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'Dastardly' plot cited for control of presidential yacht

A U.S. corporation owned by Indian business magnates hatched a "dastardly plan to wrest control" of a yacht that served every president from Herbert Hoover to Jimmy Carter, the Sequoia Presidential Yacht Group claims in court.

The Sequoia Presidential Yacht Group and its owner, Washington, D.C.-based attorney Gary Silversmith, sued FE Partners LLC in New York County Supreme Court.

"This action is both urgent and compelling," the 22-page complaint begins. "It concerns the iconic former United States presidential yacht named the U.S.S. Sequoia Presidential Yacht (the 'Sequoia'), which is among the most famous vessels in America."

The court battle stems from a cooperative business agreement between the owners, who charter out the yacht, and a group of investors solicited for loans to keep the charter business operational.

Click here for the full report by Courthouse News Service.