Vedder Price Helps to Save the 'Big U'
Last October, America's Flagship, the SS United States, was on the brink of being sold for scrap metal because the SS United States Conservancy, the national nonprofit historic preservation organization that owns the iconic vessel, was running short on funds to cover the ship's expenses. However, thanks to the pro bono counsel from Vedder Price shareholder, Francis X. Nolan III, and other firms and individuals, the iconic ocean liner has been given a second life. On February 4, 2016, the Conservancy announced an agreement granting Crystal Cruises an exclusive purchase option.
Utile Maritime Legislation Enacted in Marshall Islands
'Financing Charters' may now be treated as 'Preferred Mortgages' — The Republic of the Marshall Islands passes Maritime Amendment Act (No. 1), 2013. The Republic of the Marshall Islands’ Nitijela has passed the Maritime Amendment Act (No. 1), 2013 – a legislative initiative of key significance to the international marine finance community. The first-of-its-kind legislation permits a “financing charter” to be treated as a preferred mortgage in favor of the registered owner of a Marshall Islands vessel, which allows a charter party to make precautionary security filings to protect and perfect its interest in a chartered vessel. This solves…
