{"id":"court_ctb_728_0","court":"CTB","case_no":"22-50073","doc_number":728,"sub_number":0,"doc_type":"ORDER","filed_date":null,"title":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION In re:","summary_zh":null,"summary_en":null,"body_en":"# **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\nIn re:\n\nChapter 11\n\nHO WAN KWOK,\n\nDebtor.\n\nCase No: 22-50073 (JAM)\n\n## **HK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC'S MOTION FOR ORDER ESTABLISHING REPAIR RESERVE FOR THE LADY MAY**\n\n HK International Funds Investments (USA) Limited, LLC (\"HK USA\"), by and through its undersigned counsel, hereby moves (the \"Motion\") pursuant to Paragraph 11 of this Court's Stipulated Order Compelling HK International Funds Investments (USA) Limited, LLC to Transport and Deliver That Certain Yacht, the \"Lady May\" [Doc. No. 299] (the \"Stipulated Order\"), to issue an order establishing the \"Repair Reserve\" in an amount sufficient to pay the estimated costs of the service and maintenance necessary to restore the Lady May to good working order (the \"Repair Reserve\"). In support thereof, HK USA respectfully represents as follows.\n\n## **I. Introduction**\n\n1. Following extensive inspections including those performed by the experts retained by Pacific Alliance Asia Opportunity Fund, L.P. (\"PAX\") and the trustee, Luc A. Despins (the \"Trustee\"), as well as the professionals employed by HK USA, the following constitute the repairs required to be performed on the Lady May:\n\n- (i) servicing valves in the hull;\n- (ii) painting a portion of the hull;\n- (iii) replacing the bilge boards; and\n- (iv) repairing the starboard main engine.\n\n2. HK USA obtained estimates from multiple service providers to perform these repairs. HK USA provided a copy of all proposals to counsel for PAX, the Official Committee of Unsecured Creditors (the \"Committee\") and the Trustee.\n\n3. HK USA here seeks an order from this Court establishing the Repair Reserve in the amount of \\$759,836.41 in accordance with the Stipulated Order. This amount (i) incorporates the highest of the estimates provided, (ii) includes the amount estimated for the engine repair *even though all of that loss (less the deductible) is fully covered by insurance*, and (ii) adds the deductible due on account of such insurance. The estate's interest in the Lady May, if the estate holds any interest, is fully protected in a manner perfectly consistent with the Stipulated Order.\n\n4. PAX, the Committee and the Trustee have rejected HK USA's proposal and now want to re-trade their agreement – as ordered by this Court in the Stipulated Order – by demanding that HK USA cause the engine repairs to be performed *before* the Repair Reserve is established and then have a \"sea trial\" conducted. This demand is directly contrary to the agreement reached by the parties which required the establishment of the Repair Reserve *before* the performance of the repairs.\n\n5. In the hopes of avoiding another contested matter before this Court, HK USA, through its counsel, has repeatedly asked counsel for PAX, the Committee and the Trustee to provide a Repair Reserve amount – justified by reasonable estimates to address unknown but conceivably possible issues – that they would be satisfied with, and they have refused. Their ulterior motive is obvious: hold up the release of the \\$37 million posted to secure the return of the Lady May.\n\n6. There is no legitimate basis to block the release of \\$37 million and such restriction is grossly disproportionate to the theoretical risk posed. PAX, the Committee and the Trustee are\n\n2\n\nacting in bad faith and in direct contradiction to the terms of the Stipulated Order entered by this Court.\n\n7. HK USA asks this Court to enforce its Stipulated Order and establish the Repair Reserve based upon the estimates provided to repair the Lady May. HK USA also proposes below terms to govern the Repair Reserve which further protect the various interests involved.\n\n#### **II. Jurisdiction, Venue, and Basis for Relief Sought**\n\n8. This Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334 and the the Order of referral entered by the United States District Court for the District of Connecticut on September 21, 1984.\n\n9. Venue is proper in this Court for this case and this motion pursuant to 28 U.S.C. §§ 1408 and 1409, respectively. This is a core proceeding within the meaning of 28 U.S.C. § 157(b).