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Enron Mail |
Below is the opinion from Rajah & Tann on the arrest of the vessel.
In summary: 1. We need to ascertain if the vessel was under a head timecharterparty as that would determine the proper party to an action (ie, owners or time charterers) and the proper vessel to arrest (ie. owner's vessel or time charterer's vessel). I have instructed Rajah & Tann to do the necessary searches and investigations. Russell is also asking the broker for any information which may be helpful. I have also instructed Rajah & Tann to put the vessel and any other vessel ECTS may potentially arrest on shipwatch. The cost of shipwatch is SGD50 to SGD60 per month per vessel. 2. To arrest the vessel, a writ in rem, a warrant of arrest and a supporting affidavit of the the facts will have to be prepared. The writ and warrant can be obtained within one working day (or over the weekend if necessary and if the duty registrar is contactable). We would need to quantify the claim. John, Russell and Sheila - please let me have an exact breakdown of the loss incurred. 3. There is practically no possibility of wrongful arrest in this case. Third party cargo pwners also would not have an action against ECTS as the arresting party. 4. Security can be posted by the vessel owners to secure the vessel's release. 5. Legal fees for arrest would be in the region of SGD10,000. Disbursements payable to the Sheriff of the High Court would be between SGD4000 to SGD SGD7000 (assuming release of the vessel with a week). Other search fees and shipwatch fees may amount to about SGD2000. Regards Matt ---------------------- Forwarded by Matthias Lee/SIN/ECT on 10/07/99 11:38 AM --------------------------- kian.sing.toh@sg.rajahtann.com on 10/06/99 08:18:39 PM To: Matthias Lee/SIN/ECT@ECT cc: Matthias Lee/SIN/ECT@ECT Subject: pacific valour Dear Matthias, Attached please find opinion. I have discussed with Steven Chong the issues of third party claims and merits of Enron's claim. He agrees with me. I sent two copies of this advice to your office by fax, as requested. Please ignore the first copy as it contains some inadvertent typo errors. (See attached file: Enron-1 (revision).doc) *******************Internet Email Confidentiality Footer******************* Privileged/Confidential Information may be contained in this message. If you are not the addressee indicated in this message (or responsible for delivery of the message to such person), you may not copy or deliver this message to anyone. In such case, you should destroy this message and kindly notify the sender by reply email. Please advise immediately if you or your employer does not consent to Internet email for messages of this kind. Opinions, conclusions and other information in this message that do not relate to the official business of my firm shall be understood as neither given nor endorsed by it. - Enron-1 (revision).doc
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