A trio of local lawsuits that followed last year’s sale of armored vehicle maker Force Protection Inc. have been stopped in their tracks.
Circuit Court Judge Roger Young recently signed an order putting the actions on ice because the exact same issues are already being litigated in Nevada, where the company was incorporated.
A division of General Dynamics announced in November that it agreed with Summerville-based Force Protection for $360 million in cash, or $5.52 a share.
The deal triggered a flurry of lawsuits in Nevada from shareholders who argued the price was too low. Three similar cases followed in Charleston County Court of Common Pleas, and those were later consolidated into one complaint.
While the sale was finalized in December, the lawsuits live on. Force Protection, General Dynamics and the other defendants asked Young to put a hold on the local complaints, noting that the various legal challenges “ultimately can be resolved only once and by one court.”
And since the first cases were brought out west, Young found that Judge Elizabeth Gonzalez in Reno holds all the cards.
“The Court perceives no reason why the same class action claims should proceed in parallel duplicative actions here and in Nevada,” Young wrote in his order.
Airshow update Gov. Nikki Haley will host a press conference from the South Carolina booth at the Farnborough International Airshow Tuesday morning to recap what’s sure to a busy few days at the biennial aviation industry expo.
If all goes according to plan, she will have already hosted a high-end reception for 100 guests and attended some 15 business meetings by the time she speaks tomorrow.
But don’t be surprised if Haley doesn’t offer much in the way of specifics: economic development business tends to be very hush-hush until the deals are done, and that can take months or years.
On the bright side, Haley’s press conference is at 10:30 a.m. Eastern Standard Time, as opposed to last year when her Paris Air Show media update was held at 10:45 a.m. local time — or 4:45 a.m. in South Carolina.
“It’ll be just like you’re there,” Amy Love, spokeswoman for the state Department of Commerce and part of the 30-member Palmetto State delegation at Farnborough this week.
“We tried to work it out where it would be afternoon there and morning here,” Love said. “We really did take that into account.”
Flood alert Local real estate agents are celebrating the approval by Congress of a five-year reauthorization for the National Flood Insurance Program. The program was previously reauthorized only for short periods due to partisan bickering, and it was allowed to briefly lapse several times, delaying or blocking many real estate deals.
Homeowners who live in flood zones are required by mortgage lenders to have flood insurance, so the National Association of Realtors made a multi-year extension of the insurance program one of their top priorities.
“The five-year reauthorization will bring certainty to Charleston-area real estate transactions where flood insurance is required to obtain a mortgage,” the Charleston Trident Association of Realtors said.