George Economou, a shareholder and critic of OceanPal, has received a tidy compensation to bury the hatchet with the bulker owner’s management.
A “support agreement” announced and signed last week between the Greek tycoon and the Palios family-controlled firm involves a $6.75m payment to Economou-controlled Sphinx Investment Corp.
This amount “includes reimbursement for certain of its out of pocket and other expenses”, according to a follow-up announcement filed by OceanPal to the Securities & Exchange Commission on 20 May.
