Opinion for the Court filed by Circuit Judge WALD.
Concurring opinion filed by Circuit Judge BUCKLEY.
WALD, Circuit Judge:
Liberty Maritime Corporation and OMI Corporation ("Appellants") challenged the Secretary of Transportation's ("the Secretary") sale of three repossessed vessels to private defendants ("Belmont"). The Secretary acquired the vessels as defaulted collateral under the Ship Mortgage Insurance Fund program in Title XI of the Merchant...
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