Translated by using google:
Three courts for a mega yacht: Loro Piana's 30 million euro battle
The cashmere tycoon is at war between London, Milan and Hamburg against Peters & May, which destroyed the exclusive "My Song"; and the insurance company Allianz for compensation
from London Simone Filippetti
The former most beautiful boat in the world ends up stranded in court in London. Pierluigi Loro Piana, the luxury magnate heir to the family of the historic Italian brand, is in the midst of a legal battle in England against the shipping company. Node of contention: the beautiful vessel My Song, a 40-meter sailing super yacht, wrecked last year. Celebrities and VIPs climbed the deck of My Song, such as former supermodel Karolina Kurkova and actress Annabelle Wallis, star of Peaky Blinders, the global phenomenon series. In short, a floating icon of the global jet set and worldliness; but it ended up in disarmament, demolished. And now € 30 million in compensation is up for grabs, with three courts across Europe deciding on a wrecked boat.
A "cursed" crossing
The story begins in May 2019 when My Song is at anchor on the island of Saint Barth, in the Caribbean, where the boat has spent the winter season and the “Bucket” regatta is taking place. The boat is the highlight of the nautical event, hosts parties and is the "good living room" of the most famous people. After the event, My Song is expected in Italy, in Genoa, from where it will then sail to Porto Cervo where the “Loro Piana Regatta”, an event sponsored by the family, was scheduled. But in the exclusive location of the Costa Smeralda owned by Qatar, the mega yacht will never arrive. A transoceanic crossing from the Caribbean to the Ligurian Sea could damage the boat, which is too long and risky. So Loro Piana, whose wealth is estimated at 1.2 billion euros by Forbes after the family sold the prestigious cashmere and fashion house to the French of LVMH in 2013, decides to have the boat transported by a cargo ship: chooses Peters & May, of Southampton, a port of England with a tradition of transport. The shipping company is considered the best in the world for yacht transport. The unthinkable happens: during the last stretch from Mallorca to Genoa, in the Gulf of Lion, the cargo ship takes a storm and My Song falls on the deck of the ship and then ends up in the water; the mast breaks and the all-carbon hull is so damaged that in the Majorca shipyard where the wreck is brought back by a German rescue ship, they raise their hands: it is impossible to repair it. An inglorious end for one of the most beautiful and precious boats in the world, also very new: it was launched in 2016 and was valued at 30 million.
The yellow of the shipwreck
The modalities of the shipwreck are a deep mystery: the cargo ship did not have CCTV cameras, usually operating on ships of this type; and the news of the serious accident is announced to the Italian billionaire only the next day. A judicial war begins on several fronts: Loro Piana sues the Court of Milan and asks Peters & May for compensation of 30 million. The British deny any accusation: the fault of the yacht's harness which was made by the crew and not by them. Furthermore, the British, before taking on the unfortunate transport, had demanded insurance for the yacht: Loro Piana had bought an all-risk policy from the insurance giant Allianz. insurance has been negotiating for a year to get compensation that he hoped for automatic. The British, in turn, have sued Loro Piana in London.
A case of 30 million and 3 courts around Europe
And here a tug of war broke out over which country will have to decide on the end of My Song. The superyacht, by chance, flew the British flag and London is the competent court for Peters & May. And just yesterday the High Court of Justice in London decided through the mouth of Judge Christopher Hancock, that if Mister Loro Piana wants to continue his claim he will have to move the case to London. The lawyers of the King of Cashmere, the Chiomenti firm of Milan and the Mordiglia firm of Genoa, on the other hand, reply that the case should continue in Milan, where the first hearing is scheduled for September; and they could appeal the London decision. But indifference filters from the circles of the Italian magnate: for Loro Piana, convinced of the goodness of his reasons, it would not be a problem to go and discuss even before the London judges. Much more thorny, however, is the question of the insurance policy: if an agreement is not found with Allianz, a third trial will have to start, this time in Hamburg. A (ex) boat for three courts.