facebook
twitter
rss
account
search
search
X
Breaking News: Protesters march on Pakistan PM Nawaz's house
 

Companies fight over presidential yacht

Jan. 10, 2013 at 8:20 AM   |   Comments

NEW YORK, Jan. 10 (UPI) -- Court documents show that Indian business owners of a U.S. corporation are attempting to wrest control of the presidential yacht Sequoia.

Courthouse News Service said The Sequoia Presidential Yacht Group and its owner, attorney Gary Silversmith, have sued the company, FE Partners LL, in New York County Supreme Court.

CNS said American presidents used Sequoia for half a century, and it was designated a National Historic Landmark in 1987.

In 2000, a group of Japanese buyers attempted to buy the yacht, but Silversmith beat them to it, the report said. But the yacht group said they then loaned the vessel to FE Partners LLC for $5 million in 2012 due to tough economic times.

Silversmith said that FE Partners defaulted by only providing half of what the contract required.

Silversmith and the Sequoia group are seeking punitive and treble damages for breach of contract, as well as an injunction forcing FE to pay off the loan and relinquish any rights to the yacht.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
St. Paul police arrest a black man for sitting on a bench waiting for his children
2
Ukrainian cargo plane crashes in Algeria killing seven
3
'Old Ironsides' sails across Boston Harbor before 3-year-rehab
4
Video: Free Syrian Army unleashes 'Hell Cannon' in fight against Assad
5
Boy being treated for brain tumor taken from hospital
Trending News
Video
x
Feedback