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ASSINIBOIA CORPORATION v. CHESTER

355 A.2d 873 (1974)

ASSINIBOIA CORPORATION, a corporation of the State of Delaware, et al., Plaintiffs, v. Arthur Henry CHESTER, one of the Underwriters at Lloyd's, et al., Defendants, John W. Burgess, Trustee for mortgagee, Intervenor.

Superior Court of Delaware, New Castle.

June 7, 1974.

Attorney(s) appearing for the Case

Ernest S. Wilson, Jr., Wilson & Russell, Wilmington, for plaintiffs.

Edmund N. Carpenter, II, Richards, Layton & Finger, Wilmington, for defendants Arthur Henry Chester and Edinburgh Assurance Co., Ltd.

Richard H. May, Young, Conaway, Stargatt & Taylor, Wilmington, and James E. O'Halloran, Jr., Bell, Boyd, Lloyd, Haddad & Burns, Chicago, Ill., for defendant Fred S. James & Co., Inc.

Richard I. G. Jones, and Robert Ralston, Prickett, Ward, Burt & Sanders, Wilmington, for intervenor.

OPINION

CHRISTIE, Judge.

The S. S. Assiniboia was a passenger and cargo ship which was built in Glasgow, Scotland in 1907-1908. For many decades the ship was operated on the Great Lakes by the Canadian Pacific Railroad Company.

After the ship was taken out of service, it was sold by Canadian Pacific Railroad in 1968 to J. A. L. Steamship Line, Ltd., for $30,100. The purchaser anticipated that the ship could...

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