KALODNER, Circuit Judge.
A brief prologue may perhaps serve to soften the impact of a subsequent inevitably detailed recital of a complex sequence of litigation in the United States District Court for the District of New Jersey and appeals and cross-appeals in this Court.
On August 15, 1947, the steamship Argonaut owned by Farrell Lines Incorporated ("Argonaut") was moored to a pier in Jersey City, New Jersey operated by a group of individuals trading as The...
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