MATTER OF TOPGALLANT LINES, INC.

Bankruptcy No. 89-41996, Adv. No. 90-4072.

138 B.R. 314 (1992)

In the Matter of TOPGALLANT LINES, INC., Debtor. AMBASSADOR FACTORS, DIVISION FLEET FACTORS CORPORATION, Plaintiff, v. FIRST AMERICAN BULK CARRIER CORPORATION, et al., Defendants.

United States Bankruptcy Court, S.D. Georgia, Savannah Division.

February 5, 1992.


Attorney(s) appearing for the Case

John M. Tatum, Miller, Simpson & Tatum, Savannah, Ga., Joseph Moscou, Mineola, N.Y., for Ambassador Factors.

Marvin Fentress, for Association of Maryland Pilots.

C. James McCallar, Jr., Savannah, Ga., for Central Trailer Rentco,

Christopher Drummond, Milissa A. Murray, Annapolis, Md., for Ceres Marine Terminals, Inc.

Robert S. Glenn, Jr., Marvin Fentress, for Coastal Container Repairs, Inc., Moran Towing of Maryland, Inc., Moran Towing and Transp., Moran Towing of Virginia, Inc., M & S Mehtrens & Schwickerath GmbH, Redcliffe Intern. Ltd., Stute Intern., Inc., Virginia Pilots Ass'n.

C. James McCallar, Jr., Savannah, Ga., for CTG Rotterdam B.V.

David W. Skeen, Baltimore, Md., Robert S. Glenn, Jr., Savannah, Ga., for Egan Marine Contracting Co., Inc.

Richard C.E. Jennings, Savannah, Ga., for Fileccia, Peter & Virginia.

C. James McCallar, Jr., Savannah, Ga., Judy G.Z. Lieu, Weil, Gotshal & Manges, New York City, for Europe Combined Terminals, B.V., Rogiers Vereniging Eendracht Boatmen Assoc.

Thomas A. Dillon, Jr., New York City, Stephen R. Beckham, Chattanooga, Tenn., Kathleen Horne, Savannah, Ga., for First American Bulk Carrier.

David Popowski, Charleston, S.C., for General Container Services.

Herman W. Coolidge, Savannah, Ga., Martin H. Minsky, New York City, for Hampton Shipbrokers, Ltd.

Robert Glenn, Jr., Marvin Fentress, Savannah, Ga., Douglas M. Muller, Charleston, S.C., for Harbor Marine Supply, Maher Terminals, Inc., Virginia Intern. Terminals, Inc.

George H. Chamlee, Savannah, Ga., for Itel Containers Intern. Corp.

George L. Lewis, Savannah, Ga., William C. Miller, Philadelphia, Pa., for LSAI's Holdings, Inc.

M.J. Mintz, Washington, D.C., Kathy Horne, Savannah, Ga., for Marine Engineers Beneficial Assoc.

Gordon Schreck, Charleston, S.C., for Marine Line Handlers, Inc., McAllister Towing, Charleston Div., Russell C. Mitchum, Jr., Pete and Pat's Laundry Serv., White Stack Towing & Transp. Co., Inc.

Paul Felser, Savannah, Ga., for MBS Diesel-Sulzer Diesel.

Kathy Horne, Savannah, Ga., for MEBA Medical and Benefits Plan.

Marvin Fentress, Savannah, Ga., for Pilots Ass'n for the Bay and River Delaware.

Healy & Baillie, New York City, for Plimsoil Oil Corp.

Beck, Halberg & Williamson, New York City, for Messrs. Rooss, Sweeney, Peters, Haggerty, Graham, Pennea, Kanenbley and McGovern and Messrs. Wood, Ferrei, Newman and Tuthill.

M. Tyus Butler, Jr., Walter C. Hartridge, Savannah, Ga., for Southeastern Maritime Co.

Jan R. Gilbert, Savannah, Ga., for Topgallant Lines, Inc.

W.S. Victter, Rotterdam, The Netherlands, for Trefoil Trading BV.

Walter C. Hartridge, Savannah, Ga., for Allsouth Stevedoring Co., Security Terminal Co.


MEMORANDUM AND ORDER ON AMBASSADOR FACTORS' SECOND AND THIRD SUPPLEMENTAL MOTIONS FOR SUMMARY JUDGMENT

LAMAR W. DAVIS, Jr., Chief Judge.

Findings of Fact

On November 22, 1985, The Connecticut National Bank, as trustee, chartered the M/V Delaware Bay, then known as the "American Ohio", to First American Bulk Carrier Corporation ("FABC"), in accordance with two bareboat charter parties, redacted copies of which are designed Exhibit "A" and Exhibit...

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