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During the period January 1, 1990, through December 31,
1994, Sealodge did not have any cashflow available to increase
equity, and Sealodge never paid a dividend. As of December 19,
1994, Sealodge did not have any liabilities.
On or about August 7, 1987, Sealodge registered a trademark
with the U.S. Patent and Trademark Office for the name “Jules
Undersea Lodge”. This trademark expired on September 26, 1994,
and was not renewed.
As of December 19, 1994, Sealodge’s assets consisted of:
(1) A submersible barge known as “Jules Undersea Lodge”; (2) a
command center; (3) two diving bells; and (4) other miscellaneous
equipment whose value was not of significance. A plan of
liquidation was in place on the valuation date so Sealodge’s
assets could be distributed to MRDF. Sealodge was liquidated as
of December 31, 1994.
Jules Undersea Lodge
Jules Undersea Lodge was built in 1972 by Perry Submarine
Builders (Perry). It was originally named “La Chalupa” and was
constructed with private funds advanced by John Perry, the owner
of Perry. Operational funds for La Chalupa were provided by the
Government of Puerto Rico under the Puerto Rico International
Undersea Laboratory program (PRINUL). The vessel was designed to
house researchers for a week or more at a time at depths of up to
and not exceeding approximately 160 feet. During the early
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