ALVIN B. RUBIN, Circuit Judge:
The intricate transactions that resulted in this litigation cannot be simply stated. A complex set of charters, subcharters, insurance provisions, insurance policies, and the eventual sinking of a tug and tow with resultant loss of both vessels and the cargo aboard the tow result in this snarl of facts and law.
A corporation bareboat chartered its tug to its corporate subsidiary, which, in turn, time chartered the tug to another...
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