\n\n10. The basis for the relief sought in this Motion are the procedures set forth in this Court's Stipulated Order detailed herein.\n\n#### **III. Background**\n\n11. As this Court is well-aware, the Lady May had been a focal point the litigation between the Debtor and PAX pending in New York state court which resulted in an extensive contempt proceeding and ultimately precipitated the commencement of this bankruptcy case.\n\n12. To resolve the stay relief motion filed by PAX, HK USA offered to stipulate for this Court to order it to bring the Lady May to Connecticut. This led to extensive negotiations between HK USA, PAX, the Committee and certain other creditors on the terms of that stipulated order.\n\n13. HK USA offered to post \\$37 million to secure its performance to be released upon the Lady May's return. PAX and the other parties expressed their concern that the Lady May would\n\n3\n\nrequire repairs, service or maintenance – some had been known but others would not be known until the Lady May returned. Considering the interest accruing on the borrowed funds (3% per month) and other risks involved, HK USA did not want to hold up the release of \\$37 million pending the completion of such work. The deal struck to resolve these precise issues was that HK USA would fund a separate \"Repair Reserve\" as ordered by this Court to secure payment for the repairs. Once the Repair Reserve was established the \\$37 million could be released (assuming other conditions has been satisfied) – even *before* the repairs had been performed. The parties incorporated their agreement into the Stipulated Order.\n\n14. On April 29, 2022, this Court issued the Stipulated Order.\n\n15. As agreed by the parties and as ordered by this Court in the Stipulated Order, to secure its obligation to deliver the Lady May to the navigable waters of Connecticut, HK USA deposited \\$37 million (the \"Escrow Funds\") with U.S. Bank National Association (the \"Escrow Agent\"). (Stipulated Order, at 2). The Stipulated Order provided that certain conditions must be satisfied before the Escrow Agent can release the Escrow Funds to HK USA. (*See Id*., at 5).\n\n16. One such condition is the establishment of a Repair Reserve – as the parties had agreed – in accordance with Paragraph 11 of the Stipulated Order. (*Id*., at 4). Paragraph 11 provides:\n\n> HK USA shall cause, at its sole expense, the service and maintenance identified in the Declaration and otherwise, if necessary, to restore the Lady May to good working order to be performed either prior to the satisfaction of the Delivery Obligation or thereafter upon order entered by this Court after notice and a hearing specifically delineating the time, place and manner by which such service and maintenance shall be performed, including, but not limited to a separate cash reserve (sourced, if available, from the proceeds of the Escrow Funds) in an amount sufficient to pay the estimated costs of the uncompleted service and maintenance tasks identified in the [Declaration of Russell Stockil [Doc. No. 203-3] (the \"Declaration\")] and otherwise to restore, if necessary, the Lady\n\nMay to good working order (the \"Repair Reserve\") and such funds in the Repair Reserve shall not be released until the service and maintenance tasks have been completed. HK USA shall permit representatives of PAX and/or the Committee to inspect the Lady May upon reasonable request.\n\n17. HK USA fulfilled the most critical aspect of the agreement: it caused the Lady May to arrive in Bridgeport, Connecticut on July 8, 2022 before the July 15, 2022 deadline.\n\n18. On July 13, 2022, a thorough inspection (the \"July Inspection\") of the vessel took place, attended by the Trustee and counsel for PAX, the Committee, and HK USA, as well as the experts retained by PAX and the Trustee. The Lady May's crew, including the Captain and Chief Engineer, provided the attendees of the July Inspection with unrestricted access to the Lady May (including its books and records) and answered any and all questions that they had.\n\n19. Now, as provided for in the Stipulated Order, HK USA seeks an order from this Court establishing the Repair Reserve to accomplish the requirements set forth in the Stipulated Order to enable the release of the Escrow Funds. The Escrow Funds securing HK USA's performance under the Stipulated Order represent the proceeds from a \\$37 million loan (the \"Himalaya Loan\") that HK USA obtained from Himalaya International Financial Group Ltd (\"Himalaya\") in April 2022. The loan agreement between HK USA and Himalaya (the \"HK USA/Himalaya Agreement\") provides, *inter alia*, that the Himalaya Loan shall accrue interest at the rate of 3% per month (equaling \\$1,110,000 per month). HK USA seeks to reduce and ultimately eliminate the continued accrual of such interest through the repayment of the Himalaya Loan.\n\n## **IV. Necessary Service and Repair Tasks**\n\n20. As detailed below, there are four tasks that need to be performed to return the Lady May to good working order.\n\n# **a. The Valve Service**\n\n21. As previously disclosed to this Court, the valves in the hull of the Lady May must be serviced (the \"Valve Service\"). (Declaration, at 3-4). HK USA had previously obtained an estimate to perform this service in France prior to the Lady May's crossing of the Atlantic, but time did not permit the service to be completed in France. (*See* 7/21/22 Transcript, at 58:21-59:1). In total, there are 26 valves in the hull of the vessel, including seawater valves, freshwater valves, waste valves, and other discharge vales. HK USA anticipates that the Valve Service will include, *inter alia*, addressing rusted bolts on the valves (some of which may need to be cut), cleaning certain valves, replacing other valves, and other remedial efforts.\n\n22. HK USA has obtained proposals from three third-party service providers who are equipped to perform the Valve Service, as summarized in the following table and reflected in the exhibits attached hereto.[1](#page-5-0)\n\n| Exhibits          | Provider                     | Estimated Cost2 |\n|-------------------|------------------------------|-----------------|\n| Exhibits A, B, C3 | Bridgeport Boatworks         | \\$207,612.92    |\n| Exhibits D, E, F  | Safe Harbor Newport Shipyard | \\$140,819.84    |\n| Exhibits<br>G, H  | Thunderbolt Marine           | \\$149,972.304   |\n\n<span id=\"page-5-0\"></span><sup>1</sup> To perform the Valve Service, certain ancillary services must also be performed, including hauling the vessel out of the water, servicing the vessel while it is on land, and launching the vessel back into the water. These costs for these ancillary services are included in figures presented below and are documented in the exhibits attached hereto.\n\n<span id=\"page-5-1\"></span><sup>2</sup> Some estimates from the third-party service providers did not include items like sales tax, ship repairer liability fees, and environmental surcharges. Where appropriate, the sums reported in this Motion have been supplemented to include these additional expenses.\n\n<span id=\"page-5-2\"></span><sup>3</sup> Note that Exhibit C contains an out-of-date estimate from Bridgeport Boatworks for haul out and launching services. The revised estimate for such services is attached as Exhibit B.\n\n<span id=\"page-5-3\"></span><sup>4</sup> The proposal from Thunderbolt Marine, attached as Exhibit G, assumes 10 hours of labor for each of the vessel's 26 valves. However, in an abundance of caution, HK USA proposes to reserve sufficient funds to pay for 40 hours of labor for each valve. Accordingly, HK USA's proposed reserve for such expense exceeds the sum reflected for valve service labor in Exhibit G.\n\nAs the Valve Service must be performed while the Lady May is in drydock, the foregoing cost estimates reflect HK USA's projection for various shipyard services (such as vessel storage, shore power, and cooling tower rental) that will be necessary. HK USA's projections are based upon the rate sheets and other cost estimates provided by Bridgeport Boatworks, Safe Harbor Newport Shipyard, and Thunderbolt Marine that are attached hereto. (*See* **Exhibits C**, **F**, **H**). Again, in an abundance of caution, HK USA's projections assume that the vessel will be out of the water for 40 days to perform the Valve Service.\n\n## **b. The Bow Painting**\n\n23. During the Lady May's recent crossing of the Atlantic to return to the navigable waters of Connecticut, paint on the starboard side of the vessel's bow came off. (*See* 7/21/22 Transcript, at 59:6-9). Bridgeport Boatworks provided an estimate of \\$9,215.50 to perform the repainting this portion of the bow.[5](#page-6-0) (*See* **Exhibit I**).