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IN THE MATTER OF ARBITRATION BETWEEN NATIONAL BULK CARRIERS, INC.

Nos. 779 to 781, Docket Nos. 78-7490, 78-7569 and 78-7629.

597 F.2d 819 (1979)

In the Matter of the Arbitration between NATIONAL BULK CARRIERS, INC., Petitioner-Appellee-Appellant, and PRINCESS MANAGEMENT COMPANY, LIMITED, Respondent-Appellee, E. W. Westgate Co., Inc., Proposed Intervenor-Appellant. Walter SOMMER, Petitioner-Appellee, v. NATIONAL BULK CARRIERS, INC., Respondent-Appellant.

United States Court of Appeals, Second Circuit.

Decided April 3, 1979.

Attorney(s) appearing for the Case

Abraham L. Pomerantz, New York City (William E. Haudek, Pomerantz, Levy, Haudek & Block, New York City, John W. Castles 3d, Eugene F. Bannigan, James M. Morrissey, Lord, Day & Lord, New York City, of counsel), for petitioner-appellee-appellant National Bulk Carriers, Inc.

Richard Frank, New York City (Charles P. Axelrod, Richard Frank, P. C., New York City, of counsel), for respondent-appellee Princess Management Co., Ltd., and petitioner-appellee Walter Sommer.

Edward A. Jaffe, Honolulu, Hawaii (Richard R. Clifton, Cades, Schutte, Fleming & Wright, Honolulu, Hawaii, Robert J. Kheel, Willkie, Farr & Gallagher, New York City, of counsel), for proposed intervenor-appellant E. W. Westgate Co., Inc.

Before KAUFMAN, Chief Judge, GURFEIN, Circuit Judge, MISHLER, District Judge.

IRVING R. KAUFMAN, Chief Judge:

On this appeal, we are once again confronted with "a classic example of a losing party seizing upon `a pretext for invalidating [an] arbitration award,'" In re Arbitration between Andros Compania Maritima, S.A., and Marc Rich & Co. A.G., 579 F.2d 691, 702 (2d Cir.1978). National Bulk Carriers, Inc. (NBC) lost a $2 million award in favor of Princess Management Co. (PMC) and immediately shifted...

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