Buyer Can't Drop $15M Trico Boat Deal, Judge Says

Law360, New York (January 13, 2011, 8:09 PM EST) -- A bankruptcy judge on Thursday refused to allow a buyer to walk away from a $14.8 million agreement to purchase an oil exploration vessel from bankrupt Trico Marine Services Inc., finding that the boat was, in fact, not a lemon.

The buyer, PACC Offshore Holdings Pte Ltd., argued in the U.S. Bankruptcy Court for the District of Delaware that it should be able to back out of the agreement because Trico had missed a Dec. 30 deadline to consummate the deal while it was attempting to...
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