Byline: Associated Press/Randall Chase
DOVER, Del. (AP) — Owners of the former presidential yacht Sequoia apparently are throwing in the towel in a dispute with a lender seeking to seize the vessel.
Sequoia Presidential Yacht Group sued in February to prevent FE Partners from exercising an option to purchase the yacht in connection with a loan FE provided.
In June, FE Partners asked a Delaware chancery judge for a default judgment and other sanctions, accusing the Sequoia group of destroying and altering evidence and witness intimidation.
According to court records, Sequoia has consented to the default judgment and attorneys’ fees for FE Partners. The two sides are negotiating a dismissal.
The judge on July 15 rejected Sequoia’s request for continued confidential treatment of the default motion, suggesting that Sequoia was simply trying to avoid embarrassment over its alleged conduct.