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TRANSPORTES FERREOS v. NKK CORPORATION

No. 99-5697.

239 F.3d 555 (2001)

Transportes Ferreos De Venezuela II Ca, Appellant v. Nkk Corporation; Edc, Inc.; the Sheffer Corporation the Sheffer Corporation, Third-Party Plaintiff, v. Jorgensen Steel & Aluminum, a division of Earle M. Jorgensen Company; Artco, Inc., Third-Party Defendants Edc, Inc., Third-Party Plaintiff v. Hartford Fire Insurance Company, Third-Party Defendant.

United States Court of Appeals, Third Circuit.

Filed February 8, 2001.

Attorney(s) appearing for the Case

Robert G. Clyne, Hill Rivkins & Hayden LLP, 1 Exchange Place, Suite 1000 Jersey City, N.J. 07302-3911, Counsel for Appellant.

Michael J. Breslin, Jr., Esq., Breslin & McNerney, 14 Washington Place Hackensack, New Jersey 07601, Counsel for Appellee.

Before: McKEE, ROSENN, and CUDAHY, Circuit Judges.

OPINION OF THE COURT

CUDAHY, Circuit Judge.

In April 1995, the ship boom on a vessel owned by Transportes Ferreos de Venezuela II CA (TFV) collapsed. TFV sued EDC, Inc., the boom's designer and supplier, and in August 1998, the parties settled. As part of the settlement, EDC agreed to the entry of a $1 million judgment against it, in favor of TFV. TFV agreed not to execute this judgment, and in exchange, EDC assigned...

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