Here's the company's announcement if you haven't seen it...

The United States Coast Guard today denied our formal request for an extension to complete the installation of bulkhead insulation on-board Big Easy. As a result, the Coast Guard has removed the vessel’s Certificate of Inspection until the installation is completed. Today’s Coast Guard decision is the latest in a series of unforeseen business circumstances which have limited management’s ability to introduce Big Easy to the market. Today’s decision, coupled with an inadequate number of Z-Card personnel due to Coast Guard administrative matters, necessitates that we suspend Big Easy commercial cruise operations indefinitely and terminate the employment of most ITG Palm Beach, LLC personnel effective at the end of business Wednesday, February 1, 2006. Those affected will be eligible for unemployment benefits. Pay check distribution schedule and severance details for those affected will be announced no later than Monday, February 6, 2006.

As you know, the Coast Guard requires that each person working on-board a United States-flagged vessel such as Big Easy be issued a Merchant Marine Card (a/k/a Z-Card). Big Easy team members, with the financial and administrative support of the Company, have submitted approximately 400 such applications to Coast Guard during the past year. Until October, the normal turnaround had been up to six weeks, with a few exceptions. At present, approximately 100 applications remain unapproved twelve weeks or longer following submission. In November, Coast Guard blamed the delays on a single typist that took early retirement. In December, Coast Guard ceased communicating with our office, basically leaving us blind and without any information as to when these pending Z-Card applications would be processed and issued. In early January, I submitted a formal request to the Commander of the United States Coast Guard, Sector Miami, appealing to him to allow us to apply against Big Easy’s muster requirement those team members with Port-issued identification badges and requisite training.

ITG Palm Beach, LLC pursued the refurbishment of Big Easy under United States-flagging requirements looking forward to employing 300-plus additional United States citizens. Big Easy received its Coast Guard certifications on October 11, 2005, ending a regulatory process that our professional Maritime Management firm expected to be completed the previous Spring. Management has diligently supported Coast Guard’s regulatory efforts since inception. While the six month-plus delay added considerable costs to the project and steadily increased our level of frustration, it did not dissuade ownership and management from persevering and achieving our goal. Hurricane Wilma hit at an inopportune time in Big Easy’s development as South Florida was severely challenged in everyday life for weeks thereafter. Since the hurricane, the failure to obtain Z-Cards on a timely basis has increased our dependency on a core group of full-time team members carrying Z-Cards and possessing fire fighting and/or personal survival training. The Coast Guard’s decision today merely represents “the last straw” as we have reached the point where we neither enjoy an adequate number of personnel possessing Z-Cards, making it impractical to schedule cruises, nor have any information as to when pending Z-card applications might be finally processed and approved.

Due to Coast Guard actions and the fundamental challenge of dependency on timely Z-Card issuance, management is examining all its alternatives for Big Easy, including changing her flag to that of a foreign country which would eliminate the Z-Card requirement. Big Easy represents an investment by the Company equal to the Port’s own investment in the facilities we occupy. We spared no expense to achieve our goals through very difficult circumstances. Our goals included: 1.) Creating the safest, most attractive platform for our customers and team members, and; 2.) Positioning Big Easy as a very successful tenant for the Port of Palm Beach.

Palm Beach Princess will continue her dependable service for our customers. Ownership and management will consider all options going forward, including the possible deployment of our Royal Star, a foreign flagged vessel, to Big Easy’s position here at the Port of Palm Beach.

The Coast Guard’s actions are beyond our control and leave us no alternative. I sincerely appreciate all Big Easy team members who have remained positive and supportive through difficult challenges. Your commitment has been extraordinary. Thank you for your positive presence, work efforts and performance.

For further information, please contact Marie Sailler, Director of Administration, at 561.845.2101 extension 1100.

Big Easy is located at The Port of Palm Beach.