A Park Avenue investment firm is alleging ForestWave stiffed it on ship mortgage payments and paying back cash advanced to pay its crew.
The 10,049 Momentum Scan (built 2010) is currently moored in the Buffalo Bayou in Houston after ICON Agent, security agent for companies connected to New York-based ICON Capital, filed suit in Houston federal court last week and had it seized.
The suit alleges CFL Momentum Beheer, the ship's registration company, and CV CFL Momentum owe ICON nearly $7m after making a $7.4m loan to refinance the ship in 2016.
ICON Agent said it sent four notices to the companies between August and October 2017, notifying them that they had fallen into default.
There is $9.89m remaining on the loan, plus $88,000 that ICON advanced the companies to pay the crew that remains outstanding.
