on the program.

Jackson finished his NFL career with 641 catches, 11,263 yards and 66 total touchdowns.

That came after a memorable college career at Cal, where he recorded 2,423 yards and 23 total touchdowns, earning All-American nods in 2006 and 2007.

The news about Jackson’s hiring came just days after former Eagles QB Michael Vick — and Jackson’s former teammate — was hired by Norfolk State to be its next coach.

If Jackson’s deal goes through, he will run into a Vick-led Norfolk State next season in Mid-Eastern Athletic Conference (MEAC) play.

Vick said during a press conference that the new job would allow him to “serve young men in my community.”

“I understand the value of a HBCU,” Vick said at a press conference earlier this week. “The fact that it is in my hometown makes it even better.

“And so, it’s a great admiration for HBCUs, the NFL has numerous partnerships with HBCUs, so I think it shows that people care, you know, you’ve got these big time Division I programs where they’ve got all these amazing things, bells and whistles, money, and they tend to forget about the HBCUs and the schools that have the same type of prominence, and so, to start here, it wasn’t even by design.”

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Delaware

Delaware County Opioid Settlement Task Force Needs Volunteer Members

Published

11 hours ago

December 26, 2024

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Delaware County Opioid Settlement Task Force Needs Volunteer Members

DELAWARE COUNTY, PA — Delaware County is looking for residents to sit on its Delaware County Opioid Settlement Task Force.

Sought are passionate and dedicated residents to serve on the task force.

Members help provide recommendations for immediate and long-term programs, work alongside community leaders, experts, and advocates, and ensure funds are used effectively, transparently, and for maximum impact.

“This is your chance to play a vital role in shaping how settlement funds are used to combat the opioid crisis in our community,”the county said.

Residents interested in serving on the task force can apply online here.

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Delaware

Delaware Lottery Powerball, Lucky For Life winning numbers for Dec. 25, 2024

Published

19 hours ago

December 26, 2024

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Delaware Lottery Powerball, Lucky For Life winning numbers for Dec. 25, 2024

The Delaware Lottery offers several draw games for those aiming to win big. Here’s a look at Wednesday, Dec. 25, 2024 results for each game:

Winning Powerball numbers from Dec. 25 drawing

15-26-27-30-35, Powerball: 03, Power Play: 3

Check Powerball payouts and previous drawings here.

Winning Lucky For Life numbers from Dec. 25 drawing

04-10-35-42-45, Lucky Ball: 02

Check Lucky For Life payouts and previous drawings here.

Winning Lotto America numbers from Dec. 25 drawing

04-05-40-42-52, Star Ball: 10, ASB: 03

Check Lotto America payouts and previous drawings here.

Feeling lucky? Explore the latest lottery news & results

Are you a winner? Here’s how to claim your lottery prize

Sign the Ticket: Establish legal ownership by signing the back of your ticket with an ink pen.
Prizes up to $599: Claim at any Delaware Lottery Retailer, in person at the Delaware Lottery Office, or mail your signed ticket and claim form; print your name/address on the ticket’s back and keep a copy/photo for records. By mail, send original tickets and documentation to: Delaware Lottery, 1575 McKee Road, Suite 102, Dover, DE 19904.
Prizes up to $2,500: Claim in person at Delaware Lottery Retailer Claim Centers throughout Kent, Sussex and New Castle Counties.
Prizes of $5,001 or more: Claim in person at the Delaware Lottery Office (business days 8 a.m. to 4 p.m.) with a photo ID and Social Security card.
For all prize claims, directions to the Delaware Lottery Office are available online or via mapquest.com for a map.

Check previous winning numbers and payouts at Delaware Lottery.

Can I claim a jackpot prize anonymously in Delaware?

Fortunately for First State residents, the Delaware Lottery allows winners remain anonymous. Unlike many other states that require a prize be over a certain jackpot, Delawareans can remain anonymous no matter how much, or how little, they win.

How long do I have to claim my prize in Delaware?

Tickets are valid for up to one year past the drawing date for drawing game prizes or within one year of the announced end of sales for Instant Games, according to delottery.com.

When are the Delaware Lottery drawings held?

Powerball: 10:59 p.m. Monday, Wednesday, and Saturday.
Mega Millions: 11:00 p.m. on Tuesday and Friday.
Play 3, 4: Daily at 1:58 p.m. and 7:57 p.m., except Sunday afternoon.
Multi-Win Lotto: 7:57 p.m. Monday, Wednesday, and Friday.
Lucky for Life: Daily at 10:38 p.m.
Lotto America: 11:00 p.m. Monday, Wednesday, and Saturday

Missed a draw? Peek at the past week’s winning numbers.

This results page was generated automatically using information from TinBu and a template written and reviewed by a Delaware Online digital operations manager. You can send feedback using this form.

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