Article: Palm Beach Casino Line Files for Bankruptcy, Cannot Buy Cruise Ship.

By Michael L. Diamond, Asbury Park Press, N.J. Knight Ridder/Tribune Business News

Jan. 21--The sale of Robert E. Brennan's Palm Beach Princess cruise ship, which was supposed to yield $13.75 million to the former financier's bankruptcy estate, has hit a snag.

The ship's operator, Palm Beach Casino Line, has filed for protection from its creditors under Chapter 11 of the bankruptcy code, saying it doesn't have the $9.7 million it needs to complete the ship's purchase from U.S. Bankruptcy Court trustee Donald F. Conway.

"We were forced to protect our assets and maintain the continuity of our business," said Francis X. Murray, chief ...

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