MEMORANDUM OPINION
FERGUSON, District Judge.
The relevant undisputed facts in this case are as follows:
1. La Corsara, S.p.A., was, in 1965, a corporation organized under the laws of Italy.
2. La Corsara at that time owned a boat, the M/V Corsair.
3. La Corsara was a member of The Steamship Mutual Underwriting Association, Ltd. (hereinafter the Association), from which it had a policy indemnifying losses actually incurred by it.<...
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