Former Lightship partners in open clash with owner
The dispute between four former partners at Danish shipbroker Lightship Chartering and the company's current owner Morten Have is much more dramatic than originally assumed.
Since September 2015 and shortly after the four partners opted to leave Lightship, there has been a lawsuit in process against Lightship and Morten Have regarding the conditions of employment for one of the former partners at the company.
According to ShippingWatch's information, the discussion of potential losses on contracts became key to the negotiations between the parties for the value of their shares as well as the net capital in Lightship.
Lightship Chartering partners split to the wind
On Wednesday this week, the drama culminated when the 2015 annual report for Lightship Chartering A/S was released. In the management review, one of the four former partners is accused of signing contracts which have inflicted huge claims on the company from customers.
"Lightship Chartering A/S has taken all necessary precautions to mitigate the losses and the effects for its clients," the company writes in the management review with Morten Have serving as Chairman.
The financial report and the content of the management review was published in an article on ShippingWatch on Wednesday.
These accusations can now trigger a civil suit as well as a defamation case against Lightship and Morten Have, says one of the four former partners from the company in comments to ShippingWatch.
In an e-mail to ShippingWatch on Thursday, the four former Lightship partners retaliate to the accusations that one of them has signed contracts which caused customers to file big claims against Lightship.
"We, as ex-partners in Lightship, dissociate ourselves with the accusations in the financial report from Lightship which is far from the truth in several aspects. In particular, the accusations about sizeable claims which the Lightship management review contains. At this point in time, we do not wish to comment on topics that are active in the current case against Lightship," the four former partners write.
The 2015 annual report contains a deficit of USD 2.4 million. One of the explanations, according to Lightship, concerns expenses related to the failed attempt at a joint venture with Maersk Broker due to costs for auditors, lawyers, collective IT solutions and more.
The 2015 report from Lightship Chartering does not contain specific information about losses stemming from big customer claims. Morten Have states in a comment that actual losses have taken place as a result of the contracts, but he does not wish to elaborate on the exact numbers and he does not have further comments on the matter.
The four longtime Lightship partners, Frank Mortensen, Mike Creaven, Kenneth Harritsøe, and Thomas Stahl, decided under dramatic circumstances to pull out of the company during the summer of 2015. According to ShippingWatch's information, this was due to strategical disagreements regarding Lightship's future.
After the split, the group of former partners and Morten Have have disagreed about the valuation of Lightship in relation to their exit. A discussion which basically concerns how much money the four ex-partners should be bought out for based on the value of Lightship.
The four former partners, three of which are now employed by Maersk Broker, left Lightship Chartering shortly after a major planned merger with Maersk Broker was suddenly called off. The parties had come as far as to establish a jointly-owned company.
Lightship: Former partner hit us with huge claims
Former Lightship partner joins Maersk Broker
