WASHINGTON, Jan. 28, 2013 /PRNewswire/ -- The Supreme Court of the State of New York has dismissed a frivolous legal complaint against FE Partners, LLC, that alleged it tried to improperly wrest control of the former Presidential Yacht, the U.S.S. Sequoia. The Hon. Charles E. Ramos ruled that a complaint filed by the owner of the U.S.S. Sequoia "is dismissed in its entirety."
The judge's order came the day after FE Partners filed its response in the case, which chronicled how the Sequoia's owner had hidden and neglected debts and had repeatedly violated the terms of its loan agreement with FE Partners. "We are pleased that the New York Supreme Court promptly dismissed this unfounded complaint, so that we can again devote our attention to preserving a treasured piece of American history that many call 'the floating White House,'" said Richard Graf, legal counsel for FE Partners.
FE Partners, LLC, is a U.S. company headquartered in Washington, D.C., that was formed to provide capital to preserve assets of significant importance to the heritage of the United States. One of its investors is the Timblo family, prominent members of the business community in India who have longtime American ties and a keen appreciation of American history. "When my family learned that the Sequoia might be sold to a Russian firm and moved to St. Petersburg, we were delighted to invest funds to preserve the Sequoia and keep it where it belongs—in the United States of America," said Anuj Timblo, a director of FE Partners who lives with his family in Montana.
A National Historic Landmark, the stately, 104-foot yacht was built in 1925 and served every president from Herbert Hoover through Gerald Ford. President Kennedy celebrated his last birthday aboard the Sequoia, and a melancholy President Nixon played "God Bless America" on a piano in the Sequoia upon deciding to resign from the White House. President Johnson enjoyed watching movies on the top deck, and President Franklin D. Roosevelt was known to fish the Potomac from the stern. World leaders from Winston Churchill to Leonid Brezhnev have met with U.S. presidents on the Sequoia, arguably the most important piece of American history in private hands.
FE Partners is committed to keeping the Sequoia in the United States and properly funding its maintenance so that future generations of Americans will be able to enjoy its storied past. For further information, please visit: http://fepartnersllc.com/.
SOURCE FE Partners, LLC