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J. RAY McDERMOTT & CO., INC., v. VESSEL MORNING STAR

No. 28496.

457 F.2d 815 (1972)

J. RAY McDERMOTT & CO., INC., Plaintiff-Appellee-Cross Appellant, v. The VESSEL MORNING STAR et al., etc., The Fish Meal Company, Harvey W. Smith, Defendants-Appellants-Cross-Appellees, and Texas Menhaden Company, Intervenor-Appellant-Cross Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing and Rehearing Denied May 12, 1972.

Attorney(s) appearing for the Case

Frank J. Peragine, William S. Stone, New Orleans, La., Bryan J. McGinnis, Beaumont, Tex., for defendants-appellants; Deutsch, Kerrigan & Stiles, New Orleans, La., and Mehaffy, Weber, Keith & Gonsoulin, Beaumont, Tex., of counsel.

Shearman & Sterling, New York City, Monroe & Leamann, James G. Burke, Jr., New Orleans, La., for amicus curiae First National City Bank.

Dave McNeill, Jr., Robert M. Julian, Houston, Tex., Neal D. Hobson, Kennedy J. Gilly, New Orleans, La., for plaintiff-appellees; Vinson, Elkins, Searls & Smith, Houston, Tex., and Milling, Saal, Benson, Woodward & Hillyer, New Orleans, La., of counsel.

Robert B. Acomb, Jr., Herschel E. Richard, Jr., New Orleans, La., for amicus curiae Avondale Shipyards.

Before JOHN R. BROWN, Chief Judge and WISDOM, GEWIN, BELL, THORNBERRY, COLEMAN, GOLDBERG, AINSWORTH, GODBOLD, DYER, SIMPSON, MORGAN, CLARK, INGRAHAM and RONEY, Circuit Judges.

Rehearing and Rehearing En Banc Denied May 12, 1972.

DYER, Circuit Judge:

The question whether state or federal law governs deficiency judgments under the Ship Mortgage Act is a matter of such vital public concern that we placed this action for the foreclosure of a preferred ship mortgage en banc.

The district court granted a deficiency judgment in favor of McDermott (the shipbuilder) and against the Smith interests (the purchaser) for the difference...

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