Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

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

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
British Legal Awards 2024
November 27, 2024
London

Celebrating achievement, excellence, and innovation in the legal profession in the UK.


Learn More
GlobeSt. Healthcare Real Estate 2024
December 02, 2024 - December 03, 2024
Scottsdale, AZ

Join the industry's top owners, investors, developers, brokers and financiers for the real estate healthcare event of the year!


Learn More
ThinkAdvisor LUMINARIES Awards 2024
December 11, 2024
Las Vegas, NV

This event shines a spotlight on how individuals and firms are changing the investment advisory industry where it matters most.


Learn More
Go to Events Go to Webcasts
ATTORNEY - REMOTE - NEW YORK

Experienced Insurance Defense Attorney.No in office requirement.Send resume to:


Apply Now ›
Associate General Counsel, Global Employment

Role TitleAssociate General Counsel, Global EmploymentGrade F13Reporting ToSenior Legal Counsel, Global EmploymentProgram/Tool/ Department/U...


Apply Now ›
Associate Attorney

Ryan & Conlon, LLP, is a boutique firm specializing in insurance defense. We are a small eclectic practice with a busy and fast paced en...


Apply Now ›
Go to Lawjobs