IRI’s Turmoil Continues

The end of May was a difficult time in the halls of International Registries Inc. (IRI’s) New York office, as longtime legal expert, IRI investor and Marshall Island’s Registry head, Guy E.C. (Clay) Maitland, was barred from his office. The action brought to a head a simmering feud between Maitland and IRI Chairman and CEO, the Reston, Virginia-based, Archie Stewart.

IRI is the contract administrator and marketing agent for both the Liberian and Marshall Island’s ship and corporate registries.

Stewart and Maitland are significant investors in IRI, along with Tony Guida, who is the organization’s Chief Financial Officer, in the acquisition of the Liberian Flag’s administration and marketing contract from USLICO. USLICO, the former contract administrator, sold the business to the IRI team in 1990. At that time, the Liberian Civil War was sufficiently unsettling that the Liberian investment was not worth the trouble and potential embarrassment to publicly traded USLICO. USLICO chose to focus on its core life insurance business, and sold the ship and corporate registry to the Stewart and Maitland team. But the internal corporate relationship has Stewart in the role of managing partner and therefore able to “lock” Maitland out.

This is only an excerpt of IRI’s Turmoil Continues

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