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Ex-Presidential yacht owners sue in fight over boat

The owners of the former presidential yacht Sequoia sued a lender it accuses of wrongfully attempting to seize the 88-year-old vessel in a dispute over a loan.

Lawyers for the Sequoia Presidential Yacht Group LLC filed a lawsuit in Delaware Chancery Court yesterday asking a judge to bar FE Partners LLC, whose investors include an Indian business family, from laying claim to the 104-foot vessel as part of a disagreement over a $5 million loan.

The yacht’s owners filed a similar case in New York state court last month. A judge dismissed that complaint Jan. 24 on procedural grounds.

“Defendant’s actions are motivated by nothing more than overwhelming avarice and the malicious desire to wrest the Sequoia” from its rightful owners, lawyers for Gary Silversmith, president of the partnership that bought the vessel in 2000, said in court filings.

Click here for the full report by Bloomberg News.