Greek magnate George Economou became a Performance Shipping shareholder solely so he could buy a legal claim against the owner, but that claim doesn’t hold water under the law.

That is the gist of legal papers filed by Performance lawyers in the New York Supreme Court as they ask a judge to kick out Economou’s lawsuit.

As TradeWinds reported on 30 October, Economou filed the lawsuit against directors and insiders of New York-listed Performance, claiming they breached their fiduciary duties to shareholders in dominating voting control of the company through a dual-class ownership structure.