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Queen's Seaport Development Inc.

Los Angeles, CA: (Jan-30-07) A lawsuit between the City of Long Beach and Queen's Seaport Development Inc. finally saw resolution for long standing rent dispute. The historic ship, the Queen Mary, owned by the city, was leased to the Queen's Seaport. On declaring bankruptcy, Queen's Seaport agreed to pay the city $4.9 million in an effort to resolve its legal disputes before the lease was sold. The agreement also stated that city could also receive proceeds from the sale, as long as Queen's other creditors are paid off first. [PRESS TELEGRAM: QUEEN MARY BANKRUPTCY]

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Last updated on Feb-20-07