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ST. ASIMI MARITIME CO. v. FIRST NAT. BANK, ETC.

No. 75 Civ. 4554.

436 F.Supp. 1095 (1977)

ST. ASIMI MARITIME COMPANY, LTD., et al., Plaintiffs, v. The FIRST NATIONAL BANK OF CHICAGO, Defendant.

United States District Court, S. D. New York.

July 22, 1977.

Attorney(s) appearing for the Case

Dickerson, Reilly & Mullen, New York City by Robert W. Mullen, New York City, of counsel, for plaintiffs.

Haight, Gardner, Poor & Havens, New York City, by Edward L. Johnson, Lennard K. Rambusch, Thomas F. Molanphy, New York City, of counsel; Debevoise, Plimpton, Lyons & Gates, New York City, by Samuel E. Gates, Richard I. Janvey, John G. Koeltl, New York City, of counsel, for defendant.

OPINION

KEVIN THOMAS DUFFY, District Judge.

The First National Bank of Chicago ("FNBC") lent $24.9 million to Anastasios E. Karavias and the several corporations of which he is sole shareholder. The loan agreement dated December 23, 1974, granted FNBC a first preferred mortgage on eight vessels owned by Karavias controlled corporations, a pledge of all shares of stock in Karavias corporations, and a personal guarantee by Karavias for the total amount of...

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