Filing: Presidential yacht worth 8.56 million below zero
DOVER -- The new owners of the presidential yacht USS Sequoia went back to court this week and asked a Chancery Court Judge to reconsider his ruling this month that the historic vessel is worth less than the $0 price tag he set in his most recent ruling.
The filing suggests, through a series of calculations and a spreadsheet, that the former owner, Sequoia Presidential Yacht Group LLC., owes FE Partners millions of dollars.
"As demonstrated in meticulous detail in FE Partners’ previous submissions, strict reliance upon the loan documents and the law of the case would have resulted in a Default Option Exercise Price of $8.56 million below zero," lawyers for FE partners wrote in their petition filed Monday.
Michael G. Busenkell, the attorney for Sequoia Presidential Yacht Group in previous Chancery actions, was not immediately available for comment Wednesday.
Read more: http://www.delawareonline.com/story/news/2016/11/23/filing-presidential-yacht-worth-less-than-0/94328934/