Delaware Court Helped Decide Fate of Former Presidential Yacht - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Delaware Court Helped Decide Fate of Former Presidential Yacht

Posted: Updated:

GEORGETOWN, Del. -- Delaware's unique Court of Chancery has decided in a number of cases over the years for businesses and individuals alike, though it played a role in deciding the future of a former presidential yacht that had fallen into disrepair.

Following years of contentious legal action to determine the ownership and price of the vessel, Vice Chancellor Sam Glasscock ruled last year that Washington D.C.-based firm F.E. Partners could purchase the U.S.S. Sequoia for zero dollars. Constructed under, President Herbert Hoover, the yacht was used for decades by presidents like Franklin Roosevelt, John F. Kennedy, and Richard Nixon.

The yacht was later sold under Jimmy Carter and then exchanged over the years, most recently being used some years ago as a vessel for private charters. It was then pulled of the water for maintenance several years ago but has remained in dry dock in Deltaville, Virginia.

Photos and video footage of the boat have shown it has suffered significant damage. The ship's captain, Matthew Vilbas, recorded footage of the boat that showed raccoons had nested in the vessel. Vilbas did not respond to phone calls from WBOC seeking comment for the story.

Damage to the boat was a key portion of the case decided in November, said Georgetown Attorney John Brady, a longtime lawyer who has participated and observed Chancery Court proceedings.

"The analysis was that it's sitting now in dry dock, not really gaining value but losing value because some of the things that need to be done, haven't been done yet," he said.

A filing following the November decision by F.E. Partners claimed the ship was worth even less---millions of dollars---than the $0 price tag offered in 2012.

A representative for F.E. Partners said the boat has been shrink-wrapped and secured. The firm intends to bring the boat to New England for restoration work that could take years.

Because of incorporation laws, Delaware's Court of Chancery has settled disputes for many businesses, groups, and people over the years. Being a court of equity, Brady said the fact that the Sequoia was the center of a Chancery Court case was not surprising.

"You get two people fighting over the same thing because of the uniqueness," he said. "The court will sometimes act as Solomon, as referenced in this case, and divide everything in half."

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Earth Weekend at the Salisbury Zoo

    Earth Weekend at the Salisbury Zoo

    Apr 22, 2018 10:06 PM2018-04-23 02:06:00 GMT
    Sunday, April 22 2018 10:06 PM EDT2018-04-23 02:06:59 GMT
    SALISBURY, Md--The Salisbury Zoo was packed with lots of curious minds on Saturday April 21, in preparation for Earth Day. Envirnonmental organizations educated people on how to protect the Earth. Jamie Malone wants to teach her two sons as much as she caMore
    SALISBURY, Md--The Salisbury Zoo was packed with lots of curious minds on Saturday April 21, in preparation for Earth Day. Envirnonmental organizations educated people on how to protect the Earth. Jamie Malone wants to teach her two sons as much as she caMore
  • Two Juveniles and One Adult Arrested for Loitering and Criminal Trespassing

    Two Juveniles and One Adult Arrested for Loitering and Criminal Trespassing

    Apr 22, 2018 11:43 PM2018-04-23 03:43:00 GMT
    Sunday, April 22 2018 11:43 PM EDT2018-04-23 03:43:57 GMT
    Jerziah WitherspoonJerziah Witherspoon
    Jerziah WitherspoonJerziah Witherspoon
    On Sunday April 22nd, the Laurel Police Department arrested two juveniles and an adult after they were caught loitering and trespassing in the Little Creek Apartment Complex.More
    On Sunday April 22nd, the Laurel Police Department arrested two juveniles and an adult after they were caught loitering and trespassing in the Little Creek Apartment Complex.More
  • Dover Police Investigate Deadly Sunday Evening Crash

    Dover Police Investigate Deadly Sunday Evening Crash

    Apr 22, 2018 10:44 PM2018-04-23 02:44:00 GMT
    Sunday, April 22 2018 10:44 PM EDT2018-04-23 02:44:34 GMT
    Dover Police said they're investigating a deadly crash Sunday that killed one pedestrian.More
    Dover Police said they're investigating a deadly crash Sunday that killed one pedestrian. More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Charges Filed in Draper Crash

    Charges Filed in Draper Crash

    Apr 21, 2018 4:42 PM2018-04-21 20:42:00 GMT
    Saturday, April 21 2018 4:42 PM EDT2018-04-21 20:42:17 GMT
    SUSSEX COUNTY, Del.- A Lewes Man is now facing charges in connection with the accident that fatally wounded longtime WBOC owner Thomas Draper. According to the Delaware Department of Justice, Shawn Armstrong was arrested on January 10th of this year. He iMore
    SUSSEX COUNTY, Del.- A Lewes Man is now facing charges in connection with the accident that fatally wounded longtime WBOC owner Thomas Draper. According to the Delaware Department of Justice, Shawn Armstrong was arrested on January 10th of this year. He iMore
  • Horses Spotted Running Through Laurel

    Horses Spotted Running Through Laurel

    Apr 21, 2018 5:22 PM2018-04-21 21:22:00 GMT
    Saturday, April 21 2018 6:00 PM EDT2018-04-21 22:00:04 GMT
    An unusual siting in Sussex County Saturday as more than a dozen horses were found running through the streets in Laurel.More
    An unusual sighting in Sussex County Saturday as more than a dozen horses were found running through the streets in Laurel. More
  • Former Basketball Star Sentenced to Life in Prison for Salisbury Murder

    Former Basketball Star Sentenced to Life in Prison for Salisbury Murder

    Thursday, April 21 2016 3:18 PM EDT2016-04-21 19:18:28 GMT
    Thursday, April 21 2016 11:36 PM EDT2016-04-22 03:36:13 GMT
    Larry Ennis (Photo: Salisbury Police Department)Larry Ennis (Photo: Salisbury Police Department)

    A former high school basketball standout was sentenced Thursday to life in prison for the murder of a teenager last summer.

    More

    A former high school basketball standout was sentenced Thursday to life in prison for the murder of a teenager last summer.

    More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices