FastShip owes $9 million to unsecured creditors, including $4.5 million to Blank Rome and a predecessor firm, Dyer Ellis & Joseph of Washington, as well as $765,000 to Citizens Bank owner Royal Bank of Scotland and $654,000 to Shuster's lobbying firm, Strategic Advisors Ltd., among others.
• $30 million to lenders secured by FastShip's "intellectual property," including $3.5 million to the Delaware River Port Authority, and others who were not named in the initial legal filings.
Bullard's last hope is the prospective lawsuit. According to the filings, some of the Navy's new littoral combat ships, such as the Freedom, built by Lockheed Martin (an early FastShip supporter) in a Wisconsin shipyard, use a design that infringes on patents controlled by a FastShip affiliate. By reorganizing the company, Bullard hopes to raise money from new investors to sue the Navy and pay FastShip's most outstanding debts.
ATLANTIC EXPRESS. Giles has made believers out of engineers at the Massachusetts Institute of Technology who have performed computer simulations on his design and recommended improvements. MIT aeronautics professor Robert W. Simpson says Giles's startup, FastShip Atlantic Inc. in Alexandria, Va., could become the Federal Express of seagoing cargo: "It's going to be a very big business."