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A Million Dollars’ Worth? – RBS and Credit Agricole vs. Marco Polo Seatrade

“In our druthers, we wouldn’t be here, we never would have been here, but unfortunately, we wound up here.” “Here” is the United States Bankruptcy Court of the Southern District of New York and the “We” are the lenders, The Royal Bank of Scotland (“Creditor”)and Credit Agricole who failed to convince Judge James Peck that the case against debtors Marco Polo Seatrade et. al. should be dismissed. Reading the transcript of the proceedings the outcome, while not a foregone conclusion, is not surprising. In the bankruptcy arena, the Judge has a great deal of discretion in making his decisions and the court tends to give the benefit of the doubt to the debtors.

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