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Advantage Sky Shipping LLC v. ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

Maritime Attachment Vacated; Maritme Claims in Underlying South Africa Action Not at Issue

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MEMORANDUM OPINION AND ORDER This case arises out of a maritime dispute, currently being litigated in South Africa, between Plaintiffs and certain subsidiaries of ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust (the “Trust”), which is the sole Defendant here. Plaintiffs are an oil tanker (the “Advantage Sky”) and its corporate owner (“Advantage Sky Shipping”). In August 2018, the Trust’s subsidiaries caused the Advantage Sky to be arrested in South African waters. Docket No. 1 (“Compl.”), 4. Plaintiffs counterclaimed against the subsidiaries for wrongful arrest, demanding over $10 million, and also sought security from the subsidiaries with respect to that claim. Id.

6, 8. A South African court granted Plaintiffs’ preliminary request for security. Id. 9; see Docket No. 13 (“Beiersdorf Decl.”), Ex. I. But rather than require the subsidiaries to post security they could not afford, the South African Court allowed them to rely on a Letter of Undertaking issued by the Trust, in which the Trust guaranteed the subsidiaries’ potential liability in the event of an eventual settlement agreement or court judgment. See Beiersdorf Decl. Ex. L; Compl.

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