\n\n### **c. The Bilge Board Replacement**\n\n24. The bilge is the lowest space of a vessel. This space is sometimes used for storage. To improve storage arrangements in the Lady May's central bilge area, certain bilge boards should be replaced (the \"Bilge Board Replacement\"). This is a relatively minor and non-critical task. However, as the Lady May is undergoing other service and repairs, HK USA respectfully submits that it is prudent to use this opportunity to replace the bilge boards. Bridgeport Boatworks has provided an estimate of \\$2,425.59 to perform the Bilge Board Replacement. (*See* **Exhibit J**).\n\n### **d. The Starboard Engine Repair**\n\n<span id=\"page-6-0\"></span><sup>5</sup> This figure does not include man lift rentals and assumes that the vessel is out of the water. As reflected in Exhibit B, Bridgeport Boatworks has provided an estimate of \\$13,950.48 to haul out and launch the Lady May.\n\n25. The Lady May is powered by two Caterpillar-made engines. On July 5, 2022, at the end of Lady May's recent crossing, a fuel transfer pump failed. In the course of removing the fuel transfer pump, a repair technician discovered damaged teeth on the old fuel transfer pump after removal. The shaft on the pump was also seized. The seized pump had also damaged the drive gear in the lubrication system enclosure. As a result, gear material (metal) has been introduced into the engine oil system.\n\n26. To return the Lady May to good working order, the starboard engine must be repaired (the \"Starboard Engine Repair\"). There are two services required to accomplish the Starboard Engine Repair. The first element is repair work performed by specialized Caterpillar engine repair technicians. The second element is the ancillary support services, to be provided by a shipyard, necessary to enable the specialized Caterpillar technicians to complete their work.\n\n27. As to the first element of the Starboard Engine Repair, HK USA obtained proposals from Zeppelin Power Systems (\"Zeppelin\") and Ring Power (\"Ring\"), both of which specialize in Caterpillar engine repairs. Zeppelin's estimates total approximately \\$70,725.33.[6](#page-7-0) (*See* **Exhibits K**, **L**, **M**). Additionally, because Zeppelin's repair technicians would need to travel to the Lady May, HK USA estimates that an additional \\$10,000 would be needed to pay for the technicians' travel, accommodation, and related costs, bringing the total estimated expense for Zeppelin's parts and services to \\$80,725.33. Meanwhile, Ring's estimates total \\$99,777.10, including taxes. (*See*  **Exhibit N**). Ring is based in Florida and, as with Zeppelin, Ring's technicians would need to travel to and from the vessel. The \\$99,777.10 estimate from Ring includes estimated travel and accommodation costs for Ring's technicians.\n\n<span id=\"page-7-0\"></span><sup>6</sup> Zeppelin is based in Europe. Therefore, Zeppelin's proposals are denominated in euros. The \\$70,725,33 figure is the US dollar equivalent based on present exchange rates.\n\n28. HK USA also obtained an estimate from Bridgeport Boatworks for the ancillary support services – the second element of the services required to accomplish the Starboard Engine Repair – necessary to enable Zeppelin or Ring technicians to repair the starboard engine. In total, Bridgeport Boatworks estimates that these ancillary services will cost \\$272,729.40.[7](#page-8-0) (*See* **Exhibit O**).\n\n29. Therefore, based on the proposals obtained from Zeppelin, Ring, and Bridgeport Boatworks,[8](#page-8-1) HK USA presently estimates that the total cost for the Starboard Engine Repair will be between \\$406,080.15[9](#page-8-2) and \\$425,131.92[10](#page-8-3) if conducted at Bridgeport Boatworks.\n\n30. However, the Lady May is insured under a \"hull and machinery\" insurance policy. Representatives of Yachtzoo SARL, the yacht management company for the Lady May, have provided notice of the damage to the Lady May's starboard engine to the insurance carrier and have confirmed that there is a €100,000.00 deductible (the \"Insurance Deductible\") (approximately \\$101,500.00 at the present exchange rate) for claims made under the subject insurance policy. Norwegian Hull Club, the primary underwriter of the \"hull and machinery\" insurance policy, sent\n\n<span id=\"page-8-0\"></span><sup>7</sup> This figure excludes the costs necessary to haul the Lady May out of the water, provide various services and hookups like vessel storage and power while on land, and launch the vessel back into the water. Based on proposals from Bridgeport Boatworks attached hereto as Exhibits C and D, and assuming the Engine Service Repair takes 40 days to complete, HK USA estimates that these additional costs will total \\$52,625.42.