Ferrous Financial Services Co. v. O/S ARCTIC PRODUCER

ORDER OF INTERLOCUTORY SALE

BEEKS, District Judge.

At a time prior to March 1,1981, plaintiff and in personam defendants agreed on the sale of ARCTIC PRODUCER. The in personam defendants executed and delivered to plaintiff a promissory note of $3,142,877 secured by a preferred ship mortgage on defendant vessel.

Plaintiff alleges that defendants are in default with respect to said note and mortgage and on March 11, 1983, filed a complaint in rem and in personam to foreclose the preferred ship mortgage. Plaintiff caused the arrest of defendant vessel, which remains in the Marshal’s custody this…