United States v. The Liberty Ship Audrey II

OLIVER J. CARTER, District Judge.

The matter before the court consists of exceptions taken by the libelant United States of America to the final report of a Special Commissioner in Admiralty. The facts of the case, none of them disputed, are these:

In 1951, the Liberty Ship Audrey II, then the property of the United States, was sold, through the Maritime Administration, to Universal Oil Carriers, Inc., a New York corporation. The purchase price was $544,506, of which $136,176 was paid at the time of the sale. A promissory note, secured by a preferred mortgage on the ship was given for the…