\n\n<span id=\"page-8-1\"></span><sup>8</sup> HK USA also obtained a proposal from Connecticut Diesel & Marine but it was subsequently determined that such contractor could not perform the services requested.\n\n<span id=\"page-8-2\"></span><sup>9</sup> This figure is the sum of: (i) Zeppelin's estimate and projected travel costs for Zeppelin's technicians (\\$80,725.33), (ii) Bridgeport Boatworks' engine service support estimate (\\$272,729.40), and (iii) the cost to haul out, service, and launch the Lady May assuming the Starboard Engine Repair and associated tasks takes 40 days to complete (\\$52,625.42).\n\n<span id=\"page-8-3\"></span><sup>10</sup> This figure is the sum of: (i) Ring's estimate and projected travel costs for Ring's technicians (\\$99,777.10), (ii) Bridgeport Boatworks' engine service support estimate (\\$272,729.40), and (iii) the cost to haul out, service, and launch the Lady May assuming the Starboard Engine Repair and associated tasks takes 40 days to complete (\\$52,625.42).\n\na surveyor to the vessel to inspect the starboard engine. The surveyor completed his inspection on July 25, 2022, and confirmed the damage to the starboard engine.\n\n# **V. Calculation and Operation of the Repair Reserve**\n\n31. Based on the estimates obtained by HK USA to date and making reasonable projections concerning the amount of time required to complete the tasks, HK USA estimates that the aggregate cost of the repairs necessary to return the Lady May to good working order plus the insurance deductible equals \\$759,836.41 (the \"Repair Reserve Amount\"). This sum breaks down as follows:\n\n| Task                     | Estimated Total Cost |\n|--------------------------|----------------------|\n| Valve Service            | \\$207,612.92         |\n| Bow Painting             | \\$23,165.98          |\n| Bilge Board Replacement  | \\$2,425.59           |\n| Starboard Engine Service | \\$425,131.92         |\n| Insurance Deductible     | \\$101,500.00         |\n| TOTAL:                   | \\$759,836.41         |\n\nIn calculating the Repair Reserve Amount, HK USA utilized the highest estimates received from the third-party service providers summarized in Section IV, *supra*. Likewise, though some savings may be realized by scheduling the service and repair activities in an overlapping manner,[11](#page-9-0) HK USA's estimated total repair cost reflects the estimated costs to perform the service and repair tasks separately.[12](#page-9-1)\n\n<span id=\"page-9-0\"></span><sup>11</sup> For example, taking the Lady May out of the water to perform both the Valve Service and Bow Painting at Bridgeport Boatworks would allow HK USA to only pay for the haul out and launching costs (estimated to total \\$13,950.48) one time.\n\n<span id=\"page-9-1\"></span><sup>12</sup> For example, the Bow Painting estimated cost reflects both the cost to paint the bow *as well as* the cost to haul out and launch the vessel. Similarly, the Valve Service estimated cost reflects both the cost to perform the valve service *as well as* the cost to haul out and launch the vessel.\n\n32. Demonstrating its good faith and commitment to perform pursuant to the Stipulated Order, HK USA proposes to fund the Repair Reserve for the Starboard Engine Repair as well in the amount of \\$425,131.92 even though this loss is covered under its insurance policy as explained above. If the insurer pays these expenses, the funds will be returned to HK USA following the procedures proposed below.\n\n33. Therefore, HK USA respectfully submits that the Repair Reserve amount should total \\$759,836.41.