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March 2013 Archives

Legal dispute threatens to disrupt Maryland development project

A developer who had planned to develop an 11-acre Maryland property into a shopping complex centered around a Walmart may be forced to abandon the project due to a legal dispute with the site's owner. The property owner, Twenty Fifth Street LLC, argues that it terminated the parties' sale agreement after the developer, WV Urban Development, was unable to reach an acceptable purchase agreement with Walmart's real estate affiliate by a pre-established deadline. Twenty Fifth Street filed a petition asking a Maryland court to recognize that it ended the agreement legally and is entitled to pursue other development opportunities for the plot.

Maryland businessman sues arena operators over billboards

A Maryland developer and one-time First Mariner Bancorp CEO alleges that the operators of 1st Mariner Arena are using billboards that "are the sole property" of his own company, Arena Ventures, in a recent lawsuit . The commercial litigation contends that 1st Marine Arena is still using the developer's billboards from his company's time employed as an advertising subcontractor for the arena and demands $5 million in damages for the wrongful use of his personal property. Both the firm that owns the arena, SMG Holdings, and the advertising company that replaced the developer's company, are named as defendants.

Monster Beverage contests Maryland lawsuit

Energy drink manufacturer Monster Beverage is denying allegations that its product caused the death of a 14-year-old Maryland girl, contending that medical tests have proven the drinks to be safe and cleared the company of liability. Monster argues that medical staff never tested the deceased girl's blood for caffeine toxicity, which would have been necessary to link her death to the beverages.

Buyout firm prepares to sell Maryland aerospace company

After purchasing Arinc Inc., from a conglomerate of airlines in 2007, Carlyle Group is reportedly preparing to sell the Maryland based defense and aerospace. The private equity firm has contracted Evercore Partners and JPMorgan Chase to serve as advisers on the planned business sale, which is expected to net Carlyle between $1.2 billion and $1.5 billion.

Maryland company's lawsuit may not halt Heinz acquisition

A pair of lawsuits opposing the planned $28 billion acquisition of Heinz by 3G Capital Management and Berkshire Hathaway may not be enough to stop the deal, though they may be able to secure more money for shareholders. Maryland company, Hannon's Inc., and another investor file complaints arguing that the $72.50 share price negotiated by Heinz and its prospective buyers is an inadequate sum that was established due to "an unfair sales process."Experts say that large-scale business sales and mergers are often met with such lawsuits. "Shareholders always want more money, and they want to ensure that the process was done fairly," explained one attorney who is not involved in the Heinz purchase. She said that the lawsuit will likely prompt Heinz, 3G and Berkshire to quickly resolve the issue in order to avoid delaying the deal.

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