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CUSTOM FUEL SERVICES v. LOMBAS INDUSTRIES

No. 85-3605.

805 F.2d 561 (1986)

CUSTOM FUEL SERVICES, INC., Plaintiff-Appellant and Todd Shipyards Corporation, Intervenor-Appellant, v. LOMBAS INDUSTRIES, INC., et al., Defendants, First Mississippi National Bank, Intervenor-Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing and Rehearing Denied January 8, 1987.

Attorney(s) appearing for the Case

Charles M. Steen, New Orleans, La., for Custom Fuel.

G. Edward Merritt, New Orleans, La., for Todd Shipyard.

W.E. Noel, New Orleans, La., for First Miss. Nat. Bank.

Before WISDOM, JOHNSON, and HIGGINBOTHAM, Circuit Judges.

Rehearing and Rehearing En Banc Denied January 8, 1987.

WISDOM, Circuit Judge:

This case is one of first impression. The question this appeal presents is whether a parent corporation can insulate its vessel from maritime liens by transferring title to its wholly-owned subsidiary as a nominal owner and taking back a preferred ship mortgage in an amount equal to the value of the vessel. The transaction was innocuous until the vessel's charterer became unable...

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