\n\n34. In order for the Repair Reserve to function in a manner consist with the terms and purposes of the Stipulated Order, specifically, paragraph 11, HK USA further proposes the following provisions to be incorporated into this Court's order to control the operation of the Repair Reserve:\n\n- (i) The Trustee, as escrow agent, shall hold the Repair Reserve Amount in his firm's fiduciary account solely for the purpose of securing the completion of the service, maintenance and repairs required to be performed in accordance with the Stipulated Order, specifically, paragraph 11 (\"Required Repairs\") and this Order;\n- (ii) HK USA shall immediately and fully fund the Repair Reserve Amount by delivering such amount to the Trustee in good funds;\n- (iii) Once funded in accordance with this Order, the Trustee shall pay from the Repair Reserve Amount the reasonable and necessary expenses (including any required deposits) incurred to perform the Required Repairs or to pay the Insurance Deductible (as defined in the Motion) upon either:\n\t- **a.** The written consent of the Trustee, PAX, the Committee, HK USA, Rui Ma, and Zheng Wu; or\n\n11\n\n- **b.** The order of this Court following a motion seeking such relief and after due notice and a hearing.\n- (iv) In the event and to the extent the Repair Reserve Amount is insufficient to fund fully and pay for the Required Repairs (\"Repair Reserve Shortfall\"), HK USA shall immediately deliver to the Trustee the Repair Reserve Shortfall; any dispute with respect to the Repair Reserve Shortfall shall be heard by this Court upon motion of any party and after due notice and a hearing and, once determined by this Court, HK USA shall immediately deliver the Repair Reserve Shortfall as determined by this Court, if any, to the Trustee to be held by Trustee in accordance with this Order.\n- (v) Upon the completion of the Required Repairs, HK USA may file a motion with this Court seeking the release of any unused portion of the Repair Reserve Amount and upon establishing that the Require Repairs have been fully performed, this Court shall order the Trustee to release the balance of the Repair Reserve Amount to the HK USA.\n\n35. HK USA respectfully submits that the foregoing are reasonable and necessary terms and conditions to govern the Repair Reserve in a manner consistent with the provisions and objectives of the Stipulated Order.\n\n**WHEREFORE**, for the reasons set forth herein, HK USA respectfully requests that this Court issue an order substantially in the form of the proposed order submitted herewith establishing, *inter alia*, the Repair Reserve in the amount of \\$759,836.41, and entering such other and further relief as this Court deems just and proper.\n\nDated this 11th day of August, 2022.\n\nHK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC\n\nBy: */s/ Stephen M. Kindseth*\n\nStephen M. Kindseth (ct14640) Zeisler & Zeisler, P.C. 10 Middle Street, 15th Floor Bridgeport, CT 06604 (203) 368-4234 (203) 549-0872 (fax) Email: [skindseth@zeislaw.com](mailto:skindseth@zeislaw.com) Its Attorneys\n\n### **CERTIFICATE OF SERVICE**\n\nI hereby certify that on this 11th day of August, 2022, a copy of foregoing was filed electronically. Notice of this filing will be sent by e-mail to all parties by operation of the Court's electronic filing system or by mail to anyone unable to accept electronic filing as indicated on the Notice ofElectronic Filing. Parties may access this filing through the Court's CM/ECF System.\n\n*/s/ Stephen M. Kindseth*  Stephen M. Kindseth","body_zh":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION（美国康涅狄格区破产法院布里奇波特分院）\n\n关于：\n\n第 11 章\n\nHO WAN KWOK（郭文贵），\n\n债务人。\n\n案号：22-50073 (JAM)\nHK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC（香港国际基金投资（美国）有限公司）请求作出设立“LADY MAY”号维修准备金命令的动议\n\nHK International Funds Investments (USA) Limited, LLC（香港国际基金投资（美国）有限公司，简称“HK USA”），由其下述签字律师代表，兹根据本法院《关于强令 HK International Funds Investments (USA) Limited, LLC 运输并交付特定游艇“Lady May”号的约定命令》[Doc. No. 299]（简称《约定命令》）第 11 段，提请动议（简称“本动议”），请求作出一项命令，设立数额足以支付将 Lady May 号恢复至良好运行状态所必需的维护与保养预估费用的“维修准备金”（简称“维修准备金”）。为此，HK USA 谨陈述如下。\n\n一、引言\n\n1. 在进行了包括 Pacific Alliance Asia Opportunity Fund, L.P.（太盟亚洲机会基金有限合伙，简称“PAX”）与托管人 Luc A. Despins（简称“托管人”）聘请的专家以及 HK USA 聘用的专业人士所开展的广泛检查之后，以下各项构成了需要在 Lady May 号上进行的维修项目：\n\n- (i) 检修船体阀门；\n- (ii) 涂装部分船体；\n- (iii) 更换舱底积水板；以及\n- (iv) 维修右舷主机。\n\n2. HK USA 从多家服务提供商处获取了进行这些维修的预估报价。HK USA 已向 PAX、Official Committee of Unsecured Creditors（无担保债权人官方委员会，简称“委员会”）及托管人的律师提供了所有报价方案的副本。\n\n3. HK USA 在此请求本法院依据《约定命令》作出命令，设立金额为 $759,836.41 的维修准备金。该金额 (i) 采纳了所提供预估报价中的最高金额，(ii) 包含了发动机维修的预估金额（尽管该损失除免赔额外的全部金额均由保险全额承保），以及 (iii) 加上了因该保险而应付的免赔额。破产财产对 Lady May 号的权益（如果破产财产享有任何权益的话）均以完全符合《约定命令》的方式得到了充分保护。\n\n4. PAX、委员会和托管人拒绝了 HK USA 的提议，现企图推翻其协议重新谈判——正如本法院在《约定命令》中所命令的那样——要求 HK USA 在设立维修准备金之前促成发动机维修的完成，随后再进行“海上试航”。