The Court did not refer to private issues. On the other hand, in Moon Engineering Co. v. American Steamship Valiant Power, E.D.Va., 214 F. Supp. 555 (1963), Judge Hoffman held that the term "bond issue", as used in sec. 911(5), is not limited to a "public" bond issue. Judge Hoffman quoted from The Thomas Barlum, but failed to refer to that portion of the opinion which is quoted above.
Thus, the Act permits foreign investment in U.S. vessels provided the financing technique involves a U.S. citizen as trustee. See State Street Bank and Trust Co. v. F/V Seafreeze Atlantic, 1981 A.M.C. 2001, 2002-03 (E.D.Va. 1979); Moon Engineering Co. v. A/S VALIANT POWER, 214 F. Supp. 555, 559 (E.D.Va. 1963) (trustee's citizenship is the Act's primary consideration). The parties differ over the trustee's required duties and the effect of Congress' reaction to Chemical Bank New York Trust Co. v. S/S Westhampton, 358 F.2d 574 (4th Cir. 1965), cert. denied, 385 U.S. 921, 87 S.Ct. 228, 17 L.Ed.2d 145 (1966).
It is the duty of courts to interpret what is written and not what might have been written. Moon Engineering Co. v. American Steamship Valiant Power, 214 F. Supp. 555 (E.D.Va. 1963.) It may be contended that the language "taxpayer shall report" is too broad in scope since there is no method or procedure contained in the statute or other regulation to specify how this "report" is to be made; this broadness, however, is not to be corrected by the court, as correction lies within the exclusive province of the legislature.