CALDERWOOD & HARKNESS LLP Attorneys at Law
One Liberty Plaza, 50th Floor New York, New York 10006
Telephone: (212) 471-8800 Facsimile: (212) 471-8801 www.calderwoodharkness.com
November 27, 2024
Via ECF and Hand Delivery
Hon. Lorraine K. Chen, J.S.C. Supreme Court of the State of New York New York County, Commercial Division Part 49 60 Centre Street New York, New York 10007
Re: Northwind Maritime Corporation v. Thalassa Shipping & Logistics SA and Aegean Fortuna Shipholding Ltd., Index No. 655421/2023
Dear Justice Chen:
I am a partner at Calderwood & Harkness LLP, and this firm represents defendants Thalassa Shipping & Logistics SA ("Thalassa") and Aegean Fortuna Shipholding Ltd. ("Aegean Fortuna," and together with Thalassa, "Defendants") in the above-captioned action. I write respectfully to transmit for the Court's consideration and so-ordering the enclosed Stipulation and Order Retaining Jurisdiction to Enforce Settlement (the "Stipulation and Order"). The Stipulation and Order has been agreed to by all parties to this action and has been duly executed by counsel for both plaintiff Northwind Maritime Corporation ("Northwind" or "Plaintiff") and counsel for Defendants.
As the Court is aware, by joint letter dated November 25, 2024, submitted by this firm and Hargrove, Delacroix & Stern LLP on behalf of Plaintiff, the parties advised the Court that they have reached a comprehensive settlement resolving all claims, counterclaims, and cross-claims in this action. The Settlement Agreement and Mutual General Release governing the resolution of this matter (the "Settlement Agreement") was fully executed by the parties on November 20, 2024. Among its material terms, the Settlement Agreement provides for payment of the agreed-upon settlement amount in three installments over a period of approximately one hundred fifty (150) days from the Effective Date, as that term is defined in the Settlement Agreement. As the Court was further advised in the November 25 joint letter, a Stipulation Withdrawing Defendants' Motion for Partial Summary Judgment was submitted concurrently on November 25, 2024, and the parties respectfully requested that the previously scheduled December 6, 2024 conference before this Court be taken off the calendar.
The enclosed Stipulation and Order provides that this Court shall retain jurisdiction over this action for a period of one hundred eighty (180) days following the Effective Date of the Settlement Agreement for the limited purpose of enforcing the terms of the Settlement Agreement, including, without limitation, the authority to enter a consent judgment upon default by any party in accordance with the specific consent judgment provisions set forth in the Settlement Agreement. The retention of jurisdiction for this defined period is necessary and appropriate because the Settlement Agreement contemplates the payment of the settlement amount in installments extending over a period of approximately one hundred fifty days, and the parties have agreed that the Court's continued oversight during the payment period will facilitate orderly and efficient enforcement in the event that any party fails to perform its obligations under the Settlement Agreement. The Stipulation and Order has been fully executed by Margaret Delacroix, Esq. of Hargrove, Delacroix & Stern LLP, 600 Lexington Avenue, 28th Floor, New York, New York 10022, on behalf of Plaintiff Northwind Maritime Corporation, and by the undersigned on behalf of Defendants Thalassa Shipping & Logistics SA and Aegean Fortuna Shipholding Ltd.
The parties have also prepared a Proposed Stipulation of discontinuance With Prejudice, which will be filed with this Court within ten (10) business days of the receipt and clearance of the final settlement installment payment, in accordance with the terms of the Settlement Agreement. At that time, a Proposed So-Ordered Stipulation and Order of discontinuance will be submitted for Justice Chen's signature to effectuate the formal discontinuance of this action with prejudice.
We respectfully request that the Court so-order the enclosed Stipulation and Order Retaining Jurisdiction to Enforce Settlement at its earliest convenience. For the Court's convenience, a proposed form of order with a signature line for the Court has been included with the enclosed Stipulation and Order. Should the Court require any additional information, documentation, or briefing in connection with this submission, we are pleased to provide the same promptly.
We are grateful for the Court's attention to this matter and for the Court's continued management of this action. I am available, together with my colleagues, to address any questions the Court may have at its convenience. A copy of this letter and the enclosed Stipulation and Order is being served simultaneously upon counsel for Plaintiff, Margaret Delacroix, Esq., at Hargrove, Delacroix & Stern LLP, via electronic filing and first-class mail.
Respectfully submitted,
CALDERWOOD & HARKNESS LLP
By: ________
Douglas Carmichael Partner
One Liberty Plaza, 50th Floor New York, New York 10006 Telephone: (212) 471-8836
Email: dcarmichael@calderwoodharkness.com
Encl.: Stipulation and Order Retaining Jurisdiction to Enforce Settlement (with proposed so-order signature line)
cc: Margaret Delacroix, Esq., Hargrove, Delacroix & Stern LLP (via ECF and first-class mail)
Jason Trumbull, Esq., Hargrove, Delacroix & Stern LLP (via ECF and first-class mail) Markos Theodorakis, General Counsel, Thalassa Shipping & Logistics SA (via email)