HARBOR COMMUTER SERVICE, INC., Harbor Shuttle Inc., Walter Mihm and Stanis B. Mihm, Plaintiffs-Respondents,
v.
FRENKEL & CO., INC., McCue Captains Agency, Inc., and AON Risk Services, Inc. of Ohio, Defendants-Appellants.
Superior Court of New Jersey, Appellate Division.https://leagle.com/images/logo.png
Argued June 3, 2008.
Decided July 2, 2008.
Attorney(s) appearing for the Case
Constantine L. Trela, Jr. (Sidley Austin) of the Illinois bar, admitted pro hac vice, Chicago, IL, argued the cause for appellant, AON Risk Services, Inc. of Ohio (Evans, Osborne & Kreizman, Ocean and Mr. Trela, attorneys; Mr. Trela and Harry V. Osborne, II, Ocean, of counsel; Mr. Osborne, on the brief).
James W. Carbin, Newark, argued the cause for appellant, Frenkel & Co. Inc. (Duane Morris and Caryn L. Lilling (Mauro Goldberg & Lilling), Great Neck, NY, attorneys; Ms. Lilling and Mr. Carbin, of counsel and on the brief).
Christopher P. Leise, Cherry Hill, argued the cause for appellant, McCue Captains Agency, Inc. (White and Williams, attorneys; Mr. Leise and Edward M. Koch, Philadelphia, PA, on the brief).
Melvin Greenberg, Newark, argued the cause for respondents (Greenberg Dauber Epstein & Tucker, attorneys; Mr. Greenberg and Sumeeta A. Gawande, on the brief).
Gilbert S. Leeds, Morristown, argued the cause for amicus curiae, Independent Insurance Agents & Brokers of New Jersey and Professional Insurance Agents of New Jersey (Schenck, Price, Smith & King, attorneys; Mr. Leeds and Jeffrey T. LaRosa, of counsel; Michael G. Serafino, on the brief).
Before Judges SKILLMAN, WINKELSTEIN and YANNOTTI.
Superior Court of New Jersey, Appellate Division.
The opinion of the court was delivered by
WINKELSTEIN, J.A.D.
Plaintiffs operated commuter ferry routes across New York Harbor. Intending to commence service from Great Kills, Staten Island, to Manhattan, they purchased a high speed ship from a Louisiana shipyard for $650,000. They financed the purchase with a $4.2 million loan secured by a mortgage on their entire fleet of vessels. Plaintiffs subsequently defaulted under the terms of the mortgage.
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