Queen Mary Lease Buy-Out
Acquisitions Due Diligence
Long Beach (Los Angeles County), USA
The Port of Long Beach was interested in proposing a buyout of existing master leases controlled by Special Restaurant Corporation, for the purpose of the Port's acquisition of these master leases and subsequent reconveyance to a new master lessee. The Port was ultimately successfully in in terminating SRC's master lease and reletting the Queen Mary and ancillary assets to Wrather Port Properties Ltd., a subsidiary of Wrather Corporation, through a a 66-year master lease.
The history of RSM Queen Mary Ship dates to its construction and fitting prior to being officially handed over from John Brown Shipyard to Cunard White Star Line on May 12, 1936. In late 1967, the ship was removed from the British Registry and turned over to the City of Long Beach.
Client: Port of Long Beach. Work performed by Stonecreek LLC principal while with predecessor firm.
