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in the engine room, which destroyed both engines, transmissions,
all electrical gear, all of the electronics, the wiring, and the
air conditioning system. In 1990, petitioners accepted $110,000
from USF&G in settlement of their insurance claim. After the
partial sinking, the PEDRO was repaired, and was declared
seaworthy in September, 1990.
In the summer of 1990, petitioners filed suit against Pedro-
Holland in an attempt to recover both the devaluation of the boat
caused by salt water contamination, and unreimbursed expenses.
USF&G filed jointly with petitioner to recover from Pedro-Holland
the $110,000 it paid to have the boat repaired.
At the suggestion of the bank mortgagee, petitioners moved
the boat to Florida in November, 1991. On November 15, 1991,
Durham Trust Bank, the mortgagee, was closed by the FDIC and
"froze" petitioner's assets. It was petitioner's understanding
that this action was taken because of criminal activity that
happened in the bank. In March, 1994, the FDIC permitted
petitioners to sell the boat. Petitioners realized $85,000 on
the sale.
Petitioners' lawsuit against Pedro-Holland came to trial in
January, 1994. The judge in the case excluded petitioners'
expert witnesses on motion of opposing counsel, so petitioners
did not recover from Pedro-Holland. Petitioners did, however,
recover $30,000 from their attorney.
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