OPINION
ARCENEAUX, District Judge.
Plaintiff, ITT Industrial Credit Company ("ITT"), instituted this suit in admiralty to foreclose on an alleged Preferred Ship Mortgage on the M/V RICHARD C, which mortgage allegedly secures the payment and performance of a promissory note in the original principal amount of $900,000.00, executed by defendant Leonard J. Camaille ("Camaille") and guaranteed by defendant Gulf Outlet Marine Services, Inc., ("GOMS"). The
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