Chancery court sets sales value of former presidential yacht at $0

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Yacht SequoiaA Chancery Court decision set the value of a leaky former presidential yacht “Sequoia” at zero.

The dispute over the sale had been waged in the Delaware court that decides corporate disputes and other matters of equity.

The wooden vessel was used by Franklin Roosevelt, John F. Kennedy and other presidents to entertain dignitaries.

The Sequoia had been gone other owners in recent decades that included a nonprofit foundation.

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The vessel was hampered by its age and the difficulties of wooden hull restoration.

The decision awarded the Sequoia to a lender of a previous buyer.

“The Sequoia, an elderly and vulnerable wooden yacht, is sitting on an inadequate cradle on an undersized marine railway in a moribund boatyard on the western shore of the Chesapeake, deteriorating and, lately, home to raccoons,” Chancellor Samuel Glasscock wrote in his decision.

Glasscock asked the two parties to come forward and list any reason for not going forward with the sale.

Click on the link below for the full decision.

http://courts.delaware.gov/Opinions/Download.aspx?id=248780

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