ESCO Marine, one of the major ship recycling firms in Brownsville, TX, has gone bankrupt. This is alluded to in the T&I hearing the other day and referenced in other posts. The company is in hot water for taking out over $30 million in loans using ships that still belong to the U.S. Maritime Administration and the U.S. Navy as collateral. Highly suspect, to say the least. ESCO is the yard that ultimately broke up USCGC GLACIER (WAGB-4).
http://www.krgv.com/news/local-news/Feds-Investigate-Esco-Marine/31616154
The story of the nationally historic US Coast Guard Cutter STORIS (WMEC-38), her legendary career and how the US Government sold her for scrap rather than promote her preservation as a living history museum ship and training vessel.
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