By fall 2020, Sikousis Legacy initiated arbitration in London, where it ultimately prevailed, securing $10 million in awards against Bepalo. However, Bepalo declared insolvency, terminated its charters, and shut down operations, leaving Sikousis Legacy to pursue the Berica in U.S. courts as a means of enforcing the judgment.
Implications of the Decision
The Supreme Court’s refusal to hear the case leaves unresolved broader questions about the application of admiralty law principles in disputes involving complex corporate structures. Sikousis Legacy had argued the Ninth Circuit’s ruling undermined the unique remedies available in maritime law, potentially enabling debtors to evade judgments through strategic asset management.
