TMT CEO Files $100m IP Suit Over Vessel Sale

By Michelle Howard
Thursday, August 21, 2014

Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.V.D Whale, M.V.G Whale and M.V.H Whale, to Mega International Commercial Bank Co. Ltd. (Mega Bank) will strip him of intellectual property worth more than $100 million for each ship. According to Ken Liang's deposition at the court, Mega Bank is the agent for vulture fund Oaktree Capital Group.


U.S. Bankruptcy Judge Marvin Isgur recently signed off on a sale of the ships to Mega Bank without adequately protecting Su's interest in the boats' patented technology. For this reason, Su wants the federal district court to either issue a declaratory judgment clarifying that Judge Isgur's order approving the sale of the ships "free and clear" of any liens did not extinguish his rights under several Asian patents he holds, or forceMega Bank to immediately compensate him for the loss of his intellectual property, more than $100 million for each ship.


Judge Isgur declined to adjudicate his patent rights, but left open the possibility that the TMT executives could pursue infringement claims against eitherMega Bank or TMT if it is later determined that Su's intellectual property was improperly transferred.


Su said "I deeply regret that Judge Isgur declined to adjudicate the patent rights. The practice of selling the ships of TMT to a U.S. company without securing the permission of patent rights owners is tantamount to selling pirated copies. This reminds me of the Asian financial crisis in 1997, when foreign funds aggressively acquired Asian companies at low prices."


Su designed an underdeck piping structure for the ships, which he patented in Japan, Korea and China, but allowed TMT to use it without a license.


In this case, the sale orders did not determine ownership of the Asian patents. Hence, Su owns the Asian patents and retains his rights to enforce the Asian patents by, among other things, suing infringers regardless of the sale orders.

 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ASA Mission Statement Revised to Expand Reach

The American Salvage Association has revised its mission statement to increase its area of influence beyond North America, complemented by a new logo that reflects the expanded direction.

New Chemical Handling Service from Ferguson Group

Tank, Fluid Solutions and Bunded Storage for Dangerous Goods and Chemicals Introduced at Gap Ridge, Karratha.    Ferguson Group Australia, global specialist in offshore DNV 2.

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Legal

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

Boost for Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior

Gypsy Moth Clause Takes Balanced Approach to Risk

A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM).

Finance

The 2nd Ballast Water Management Summit

Sign-up for this year’s most in-depth exchange of information and best venue for BWT stakeholders to network and meet their regulatory peers is underway.   Infocast’s

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Study Examines Impacts of Inland Waterway Investment

The National Waterways Foundation (NWF) has commissioned and released a two-year study to examine the U.S. inland waterways’ national economic return on investment

News

Revisions Proposed for Seaway Practices and Procedures

Under agreement with the U.S. Saint Lawrence Seaway Development Corporation, The St. Lawrence Seaway Management Corporation is proposing to amend the joint Practices

The 2nd Ballast Water Management Summit

Sign-up for this year’s most in-depth exchange of information and best venue for BWT stakeholders to network and meet their regulatory peers is underway.   Infocast’s

Britain to Ban Fracking in National Parks

Britain said on Monday it would ban fracking in national parks, reversing a policy announced last year, in a concession to the opposition Labour Party which had

Vessels

InterMoor Completes Juniper Mooring Installation Contract

InterMoor has completed a mooring and foundation installation campaign for bpTT’s Juniper gas project offshore Trinidad and Tobago, reportedly the largest foundation

Huisman Cranes for New Maersk Subsea Support Vessels

In December 2014, Huisman secured a contract from COSCO (Dalian) Shipyard for the delivery of four customized 400mt Rope Luffing Knuckle Boom Cranes and two 100mt

Coast Guard Cutter William Trump Commissioned

The Coast Guard Cutter William Trump was commissioned during a ceremony at Coast Guard Sector Key West Saturday Jan. 24, 2015. The Trump is the 11th fast response cutter in the Coast Guard fleet.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3044 sec (3 req/sec)