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Shipper Asks Judge To Seize $6M In Coal Co. s Assets
Law360 (January 29, 2021, 6:34 PM EST) A Marshall Islands-based shipping company asked federal judges in New York and Texas for permission to seize nearly $6 million from its former business partner in an attempt to force it to arbitrate a dispute over undelivered shipments of coal.
In a pair of complaints filed Wednesday in New York and Friday in Houston, Classic Maritime accused XCoal Energy and Resources, which is based in Pennsylvania but maintains bank accounts and other assets in New York City and Houston, of reneging on an agreement to ship over 800,000 tons of coal to Korea worth over $7 million.