Legal Battle Over Former Presidential Yacht Continues - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Legal Battle Over Former Presidential Yacht Continues

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DOVER, Del. (AP) - The new owners of the former U.S. presidential yacht Sequoia are arguing that the historic vessel is actually worth less than the $0 price tag a judge set earlier this month.
    
FE Partners says the former owner, Sequoia Presidential Yacht Group, owes them millions of dollars because they believe the true price of the yacht is actually $8.56 million below zero.
    
A Delaware judge ruled Nov. 14 that FE Partners could exercise an option to acquire the Sequoia at a $0 adjusted price. In a recent court filing the lender says the judge "misinterpreted" a 2015 letter that he based his decision on.
    
In its glory days, the yacht Sequoia was a spit-polished, floating mini-palace, on which presidents from Herbert Hoover to Jimmy Carter entertained dignitaries and diplomats.
    
The boat has lain rotting in a boatyard amid a lengthy lawsuit over repair costs and other liabilities.

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