International Shipping Enterprises, Inc. ("ISE") (ISHP.OB) acquired 100% of the stock of Navios Maritime Holdings, Inc. ("Navios") for an all cash purchase price of approximately $600 million.

Navios was a privately held international dry bulk shipping company with offices in Connecticut (USA), Greece, and Uruguay.  ISE is a publicly traded Marshall Islands company, formerly incorporated in Delaware, which was organized to serve as a vehicle for the acquisition of an operating business in the dry bulk sector of the shipping industry.Anderson Kill was retained in early October 2004 to represent Navios and the Navios selling shareholders.  Anderson Kill helped negotiate the retention of Lazard Freres as the financial adviser to the Navios stockholders, helped evaluate several confidential purchase offers and structured and negotiated the Stock Purchase Agreement.  Anderson Kill assisted in drafting ISE's publicly filed Registration Statement/Proxy Statement, and advised Navios on numerous securities issues.  In addition, Anderson Kill analyzed and advised concerning complicated U.S. and international tax issues.Anderson Kill represented its clients with a corporate team consisting of Costa N. Kensington, Wendy Williamson, Peter Glass, Jenessa Jacobson and Neil Dennis, with tax advice from Phillip England and John Hess and through other lawyers from the Employment, Business Law and Environmental groups.ISE's shareholders approved the acquisition at a public shareholders' meeting on August 23, 2005 and the sale transaction was successfully closed and funded on August 25, 2005.