Olympic Tug & Barge Inc v. Lovel Briere LLC

CourtDistrict Court, W.D. Washington
DecidedFebruary 16, 2023
Docket2:22-cv-01530
StatusUnknown

This text of Olympic Tug & Barge Inc v. Lovel Briere LLC (Olympic Tug & Barge Inc v. Lovel Briere LLC) is published on Counsel Stack Legal Research, covering District Court, W.D. Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Olympic Tug & Barge Inc v. Lovel Briere LLC, (W.D. Wash. 2023).

Opinion

1 2

3 4 5 6 7 UNITED STATES DISTRICT COURT WESTERN DISTRICT OF WASHINGTON 8 AT SEATTLE

9 10 OLYMPIC TUG & BARGE, INC., et CASE NO. C22-1530JLR al., 11 ORDER GRANTING Plaintiffs, PLAINTIFFS’ MOTION FOR 12 v. PRELIMINARY INJUNCTION

13 LOVEL BRIERE LLC, 14 Defendant. 15 I. INTRODUCTION 16 Before the court is the motion for a preliminary injunction filed by Plaintiffs 17 Olympic Tug & Barge, Inc. (“Olympic”) and Harley Marine Financing, LLC (“HMF”) 18 (collectively, “Plaintiffs”). (Mot. (Dkt. # 3); Reply (Dkt. # 26).) Plaintiffs ask the court 19 to enjoin Defendant Lovel Briere LLC (“Lovel Briere”) from declaring a breach of a 20 bareboat charter agreement (the “Agreement”) and seizing the barge that is the subject of 21 that Agreement. (See generally Mot.; see Compl. (Dkt. # 1), Ex. A (“Agreement”).) 22 1 Lovel Briere opposes Plaintiffs’ motion. (Resp. (Dkt. # 24).) The court has considered 2 the motion, all materials submitted in support of and in opposition to the motion, and the

3 governing law. Being fully advised,1 the court GRANTS Plaintiffs’ motion for a 4 preliminary injunction and ENJOINS Lovel Briere from declaring Plaintiffs in default 5 based on their failure to pay its proposed increased monthly charter hire rate and from 6 moving to arrest the barge that is the subject of the Agreement during the pendency of 7 this action. 8 II. BACKGROUND

9 Below, the court recounts the factual and procedural background relevant to 10 Plaintiffs’ motion. 11 A. Factual Background 12 Plaintiffs are subsidiaries of Centerline Logistics Corporation (“Centerline”), a 13 marine transportation petroleum operator headquartered in Seattle, Washington. (Godden

14 Decl. (Dkt. # 4) ¶¶ 1-3.) Centerline was previously known as Harley Marine Services, 15 Inc. (“HMS”).2 (Id. ¶ 1; Franco Decl. (Dkt. # 25) ¶ 3.) Between 1987 and March 31, 16 2019, Harley Franco was the Chief Executive Officer (“CEO”), Chairman of the Board, 17 and majority owner of HMS. (Franco Decl. ¶ 3.) Todd Prophet was Chief Financial 18 Officer (“CFO”) of HMS and Lovel Briere until his death in June 2017, when Matthew

20 1 Plaintiffs request oral argument; Lovel Briere does not. (See Mot. at 1; Resp. at 1.) The court concludes that oral argument would not be helpful to its disposition of the motion. See Local Rules W.D. Wash. LCR 7(b)(4). 21

2 Because it appears that Centerline was still known as HMS during the key events at 22 issue in this matter, the court refers to HMS (rather than Centerline) throughout this order. 1 Godden replaced him as CFO of HMS. (Franco Decl. ¶¶ 3, 11; Marino Decl. (Dkt. # 27) 2 ¶ 2, Ex. A (email chain identifying Mr. Prophet as CFO of Lovel Briere in 2017).) Mr.

3 Godden was the CFO and Chief Operating Officer of HMS between June 2017 and 4 March 2019. (Franco Decl. ¶¶ 3, 13, 15.) Mr. Godden was appointed CEO of HMS upon 5 Mr. Franco’s termination as CEO in March 2019. (Id. ¶ 15; Godden Decl. ¶ 1.) 6 HMS obtained vessels for its marine transportation services through the 7 construction of new vessels, acquisition of existing vessels, and charter of new and 8 existing vessels. (Franco Decl. ¶ 5.) After the onset of the 2008 recession, Mr. Franco

9 “often took on the business risk” and used his personal credit, through special purpose 10 vehicle entities (“SPVs”) to “acquire existing vessels and construct new vessels that 11 would then be chartered to HMS at favorable charter hire (rent) rates.” (Id.) Mr. Franco 12 acquired over 25 vessels that he sold or chartered to HMS on favorable terms through his 13 SPVs. (Id.) During this time, and due to the “inherent conflict of interest in being the

14 CEO of HMS and the manager of the SPVs,” Mr. Franco recused himself from the HMS 15 board of directors’ votes to approve these charter agreements. (Id. ¶ 6.) 16 Mr. Prophet, then HMS’s CFO, represented the interests of HMS in the charter 17 transactions. (Id. ¶ 7.) Mr. Franco’s SPVs and HMS used a form bareboat charter 18 agreement for these transactions that was drafted by HMS’s attorney at Mr. Prophet’s

19 direction. (Id.) According to Mr. Franco, because the charter agreements between the 20 SPVs and HMS were “essentially . . . related party transaction[s],” the form agreement 21 “was very short, and did not contain many of the typical provisions for the protection of 22 the vessel owner’s interests.” (Id.) Mr. Prophet set the charter hire rates used in the 1 bareboat charter agreements using a formula “based upon [Mr. Franco’s] total investment 2 in the acquisition of the vessel in question, including [his] financing costs, to provide a

3 reasonable rate of return on the total investment” while still providing HMS “a beneficial 4 charter hire rate.” (Id. ¶ 8.) Mr. Prophet had HMS’s regular marine surveyor and a 5 senior vice president confirm that the charter hire rates were “defensible” as reasonable 6 rates. (Id.) Mr. Franco did not negotiate any changes in the terms of the bareboat charter 7 agreement form or the charter hire rates “as they were then related party transactions 8 from which [Mr. Franco] would benefit indirectly as an owner of HMS.” (Id. ¶¶ 7-8.)

9 Mr. Franco formed Lovel Briere on May 6, 2013, as an SPV with the purpose of 10 acquiring the barge LOVEL BRIERE (the “Vessel”). (Id. ¶ 9.) On May 22, 2013, 11 Olympic executed the Agreement with Lovel Briere to charter the Vessel. (Godden Decl. 12 ¶ 4; Agreement.) Mr. Franco signed the Agreement on behalf of Lovel Briere, and Mr. 13 Prophet signed the agreement on behalf of Olympic. (Agreement at 2.) The Agreement

14 provides that Lovel Briere would charter the Vessel to Olympic for a term of 87 months, 15 for a “[m]inimum monthly payment of $75k/month.” Mr. Prophet. (Agreement at 1.) 16 Mr. Prophet determined the charter hire rate. (Franco Decl. ¶ 10.) The Agreement 17 specifies that the lease “is a triple net lease3 which includes bank fees and other misc[.] 18 charges” and that the lease would “automatically renew and extend in perpetuity until and

19 unless terminated by either party in writing.” (Agreement at 1.) It further provides that 20

21 3 A triple net lease is a “lease in which the lessee pays all the expenses, including mortgage interest and amortization, leaving the lessor with an amount free of all claims.” Bryan 22 A. Garner, Black’s Law Dictionary (11th ed. 2019). 1 the Agreement “may not be modified except through a writing signed by both parties” 2 and “constitutes the entire agreement between the parties and replaces all prior and

3 contemporaneous agreements, written and oral.” (Id. § 9(f).) According to Mr. Franco, 4 Mr. Prophet explained to him that the charter rate would be increased over time to cover 5 Mr. Franco’s financing costs and other charges so that Lovel Briere would continue to 6 receive a reasonable rate of return on its investment in the Vessel. (Franco Decl. ¶ 10.) 7 Mr. Franco also asserts that a “basic underlying assumption” of the charter agreement 8 was that Mr. Franco would remain as CEO and majority owner of HMS during the term

9 of the charter. (Id.) Mr. Franco did not request any increases in the charter hire rate over 10 the term of the Agreement because, according to Mr. Franco, his “primary purpose” in 11 chartering the Vessel was to help HMS. (Id.) After the parties signed the Agreement, 12 Mr. Prophet became ill with cancer; he died in June 2017. (Id. ¶ 11.) 13 In January 2018, Mr. Godden, then chief operating officer of HMS, asked Mr.

14 Franco to extend the term of the charter for ten years. (Id. ¶ 13.) According to Mr. 15 Franco, Mr. Godden represented to him that HMS needed the amendment for the purpose 16 of issuing bonds to refinance HMS’s operations. (Id.) Mr.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Breaux v. Halliburton Energy Services
562 F.3d 358 (Fifth Circuit, 2009)
Jenkins v. Fitzgerald Marine & Repair, Inc.
619 F.3d 851 (Eighth Circuit, 2010)
Clevo Co. v. Hecny Transportation, Inc.
715 F.3d 1189 (Ninth Circuit, 2013)
Perfect 10, Inc. v. Amazon. Com, Inc.
508 F.3d 1146 (Ninth Circuit, 2007)
Johnson v. Couturier
572 F.3d 1067 (Ninth Circuit, 2009)
Elcon Construction, Inc. v. Eastern Washington University
273 P.3d 965 (Washington Supreme Court, 2012)
United States v. Maldonado-Burgos
869 F.3d 1 (First Circuit, 2017)
CITGO Asphalt Refining Co. v. Frescati Shipping Co.
589 U.S. 348 (Supreme Court, 2020)
Felt v. McCarthy
922 P.2d 90 (Washington Supreme Court, 1996)
Alliance for Wild Rockies v. Cottrell
632 F.3d 1127 (Ninth Circuit, 2011)
Thepvongsa v. Regional Trustee Services Corp.
972 F. Supp. 2d 1221 (W.D. Washington, 2013)

Cite This Page — Counsel Stack

Bluebook (online)
Olympic Tug & Barge Inc v. Lovel Briere LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/olympic-tug-barge-inc-v-lovel-briere-llc-wawd-2023.