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FEDERAL INS. CO. v. PGG REALTY, LLC

No. 06 Civ. 2455 (JSR).

538 F.Supp.2d 680 (2008)

FEDERAL INSURANCE COMPANY, Plaintiff, v. PGG REALTY, LLC, et al., Defendants.

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

March 13, 2008.

Attorney(s) appearing for the Case

John Anthony Vincent Nicoletti, Terry L. Stoltz, Thomas M. Rittweger, Nicoletti Hornig & Sweeney, New York, NY, for Plaintiff.

Dennis T. D'Antonio, Patrick M. Leathem, William H. Parash, Weg and Myers, P.C., New York, NY, for Defendants.

FINDINGS OF FACT AND CONCLUSIONS OF LAW

JED S. RAKOFF, District Judge.

In the early morning hours of February 6, 2006, the megayacht "Princess Gigi" capsized off the coast of the Bahamas. There was no loss of life, but the vessel was beyond salvage. The yacht was insured for $7,023,000.00 for the hull and $200,000.00 for certain personal property. On March 22, 2006, the yacht's owner, PGG Realty, LLC ("PGG"), through its sole shareholder, Ben Ashkenazy...

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