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Ocean Rig faces another legal battle

Ocean Rig faces another legal battle

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New York lawyer Tally Wiener is not giving up in her pursuit of George Econonou’s Ocean Rig.

Ocean Rig sought bankruptcy protection this March. Wiener had sought to contest Ocean Rig’s Chapter 15 process. Wiener, who invested in Ocean Rig stock, saw her initial objection to the relief Ocean Rig is seeking in the US, in aid of its Cayman Islands restructuring proceedings, thrown out of her court. However, she has now filed a Notice of Appeal with a district judge likely to be assigned in the next couple of days.

“I am going another round,” Wiener told Splash.

Ocean Rig’s Cayman liquidators need to prove Ocean Rig and its three affiliates seeking relief in the US in aid of their Cayman proceedings have either a center on main interests (COMI) or establishment in the Cayman Islands. An establishment is a place of operations in which a company carries out non-transitory economic activity. A COMI assessment includes location of principal assets, which Wiener has sought to track down using AIS data to find where Ocean Rig’s fleet of drillships and semi-submersible have been located since the company filed for bankruptcy protection in late March.

Economou is also feeling the heat from investors for his financial manoueverings at DryShips.

More than 10 law firms have announced class action law suits against the company, alleging it violated federal securities laws.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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