Legal End to Presidential Yacht Wrangle

Press Release
Tuesday, January 29, 2013
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 .

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

ECDIS Related Detentions on the Rise

ClassNK has been informed by Australian Maritime Safety Authority (AMSA) that during PSC inspections it has been increasingly reported that vessels have been detained

CMA CGM Crosses 90% Ownership Threshold in NOL

Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private.

History

This Day In Naval History: June 28

1776 - Army Col. William Moultries' troops defend Sullivans Island and Charleston, S.C. from an attack by British Commodore Sir Peter Parker and his fleet during the American Revolution.

This Day In Naval History: June 27

1861 - While commanding a gunboat flotilla, Cmdr. James Harmon Ward is mortally wounded by a musket ball while aiming the bow gun of his flagship, USS Thomas Freeborn at Mathias Point, Va.

Day of Seafarer: ICS Highlights Seafarers Role in Migrant Rescues

Gerardo Borromeo, Vice Chairman of the International Chamber of Shipping (ICS) took the opportunity today to highlight the courage that is currently being displayed by seafarers,

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0754 sec (13 req/sec)