Wilkins v. Commercial Investment Trust Corp.

This is an appeal concerning admiralty jurisdiction. We conclude that admiralty jurisdiction is lacking.

I. Background

A. Facts

This action arises from the failed launching of a new cruise line. The defendant CIT Group/Equipment Financing, Inc., (CIT) acquired the motor vessel Sun1 at a foreclosure sale in the Bahamas and then sought a buyer.2 In early June 1996, CIT agreed in principle to a sale to Sun Travel Investment Corporation, part of a group of affiliated corporations that included the proposed charterer, Royal Venture Cruise Line, Inc., and a third corporation, Royal Shipping…