24 May 1978
STEAMCO SHIPPING AGENCIES v. THE OWNERS OF THE SHIPS OR VESSELS "JAPAN BEAR", "PACIFIC BEAR", "GOLDEN BEAR" AND "THOMAS E. CUFFE" (ALL USA FLAG)
- Citation
- STEAMCO SHIPPING AGENCIES v. THE OWNERS OF THE SHIPS OR VESSELS "JAPAN BEAR", "PACIFIC BEAR", "GOLDEN BEAR" AND "THOMAS E. CUFFE" (ALL USA FLAG)
- Court
- Court of First Instance
- Case number
- HCAJ62/1978
The court held that (1) the plaintiffs were entitled to proceed in rem but were effectively limited to one arrest/security consistent with the one-ship doctrine; (2) the company under U.S. Chapter 11 (debtor in possession) remained the beneficial owner of the ships for the purpose of the Act and admiralty jurisdiction was not ousted by the American proceedings; (3) the defendants failed to establish sufficient reason to grant a stay on comity/insolvency grounds because the Chapter 11 process was rehabilitative and did not amount to a pending universal distribution; and (4) however, the court…