Vedder Thinking | News Marine Finance Attorney, Frank Nolan, Aids SS United States Conservancy
The SS United States was once the fastest cruise ship to cross the Atlantic. Considered the greatest cruise ship ever built, it was retired from service in 1969. A stalwart group of supporters have struggled to save the ship from demolition. The SS United States Conservancy announced the acquisition of the ship from the NCL Group for $3 million. The acquisition was funded primarily by a donation from Philadelphia philanthropist, Gerry Lenfest.
This donation will allow the Washington-based SS United States Conservancy to buy the ship from Norwegian Cruise Line, a subsidiary of Genting Hong Kong, and maintain the vessel in its South Philadelphia berth for up to 20 months while redevelopment and refurbishment plans are completed. The group, which has worked for years to promote the ship and prevent its destruction, wants to turn it into a historic attraction, permanently set on the waterfront of a major city.
The Conservancy has received robust pro bono services from Vedder Price. The firm is providing legal counsel relating to corporate structure, acquisition and development of the vessel under the guidance of maritime expert, Frank Nolan, a member of the firm's Equipment Finance Group in its New York office.
For local coverage and photos, see: http://www.philly.com/philly/news/20100702_SS_United_States_gets__5_8_million_Lenfest_donation.html