Fighting Over the First International Kids

Last week, the main interested parties in the bonds issued by First International filed two complaints in the Southern District of New York. Healy and Baillie filed the first complaint on behalf of the shareholders (Tom Steckmest) and counsel for trustee USBank, on behalf of the bondholders, filed the second complaint. Both complaints are seeking the same remedy; control of six product tankers secured by the First International bonds. So far, the courts have not given any feedback on the dispute.

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