这一要求直接违背了各方达成的要求在进行维修之前先设立维修准备金的协议。\n\n5. 为了避免在本法院面前产生另一项争议事项，HK USA 通过其律师多次请求 PAX、委员会和托管人的律师提供一个他们满意的维修准备金数额——并附上用以应对未知但可能存在的问题的合理预估依据——但他们予以拒绝。其不良动机显而易见：阻碍用于担保 Lady May 号归还而存放的 $37 million 的释放。\n\n6. 没有任何合法理由阻止这 $37 million 的释放，且此类限制与理论上存在的风险极不相称。PAX、委员会和托管人的行为系出于恶意，并与本法院作出的《约定命令》条款直接相悖。\n\n7. HK USA 请求本法院执行其《约定命令》，并根据为维修 Lady May 号所提供的预估报价设立维修准备金。HK USA 在下文中亦提出了管辖该维修准备金的条款，以进一步保护涉及的各方权益。\n\n二、管辖权、审判地及所寻求救济的依据\n\n8. 根据 28 U.S.C. §§ 157 和 1334 以及 United States District Court for the District of Connecticut（美国康涅狄格区联邦地方法院）于 1984 年 9 月 21 日作出的移交案件命令，本法院对本案具有管辖权。\n\n9. 根据 28 U.S.C. §§ 1408 和 1409，本案及本动议在本法院具有适当的审判地。根据 28 U.S.C. § 157(b) 的含义，本案属于核心程序。\n\n10. 本动议所寻求救济的依据，是本法院《约定命令》中所规定的具体程序，详见本文。\n\n三、背景\n\n11. 众所周知，Lady May 号一直是债务人与 PAX 在纽约州法院未决诉讼的焦点所在，该诉讼导致了广泛的藐视法庭程序，并最终促成了本破产案件的启动。\n\n12. 为解决 PAX 提出的解除自动中止动议，HK USA 提出同意由本法院下达命令，责令其将 Lady May 号带至康涅狄格州。这促成了 HK USA、PAX、委员会以及某些其他债权人就该约定命令条款开展的广泛谈判。\n\n13. HK USA 提出存放 $37 million 以担保其履约，并在 Lady May 号归还后予以释放。PAX 及其他各方对 Lady May 号需要维修、维护或保养表示关切——其中一些已经知晓，但另一些在 Lady May 号归还前尚不得而知。考虑到借贷资金产生的利息（每月 3%）以及涉及的其他风险，HK USA 不希望在这类工作完成之前搁置 $37 million 的释放。为解决这些具体问题而达成的协议是：HK USA 将按照本法院的命令注资设立一个独立的“维修准备金”，以担保维修款项的支付。一旦维修准备金设立，这 $37 million 即可被释放（假设其他条件已获满足）——甚至在维修进行之前即可释放。各方将他们的协议纳入了《约定命令》。\n\n14. 2022 年 4 月 29 日，本法院作出了《约定命令》。\n\n15. 正如各方所商定并由本法院在《约定命令》中所命令的那样，为担保其将 Lady May 号运抵康涅狄格州通航水域的义务，HK USA 将 $37 million（简称“托管资金”）存入了 U.S. Bank National Association（美国合众银行全国协会，简称“托管代理”）。（《约定命令》，第 2 页）。《约定命令》规定，在托管代理向 HK USA 释放托管资金之前，必须满足某些条件。（参见出处同上，第 5 页）。\n\n16. 其中一项条件就是按照《约定命令》第 11 段设立维修准备金——正如各方此前所商定的那样。（出处同上，第 4 页）。第 11 段规定：\n\nHK USA 应当自担费用，在交付义务履行之前，或者在发出通知并举行听证后由本法院作出具体指明进行此类维护与保养的时间、地点和方式的命令之后，促使完成证词及其他材料中指明的、为将 Lady May 号恢复至良好运行状态所必需的维护与保养，包括但不限于设立一项数额足以支付 [Russell Stockil 证词 [Doc. No. 203-3]（简称“《证词》”）] 及其他材料中指明的未完成维护与保养项目的预估费用以在必要时将 Lady May 号恢复至良好运行状态的独立现金准备金（若可行，来源于托管资金的收益）（简称“维修准备金”），且维修准备金中的该等资金在维护与保养项目完成前不得释放。HK USA 应在收到合理请求时允许 PAX 和/或委员会的代表视察 Lady May 号。\n\n17. HK USA 履行了该协议中最关键的部分：促使 Lady May 号在 2022 年 7 月 15 日截止日期之前的 2022 年 7 月 8 日抵达康涅狄格州布里奇波特。\n\n18. 2022 年 7 月 13 日，对该船舶进行了彻底的视察（简称“7 月视察”），托管人以及 PAX、委员会和 HK USA 的律师，以及 PAX 和托管人聘请的专家出席了视察。Lady May 号的船员（包括船长和轮机长）向 7 月视察的出席人员提供了不受限制地进入 Lady May 号（包括查阅其账簿和记录）的权限，并回答了他们提出的所有问题。\n\n19. 现在，正如《约定命令》所规定的，HK USA 请求本法院作出命令设立维修准备金，以完成《约定命令》中规定的要求，从而使得托管资金得以释放。担保 HK USA 履行《约定命令》项下义务的托管资金，系 HK USA 于 2022 年 4 月从 Himalaya International Financial Group Ltd（喜马拉雅国际金融集团有限公司，简称“Himalaya”）获得的 $37 million 贷款（简称“Himalaya 贷款”）的收益款。HK USA 与 Himalaya 之间的贷款协议（简称“HK USA/Himalaya 协议”）除其他内容外规定，Himalaya 贷款应按每月 3% 的利率计息（相当于每月 $1,110,000）。HK USA 寻求通过偿还 Himalaya 贷款来减少并最终消除此类利息的持续累积。\n\n四、必要的维护和维修项目\n\n20. 如下文详述，将 Lady May 号恢复至良好运行状态需要完成四项任务。\n\na. 阀门检修\n\n21. 正如之前向本法院披露的那样，Lady May 号船体内的阀门必须进行检修（简称“阀门检修”）。（《证词》，第 3-4 页）。HK USA 此前曾在 Lady May 号横渡大西洋之前在法国获得了进行该项检修的预估报价，但由于时间不允许，该项检修未能在法国完成。（参见 2022 年 7 月 21 日庭审笔录，第 58:21-59:1 行）。该船船体内共有 26 个阀门，包括海水阀、淡水阀、排污阀和其他排放阀。HK USA 预计阀门检修将包括（除其他事项外）处理阀门上生锈的螺栓（其中一些可能需要切除）、清洗某些阀门、更换其他阀门以及其他补救措施。\n\n22. HK USA 已从具备执行阀门检修能力的三家第三方服务提供商处获得了报价方案，总结见下表并反映在随附的证据附件中。[1]\n\n证据附件　提供商　预估费用2\n\n证据附件 A、B、C3　Bridgeport Boatworks　$207,612.92\n证据附件 D、E、F　Safe Harbor Newport Shipyard　$140,819.84\n证据附件 G、H　Thunderbolt Marine　$149,972.304\n\n1 为执行阀门检修，还必须进行某些辅助服务，包括将船舶起吊出水、在陆上对船舶进行检修以及将船舶重新下水。这些辅助服务的费用已包含在下文列出的数据中，并记录在随附的证据附件中。\n\n2 第三方服务提供商的某些预估报价中未包含诸如销售税、船舶修理方责任费和环保附加费等项目。在适当的情况下，本动议中报告的金额已进行了补充，以包含这些额外费用。\n\n3 请注意，证据附件 C 包含 Bridgeport Boatworks 针对起吊出水和下水服务出具的已过期的预估报价。该等服务的修订预估报价见随附的证据附件 B。\n\n4 随附为证据附件 G 的 Thunderbolt Marine 报价方案假定该船的 26 个阀门中每个阀门需要 10 个工时。然而，出于极为谨慎的考虑，HK USA 提议预留足够的资金以支付每个阀门 40 个工时的费用。因此，HK USA 提议的该项支出准备金超过了证据附件 G 中所反映的阀门检修人工费用总额。\n\n由于阀门维护（Valve Service）必须在“Lady May”号处于干船坞期间进行，上述费用估算反映了 HK USA 对所必需的各项船厂服务（如船只存放、岸电以及冷却塔租赁）的预估。HK USA 的预估基于 Bridgeport Boatworks、Safe Harbor Newport Shipyard 和 Thunderbolt Marine 提供的费率表及其他费用估算，该等文件随附于本文件。（见物证 C、F、H）。同样，出于极度谨慎起见，HK USA 的预估假设该船只将离开水面 40 天以进行阀门维护。\n\nb. 船头喷漆\n\n23. 在“Lady May”号近期横渡大西洋返回 Connecticut（康涅狄格州）适航水域期间，船只船头右舷侧的油漆脱落。（见 7/21/22 庭审笔录，第 59:6-9 行）。Bridgeport Boatworks 提供了 $9,215.50 的估价来对船头的该部分进行重新喷漆。[5]（见物证 I）。\n\nc. 舱底板更换\n\n24. 舱底是船只的最底部空间。该空间有时用于存放物品。为了改善“Lady May”号中央舱底区域的存放布局，应当更换某些舱底板（即“舱底板更换”）。这是一项相对次要且非关键的任务。然而，由于“Lady May”号正在接受其他维护和维修，HK USA 谨提请本法院考虑，利用此次机会更换舱底板是审慎之举。Bridgeport Boatworks 已提供 $2,425.59 的估价来执行舱底板更换。（见物证 J）。\n\nd. 右舷发动机维修\n\n5 该金额不包括升降机租赁费用，并假定船只离开水面。正如物证 B 所反映的，Bridgeport Boatworks 已提供 $13,950.48 的估价用于将“Lady May”号起吊出水并下水。\n\n25. “Lady May”号由两台 Caterpillar（卡特彼勒）制造的发动机提供动力。2022年7月5日，在“Lady May”号近期航程结束时，一台燃油输送泵发生故障。