Post by ferryfast admin on Apr 12, 2005 22:03:22 GMT -5
Ferry’s creditors finally getting paid
WHEC-TV 10/ROCHESTER
After months of courtroom battles, money from the fast ferry auction is finally starting to be paid out. Most of the money paid out is going to government agencies or large corporations. But as NEWS 10NBC looked into the paper work we found a local company that did very important work on the ferry but never got paid.
At AAA welding on Lyell Avenue most of the work is contracted to Kodak, Xerox and even over seas to China. But last year, AAA got the call; its work was needed on the fast ferry. “We were really excited about this. Not everybody works on a fast ferry,” said AAA owner Gary Wasman.
His company built a rail system and worktables to facilitate the work of repairing the ferry's engines. AAA even fixed the ferry's horn. But then there was something missing: the money.
Wasman says they had waited month after month to get paid. CATS, the ferry’s former owner, told them they should be paid by the engine builders, MTU. “It was an endless circle and even the smallest bill never got paid. It's like they don't have any money what's going on here. 26 and of course it all played out that they didn't.”
In January, AAA filed a maritime lien against CATS and last week a federal judge ruled in favor of triple AAA. On Tuesday the money came in. AAA was repaid more than $20,000.00 plus interest.
Amerada Hess, the first maritime lien holder, got a check for more than $420,000.00.
The Saint Lawrence Seaway Pilots' Association received almost $30,000.00 and Germanischer Lloyd got $8,100.00.
AAA spent about $3,000.00 in legal fees. Money well spent if you ask them. Wasman says the whole experience hasn't totally turned him off from the ferry. “The city owns it the city has the money and we're going to get paid. But it's fun too, kind of exciting. Like I said earlier it's not everybody here that's going to work on it.”
Judge Jonathon Feldman still needs to determine how much money EFIC, ABN Amro and the engine builder’s MTU will get.
The judge is also going to set up a special master in charge of distributing $700,000.00 to more than a hundred unsecured creditors, many of them local businesses.
WHEC-TV 10/ROCHESTER
After months of courtroom battles, money from the fast ferry auction is finally starting to be paid out. Most of the money paid out is going to government agencies or large corporations. But as NEWS 10NBC looked into the paper work we found a local company that did very important work on the ferry but never got paid.
At AAA welding on Lyell Avenue most of the work is contracted to Kodak, Xerox and even over seas to China. But last year, AAA got the call; its work was needed on the fast ferry. “We were really excited about this. Not everybody works on a fast ferry,” said AAA owner Gary Wasman.
His company built a rail system and worktables to facilitate the work of repairing the ferry's engines. AAA even fixed the ferry's horn. But then there was something missing: the money.
Wasman says they had waited month after month to get paid. CATS, the ferry’s former owner, told them they should be paid by the engine builders, MTU. “It was an endless circle and even the smallest bill never got paid. It's like they don't have any money what's going on here. 26 and of course it all played out that they didn't.”
In January, AAA filed a maritime lien against CATS and last week a federal judge ruled in favor of triple AAA. On Tuesday the money came in. AAA was repaid more than $20,000.00 plus interest.
Amerada Hess, the first maritime lien holder, got a check for more than $420,000.00.
The Saint Lawrence Seaway Pilots' Association received almost $30,000.00 and Germanischer Lloyd got $8,100.00.
AAA spent about $3,000.00 in legal fees. Money well spent if you ask them. Wasman says the whole experience hasn't totally turned him off from the ferry. “The city owns it the city has the money and we're going to get paid. But it's fun too, kind of exciting. Like I said earlier it's not everybody here that's going to work on it.”
Judge Jonathon Feldman still needs to determine how much money EFIC, ABN Amro and the engine builder’s MTU will get.
The judge is also going to set up a special master in charge of distributing $700,000.00 to more than a hundred unsecured creditors, many of them local businesses.