Last-Ditch Effort To Stop OceanFreight Merger Capsizes

Law360, New York (November 2, 2011, 7:44 PM EDT) -- A New York federal judge on Wednesday rejected an OceanFreight Inc. shareholder's last-minute attempt to thwart the shipping company's merger with DryShips Inc., ruling that a temporary restraining order and preliminary injunction were not warranted.

The decision is a blow for plaintiff Joan Litwin, who on behalf of herself and other shareholders had argued that the merger failed to properly compensate shareholders as she sought to derail a scheduled Thursday vote on the plan.

The controversy dates back to May, when DryShips and a special committee...
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