Magazine article The Spectator

New Warning to Mariners: Pay Salvage or I'll Make Sure Your Ship Sinks

Magazine article The Spectator

New Warning to Mariners: Pay Salvage or I'll Make Sure Your Ship Sinks

Article excerpt

Captains whose ships were in trouble would always be wary of letting a self-proclaimed rescuer clamber aboard and claim salvage. How much worse if the rescuer threatened that, unless his claim was accepted, he would do all he could to make sure the ship sank. Rough weather would then be the least of a mariner's perils. This was the recent experience of a company which had drifted off course, had been holed and was taking in water. It needed help in a hurry - help to meet its obligations, help to bring its shareholders and creditors together, help to navigate the shoals of the law, help to stay afloat. A number of would-be helpers came along-side, offering to take things in hand for a suitable fee. One of them was an international bank which, by way of putting its case, made clear that if it was not chosen, it would lose no chance to hamper the rescue and bring the company down. …

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