9/11 COMMISSION REPORT: FINAL REPORT OF THE NATIONAL COMMISSION ON TERRORIST ATTACKS UPON THE UNITED STATES, Executive Summary (July 22, 2004) available at http:// www.9-11 commission.gov/report/index. htm.[10]
Bankruptcy and Disposition of the Vessels.
Scarcely one month after 9/11, AMCV sought bankruptcy relief.[11] Upon filing for bankruptcy, all of AMCV's cruise operations were cancelled except those on the Delta Queen, which was scheduled to continue operating until January 5, 2002, after which the Delta Queen ceased operations. Starting in late 2001 and into 2002, in connection with the bankruptcy cases, the Debtors disposed of all of their vessels through auction sale to third parties, abandonment or transfer to MARAD. MARAD held liens on the Columbia Queen, American Queen, Coastal Vessels, the Independence, and the Project America Ships.
In late 2001, the Debtorsretained Chanin Capital Partners and American Marine Advisors as financial advisors to find a strategic or financial buyer or investor for the Delta Queen Riverboats, the Coastal Vessels, and their respective franchises. The vessels were disposed of as follows:
(1) The Independence. The Independence was abandoned by the Debtors pursuant to court order dated October 30, 2001.
(2) The Patriot. The Patriot was sold at public auction in January 2002 to HAL for a credit bid of $79,769,783, which was the then outstanding amount of principal and accrued interest secured by HAL's lien on the Patriot.
(3) The Delta Queen Riverboats. According to the Disclosure Statement, on May 3, 2002, an auction was held for the sale of the Delta Queen Riverboats and the related assets. The auction consisted of six