A financial-services company is seeking to arrest multiple vessels belonging to an American real estate executive. Already, it has arrested one, the 220-foot (67-meter) yacht Seasense. The arrests relate to a lawsuit by the firm, seeking to recoup a personal guaranty for a multi-million-dollar business loan.
Italian authorities arrested the yacht this month in Loana, Italy. However, a sourse familiar with the proceedings in Italy and New York, the jurisdiction for the lawsuit, says the arrest was unlawful. The source adds that a proceeding is pending in Italy for Seasense’s release, and that “attorneys for the beneficail owner of the vessel are confident they will prevail in releasing the vessel.” In fact, “similar allegations by Fortress were summarily dismissed by the French Commercial Court,” the source notes.
Fortress is Fortress Credit Corporation, which in September 2022 agreed to loan $534 million to companies belonging to Charles Cohen. Charles Cohen and his wife, Clodagh Cohen, are defendants in the lawsuit, in New York State Supreme Court. The loan was for refinancing prior loans. Simultaneously, Cohen agreed to a personal guaranty for $187.25 million of the loan in case of default. Following the companies’ loan default in February 2024, Fortress sought a summary judgment of $187.25 million. Cohen countersued in April 2024, seeking dismissal of Fortress’ suit and claiming it had agreed to a loan extension. Fortress received final judgement in March 2025. However, Cohen has not paid the personal guaranty.
Additionally, Cohen transferred multiple assets to his wife through their respective holding companies while the summary-judgment decision was pending. Those assets include the megayacht, along with a few powerboats. The yacht Seasense saw delivery from Benetti to Cohen in 2017. She has staterooms for 12, along with a gym and a striking collection of artwork. Styling is by Cor D. Rover, while interior design is by AREA Architecture. At the time of delivery, she was one of Benetti’s largest projects. The lawsuit states that Cohen uses and pays for all of the pleasurecraft the way he did before transferring them. In response, Cohen indicates the transfers were routine estate planning.
Fortress is seeking an order in New York State Supreme Court voiding the transfers. Yet another request is an order prohibiting the Cohens from additional transfers. Fortress also wants all of the pleasurecraft arrested and “deemed available to satisfy Cohen’s obligations to Fortress under the Guaranty and any judgment that may be entered thereupon in Fortress’ favor.” Cohen provided documentation to the firm in late 2024 valuing the yacht Seasense at $50 million.
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