US shipbroker Marcon International is facing a $20m lawsuit alleging that it overvalued a pair of bulkers purchased by affiliates of Canada’s TF Warren Group.
Warren and Remstoan Investments, a joint venture partner in the ships, allege that appraisals of the 28,500-dwt Phoenix Star (built 1968) and the 29,400-dwt Phoenix Sun(built 1987) between 2008 and 2011 significantly missed their mark.
And after the two handysize bulkers were entered into receivership in 2013, they sold for a fraction of the sum, according to papers filed by Seattle law firm Preg, O’Donnell & Gillett in the US federal court in that city.
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