Amistad sale price won’t cover ship’s debt

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Amistad Looks To Sail Away From Money Problems

NEW LONDON  — The court-appointed receiver for the Amistad says plans are to transfer ownership of the ship to the nonprofit Discovering Amistad on Nov. 1, but the sale price does not come anywhere close to covering the previous owner’s debt.

Attorney Katharine Sachs says she regrets that the $315,000 selling price of the schooner will not cover the $2.2 million in debt that Amistad America still owes to a collection of small businesses, banks and individuals.

The Day reports that while it cost $2.5 million to build the Amistad at Mystic Seaport in 2000, a marine surveyor found that the current market for such a ship was soft.

The replica of a 19th century slave ship seized by African captives is a symbol of America’s early anti-slavery movement.