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Simonson v. M/V Lucky Buck

United States District Court, W.D. Washington, Seattle

May 7, 2018

STANLEY G. SIMONSON and REBECCA I. SIMONSON, husband and wife, Plaintiffs,
v.
M/V LUCKY BUCK, Official Number 567411, her engines, machinery, equipment, tackle, appurtenances, etc., in rem; M/V SPEEDWELL, Official Number 594754, her engines, machinery, equipment, tackle, appurtenances, etc., in rem; WILLIAM R. ORR and JANE DOE ORR, husband and wife and their marital community comprised thereof; JOHN KELLEY and JANE DOE KELLEY, husband and wife and their marital community comprised thereof; GREGORY THOMAS and JANE DOE THOMAS, husband and wife and their marital community comprised thereof; TKO FISHERIES LIMITED, a Washington corporation, Defendants.

          STIPULATED JUDGMENT AND ORDER OF FORECLOSURE (M/V LUCKY BUCK)

          THE HONORABLE RICHARD A. JONES UNITED STATES DISTRICT JUDGE.

         Plaintiffs Stanley G. Simonson and Rebecca I. Simonson (“Plaintiffs”) have commenced this proceeding for the purpose, among others, of securing a sale at foreclosure of the M/V LUCKY BUCK, Coast Guard Official Number 567411, pursuant to a preferred ship mortgage granted to secure a debt owing to the Plaintiffs. The parties have agreed that the expeditious conduct of that sale is in the interests of all parties, and so have stipulated to the following facts and to the following relief:

         Stipulated Facts:

1. Defendant TKO FISHERIES LIMITED (“TKO”) executed a Promissory Note in favor of the Plaintiffs, dated April 1, 2011, in the original principal amount of $2, 500, 000 (the “Note”).
2. Signature Seafoods, Inc., the sole owner of the M/V LUCKY BUCK, executed a Preferred Ship Mortgage (the “Mortgage”), dated April 1, 2011, encumbering the M/V LUCKY BUCK as security for the obligations evidenced by the Note. The Mortgage was filed at the National Vessel Documentation Center on April 26, 2011 and was recorded in Batch Number 798687 with the Document Identification number 13488355.
3. The Mortgage encumbered the entirety of the M/V LUCKY BUCK and constitutes a preferred mortgage for purposes of 46 U.S.C. § 31301(6) and related provisions of title 46 of the United States Code.
4. The M/V LUCKY BUCK is within the navigable waters of this district and within the jurisdiction of this Court.
5. Beginning on or about August 1, 2015, and thereafter, TKO failed to make principal and interest payments due under the Note, and failed to cure that default within any applicable cure period. The unpaid balance of the Note as of April 6, 2018, is $2, 177, 893.44, which amount consists of principal in the amount of $1, 625, 516.77, interest in the amount of $440, 830.67, and fees and costs recoverable under the Note in the amount of $111, 546.00. The Note accrues interest at a rate of $541.84 per diem.
6. The Court issued a Warrant to Arrest the M/V LUCKY BUCK (Dkt. 8-1) and appointed a Substitute Custodian Docket Entry (Dkt. 9) on November 16, 2017. The United States Marshal arrested the M/V LUCKY BUCK and it has been in the custody of the Substitute Custodian since that date.
7. Signature Seafoods, Inc., is the current owner of the M/V LUCKY BUCK. After notice, no party other than Signature Seafoods, Inc. has filed a claim of interest in the M/V LUCKY BUCK. The Court has entered an order of default barring the claims of all persons except Signature Seafoods, Inc. against the M/V LUCKY BUCK. (Dkt. 30.)
8. Plaintiffs have paid all expenses for the preservation and care the M/V LUCKY BUCK since its arrest.

         Stipulated Relief:

9. The Mortgage shall be foreclosed upon confirmation of the sale described herein.
10. The U.S. Marshal shall cause the M/V LUCKY BUCK (including all marine equipment, electronics, machinery, accessions, and appurtenances for thereto; the personal property aboard or used in the operation of the vessel; and all additions, substitutions, replacements, fittings, furnishings, accessions, accessories, supplies, operating manuals, plans, specifications, improvements, and tools therefor or thereto) to be condemned and sold at public auction to the highest and best bidder, the sale to be held alongside the vessel on a date and at a time satisfactory to ...

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