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OceanGate Faces Federal Investigation a Year After the Titan Submersible Implosion
A US Attorney's office is investigating the company behind the doomed expedition to the wreck of the Titanic, sources tell WIRED, even as a civil suit is already underway.
Those deals typically include strict requirements for airlines to keep the planes in good condition, and investors generally don’t pay for annual maintenance or support of the vehicle, as Cyclops 2 LLC did for Titan. The apparent success of the leaseback arrangement might explain how Rush was able to attract what was OceanGate’s largest ever investment in 2020, at a time when the company was working on the expensive task of replacing the Titan ’s first hull that had cracked during testing. Several witnesses at the Coast Guard hearings testified to what they perceived to be OceanGate’s financial difficulties in the run up to the final Titanic expedition, including Rush foregoing his salary and occasionally loaning the company money from his personal funds.
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