Smith v. Sea Ventures, Inc.

In 1990 Smith purchased a fishing vessel from Sea Ventures, a corporation equally owned at that time by Lundvall, Morgan, and Soriano. Smith also purchased “all fishing rights that might apply to the vessel . . . .’’In 1993 Sea Ventures was administratively dissolved because it failed to comply with state reporting requirements. In 1994 Lundvall, Morgan, and Soriano applied for, and the federal government issued, fishing rights derived from Sea Ventures’ ownership of the vessel for the 1988, 1989, and 1990 fishing seasons. Smith had contacted Lundvall about these rights, and explained a…