在拆卸该燃油输送泵的过程中，一名维修技术人员在拆下旧燃油输送泵后发现其齿轮轮齿受损。该泵上的轴也已卡死。卡死的泵还损坏了润滑系统外壳内的驱动齿轮。结果，齿轮材料（金属）已进入发动机机油系统。\n\n26. 为使“Lady May”号恢复良好工作状态，必须对右舷发动机进行维修（即“右舷发动机维修”）。完成右舷发动机维修需要两项服务。第一部分是由 Caterpillar 发动机专业维修技术人员执行的维修工作。第二部分是由船厂提供的附随支持服务，该等服务为使 Caterpillar 专业技术人员能够完成其工作所必需。\n\n27. 关于右舷发动机维修的第一部分，HK USA 从 Zeppelin Power Systems（“Zeppelin”）和 Ring Power（“Ring”）获得了方案，两家公司均专门从事 Caterpillar 发动机维修。Zeppelin 的估算总计约为 $70,725.33。[6]（见物证 K、L、M）。此外，由于 Zeppelin 的维修技术人员需要前往“Lady May”号所在地，HK USA 估计需要额外支付 $10,000 用于技术人员的差旅、住宿及相关费用，使 Zeppelin 零件和服务的预估总费用达到 $80,725.33。与此同时，Ring 的估算总计为 $99,777.10（含税）。（见物证 N）。Ring 位于 Florida（佛罗里达州），与 Zeppelin 一样，Ring 的技术人员需要往返于船只所在地。Ring 提供的 $99,777.10 估算包括了 Ring 技术人员的预估差旅和住宿费用。\n\n6 Zeppelin 位于欧洲。因此，Zeppelin 的方案以欧元计价。$70,725.33 的数额是根据当前汇率折算的美元等值金额。\n\n28. HK USA 还从 Bridgeport Boatworks 获得了关于附随支持服务的估价——即完成右舷发动机维修所需服务的第二部分——该等服务为使 Zeppelin 或 Ring 的技术人员能够维修右舷发动机所必需。Bridgeport Boatworks 估计这些附随服务总共将花费 $272,729.40。[7]（见物证 O）。\n\n29. 因此，根据从 Zeppelin、Ring 和 Bridgeport Boatworks 获得的方案，[8] HK USA 目前估计，如果在 Bridgeport Boatworks 进行，右舷发动机维修的总费用将在 $406,080.15 [9] 至 $425,131.92 [10] 之间。\n\n30. 然而，“Lady May”号投保了“船体及机械”（hull and machinery）保单。“Lady May”号的游艇管理公司 Yachtzoo SARL 的代表已向保险承保人发出了关于“Lady May”号右舷发动机受损的通知，并已确认根据该涉案保单提出的索赔有 €100,000.00 的免赔额（即“保险免赔额”）（按当前汇率折算约为 $101,500.00）。“船体及机械”保单的主要承保人 Norwegian Hull Club 派遣了\n\n7 该金额不包括将“Lady May”号起吊出水、在陆地期间提供各种服务与接入（如船只存放和供电）以及将船只重新下水所需的费用。根据随附于本文件作为物证 C 和 D 的 Bridgeport Boatworks 方案，并假设发动机维护维修需要 40 天完成，HK USA 估计这些额外费用总计将为 $52,625.42。\n\n8 HK USA 还从 Connecticut Diesel & Marine 获得了一份方案，但随后确定该承包商无法提供所要求的服务。\n\n9 该金额为以下各项的总和：(i) Zeppelin 的估算及 Zeppelin 技术人员的预计差旅费用（$80,725.33），(ii) Bridgeport Boatworks 的发动机维护支持估算（$272,729.40），以及 (iii) 假设右舷发动机维修及相关任务需要 40 天完成的情况下，将“Lady May”号起吊出水、维护并下水的费用（$52,625.42）。\n\n10 该金额为以下各项的总和：(i) Ring 的估算及 Ring 技术人员的预计差旅费用（$99,777.10），(ii) Bridgeport Boatworks 的发动机维护支持估算（$272,729.40），以及 (iii) 假设右舷发动机维修及相关任务需要 40 天完成的情况下，将“Lady May”号起吊出水、维护并下水的费用（$52,625.42）。\n\n一名检验员前往该船检查右舷发动机。该检验员于 2022年7月25日 完成了检验，并确认了右舷发动机的损坏。\n\nV. 维修准备金的计算与运作\n\n31. 根据 HK USA 迄今获得的估价，并对完成各项任务所需的时间进行合理预估，HK USA 估计使“Lady May”号恢复良好工作状态所需的维修总费用加上保险免赔额共计 $759,836.41（即“维修准备金金额”）。该金额明细如下：\n\n任务　预估总费用\n\n阀门维护　$207,612.92\n船头喷漆　$23,165.98\n舱底板更换　$2,425.59\n右舷发动机维护　$425,131.92\n保险免赔额　$101,500.00\n总计：　$759,836.41\n\n在计算维修准备金金额时，HK USA 采用了上文第四节中总结的从第三方服务提供商处收到的最高估价。同样，尽管通过重叠安排维护和维修活动可能会节省部分费用，[11] HK USA 的预估维修总费用反映的是分别进行各项维护和维修任务的预估费用。[12]\n\n11 例如，将“Lady May”号起吊出水以在 Bridgeport Boatworks 同时进行阀门维护和船头喷漆，将使 HK USA 仅需支付一次起吊出水和下水费用（预估总计为 $13,950.48）。\n\n12 例如，船头喷漆的预估费用既反映了船头喷漆的费用，也反映了船只起吊出水和下水的费用。同样，阀门维护的预估费用既反映了进行阀门维护的费用，也反映了船只起吊出水和下水的费用。\n\n32. 为表明其依《约定裁定》（Stipulated Order）履行的善意与承诺，HK USA 提议为右舷发动机维修也全额提供 $425,131.92 的维修准备金资金，即使如上文所述该损失属于其保单承保范围。如果保险人支付了这些费用，该等资金将按照下述提议的程序退还给 HK USA。\n\n33. 因此，HK USA 谨提请认定维修准备金总额应为 $759,836.41。\n\n34. 为使维修准备金的运作方式符合《约定裁定》的条款和宗旨（特别是第 11 段），HK USA 进一步提议将以下条款纳入本法院的裁定中，以管控维修准备金的运作：\n\n- (i) 受托人（Trustee）作为代管代理人，应将其所属律所的信托账户中的维修准备金金额仅用于担保根据《约定裁定》（特别是第 11 段）（即“必要维修”）及本裁定要求进行的维护、保养和维修的完成；\n- (ii) HK USA 应立即通过向受托人交付有效资金全额拨付维修准备金金额；\n- (iii) 一旦按照本裁定完成出资，受托人应在满足以下任一条件时，从维修准备金金额中支付为执行必要维修或支付保险免赔额（定义见本动议）而产生的合理且必要的费用（包括任何所需的预付款）：\n\t- a. 受托人、PAX、委员会（the Committee）、HK USA、Rui Ma（马蕊）以及 Zheng Wu（吴征）的书面同意；或\n- b. 在提出寻求该等救济的动议并经过正当通知和听证后，本法院作出的裁定。\n- (iv) 如果维修准备金金额不足以全额资助并支付必要维修费用（即“维修准备金差额”），在差额范围内，HK USA 应立即向受托人交付维修准备金差额；关于维修准备金差额的任何争议，应在任何一方提出动议并经过正当通知和听证后由本法院审理，并且一旦由本法院作出认定，HK USA 应立即向受托人交付由本法院认定的维修准备金差额（如有），由受托人按照本裁定予以持有。\n- (v) 必要维修完成后，HK USA 可向本法院提出动议，请求释放维修准备金金额的任何未使用部分，在证明必要维修已完全履行后，本法院应命令受托人将维修准备金金额的余额释放给 HK USA。\n\n35. HK USA 谨提请认定，上述条款和条件是合理且必要的，以符合《约定裁定》的规定和目标的方式对维修准备金进行管控。\n\n为此，基于本文所述理由，HK USA 谨请求本法院依随附提交的拟定裁定书格式基本一致的形式签发裁定，除其他事项外设立金额为 $759,836.41 的维修准备金，并准予本法院认为公正和适当的其他及进一步救济。\n\n日期：2022年8月11日。\n\nHK INTERNATIONAL FUNDS INVESTMENTS (USA) LIMITED, LLC\n\n签署人：/s/ Stephen M. Kindseth\n\nStephen M. Kindseth (ct14640) Zeisler & Zeisler, P.C. 10 Middle Street, 15th Floor Bridgeport, CT 06604 (203) 368-4234 (203) 549-0872 (传真) 电子邮箱：[skindseth@zeislaw.com] 其代理律师\n送达证书\n\n我特此证明，于2022年8月11日，前述文件已通过电子方式提交。本提交通知将通过法院电子提交系统的运行以电子邮件形式发送给所有当事人，或按照电子提交通知（Notice of Electronic Filing）上的指示，以邮寄方式发送给任何无法接受电子提交的人员。各方当事人均可通过法院的 CM/ECF 系统查阅本提交文件。\n\n/s/ Stephen M. Kindseth（斯蒂芬·M·金德塞斯）  Stephen M. Kindseth（斯蒂芬·M·金德塞斯）","key_entities":["Je","Himalaya","Kwok","Ho Wan Kwok","Despins","CIPA"],"ecf_references":[],"word_count":3860,"status":"published","published_at":null,"created_at":null,"updated_at":"2026-08-23 13:51:43"}