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Friday, October 28, 2016

Legal End to Presidential Yacht Wrangle

January 29, 2013

USS Sequoia: Photo credit FE Partners

USS Sequoia: Photo credit FE Partners

New York Supreme Court Judge dismisses legal complaint against owners of Presidential Yacht 'Sequoia'.

The Supreme Court of the State of New York has dismissed a frivolous legal complaint against FE Partners, LLC, that alleged it tried to improperly wrest control of the former Presidential Yacht, the U.S.S. Sequoia. The Hon. Charles E. Ramos ruled that a complaint filed by the owner of the U.S.S. Sequoia "is dismissed in its entirety."

The judge's order came the day after FE Partners filed its response in the case, which chronicled how the Sequoia's owner had hidden and neglected debts and had repeatedly violated the terms of its loan agreement with FE Partners. "We are pleased that the New York Supreme Court promptly dismissed this unfounded complaint, so that we can again devote our attention to preserving a treasured piece of American history that many call 'the floating White House,'" said Richard Graf , legal counsel for FE Partners.   

FE Partners, LLC, is a U.S. company headquartered in Washington, D.C., that was formed to provide capital to preserve assets of significant importance to the heritage of the United States. One of its investors is the Timblo family, prominent members of the business community in India who have longtime American ties and a keen appreciation of American history.

A National Historic Landmark, the stately, 104-foot yacht was built in 1925 and served every president from Herbert Hoover through Gerald Ford .

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