Delaware Court of Chancery Denies Tiptree’s Attempt to Dismiss Lawsuit by ECBAWM Client Osios Over Violations of LLC Agreement

  • June 12, 2024

DELAWARE, – On June 12, 2024, the Delaware Court of Chancery denied an attempt by Tiptree, Inc. (NASDAQ: TIPT) and Tiptree Marine LLC (collectively, the “Tiptree Defendants”) to dismiss a lawsuit brought by ECBAWM client Osios LLC.

This case arose from a business dispute between Stefanos Theodoros Kasselakis—the former Chief Executive Officer of Tiptree Marine, who is now the President of the Syriza-Progressive Alliance, the leading opposition party in Greece—and the Tiptree Defendants. Mr. Kasselakis was the founder of a series of successful maritime businesses embedded within Tiptree and operated as Tiptree subsidiaries under the umbrella of Tiptree Marine. Osios, the minority member for Tiptree Marine, was formerly controlled by Mr. Kasselakis.

“This is a David and Goliath battle between a young entrepreneur and a NASDAQ-listed company valued at over $600 million.  And it is about more than technical language in a contract.  Today, the Court prevented a company and its majority member from running roughshod over the rights of its minority member.  The facts are on our side.  We look forward to pressing these claims in discovery,” said Dan Eisenberg, one of the ECBAWM attorneys representing Osios.

Osios is represented by ECBAWM attorneys Dan Eisenberg, Andrew G. Celli, Jr., Katie Rosenfeld, and Eric Abrams, with co-counsel Andrew H. Sauder of Dailey LLP.

The Court’s decision can be found here.

Osios’ complaint can be found here.