Reuters: Bankruptcy News: Bankrupt FastShip to pursue patent case vs. US govt

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Bankrupt FastShip to pursue patent case vs. US govt Mar 22nd 2012, 14:46 March 22 | Thu Mar 22, 2012 10:46am EDT March 22 (Reuters) - FastShip Inc, which was planning a high-speed trans-Atlantic container vessel service, filed for Chapter 11 bankruptcy protection, and said it will pursue a case against the U.S. government for infringing the patents on its ship design. FastShip holds U.S. and international patents on a design for a ship that can operate at high speeds carrying heavy loads, the company said in court papers filed in the U.S. Bankruptcy Court in Wilmington, Delaware. Privately held FastShip alleged the design of a high-speed combat vessel built for the U.S. Navy infringed its patents. The company filed an administrative claim in April 2008 to reach a settlement with the U.S. government. The government denied its claim two years later, FastShip said. "Through the bankruptcy process, the debtors will create a liquidating trust to pursue and monetize the patent infringement litigation against the U.S. government...," FastShip said in court papers filed on Tuesday. The company, which failed to raise about $2 billion required to support its business plan, listed assets of less than $50,000 and liabilities of between $10 million and $50 million. The global shipping industry has been hurt by an oversupply of vessels and weak demand. The case is In re: FastShip Inc, U.S. Bankruptcy Court, District of Delaware, No. 12-10968. Link this Share this Digg this Email Reprints

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