$1B lawsuit filed by Insight Terminal Solutions against City of Oakland

Yesterday, Insight Terminal Solutions (ITS), a shell company owned by hedge fund operator Jon Brooks, filed a frivolous lawsuit against the City of Oakland claiming losses of over a billion dollars stemming from the City’s termination of Phil Tagami’s lease in 2018. ITS negotiated a sublease of the 19-acre West Oakland site days before the City declared Tagami’s lease terminated for failure to meet his deadline to get construction of a marine export terminal underway. A state court judge ruled in January that the City acted prematurely and should have given Tagami’s Oakland Bulk and Oversized Terminal LLC (OBOT) an extension of time. I...