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F5 CAPITAL v. PAPPAS

Docket No. 16-530-cv August Term, 2016.

856 F.3d 61 (2017)

F5 CAPITAL, a Cayman Islands Corporation, Plaintiff-Appellant, v. Petros PAPPAS, Milena Maria Pappas, Roger Schmitz, Tom Softeland, Spyros Capralos, Koert Erherdt, Renee Kemp, Rajath Sourie, Emily Stephens, Stelios Zavvos, Oaktree Value Opportunities Fund, L.P., Oaktree Opportunities Fund IX Delaware, L.P., Oaktree Capital Management, L.P., Oaktree Opportunities Fund IX (Parallel 2), L.P., Monarch Alternative Solutions Master Fund Ltd., Monarch Capital Master Partners II-A L.P., Monarch Capital Master Partner II L.P., Monarch Debt Recovery Master Fund, Ltd., Monarch Opportunities Master Fund, Ltd., P Monarch Recovery Ltd., Star Synergy L.L.C., Star Omas L.L.C., Oaktree OBC Holdings L.L.C., Oaktree Dry Bulk Holdings L.L.C., Millennia L.L.C., Millennia Holdings L.L.C., Mirabel Shipholding & Invest Limited, Mirach Shipping Company Limited, Heron Ventures Ltd., Oceanbulk Carriers L.L.C., Bluesea Invest and Holding Limited, Monarch Alternative Capital LP, Star Bulk Carriers Corp., Defendants-Appellees, Bluesea Oceanbulk Shipping L.L.C., Defendant.

United States Court of Appeals, Second Circuit.

Decided: April 26, 2017.

Attorney(s) appearing for the Case

MARK C. RIFKIN ( Benjamin Y. Kaufman , Michael Liskow , on the brief), Wolf Haldenstein Adler Freeman & Herz LLP, New York, NY, for plaintiff-appellant F5 Capital.

DAVID W. BROWN ( Andrew J. Ehrlich , Gregory F. Laufer , on the brief), Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Oatkree defendants-appellees.

Tariq Mundiya , Matthew W. Edwards , Willkie Farr & Gallagher LLP, New York, NY, for Monarch defendants-appellees and defendant-appellee Roger Schmitz.

Bruce G. Paulsen , Jeffrey M. Dine , Michael B. Weitman , Seward & Kissel LLP, New York, NY for Pappas defendants-appellees and defendants-appellees Tom Softeland, Spyros Capralos, Koert Erhardt, Stelios Zavvos, Star Synergy LLC, Star Omas LLC, Millennia LLC, Millennia Holdings LLC, Mirabel Shipholding & Invest Limited, Mirach Shipping Company Limited, Heron Ventures Ltd., Oceanbulk Carriers LLC, and Bluesea Invest and Holding Limited

Before: Calabresi, Raggi, and Lynch, Circuit Judges.

F5 Capital ("F5") brought this shareholder derivative action on behalf of Star Bulk Carriers Corp. ("Star Bulk"), alleging that individual members of Star Bulk's board and affiliated entities improperly exploited their control over the corporation in executing three separate transactions. Those transactions, according...

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