You all make short work of searching the ship. The hold contains a few barrels of grog, ammunition, crates of hard tack and half-rotten oranges and as you search through the crew berths you don't find much of any note. Satterson leads you all to the captains 'stateroom', little more than a private room with space for a hammock, a small desk and a strongbox. Searching through the captains effects you do find a number of papers.
[ +- ] The Papers
The documents detail a contract between Captain Fallaci and a representative of the ATC called Lothar Fuchs to attack any ships that may be hunting the Kraken. Fuch's instructions indicate that his ship, the Southern Star, is a brig that will be flying a bright red pennant from it's mast to aid with identification. In a note in Captain Fallaci's personal ledger it relates a meeting with Fuch's (noted as 'the Eisen' and who only has one arm) and details the captains concern at Fuch's plan to seize control of the Kraken through the use of some artifact or other and also notes his desire to take the artifact if the oportunity presented itself due to the perceived value of such an item.
Other than that the ship appears sound and your personal assesment is that it is still seaworthy.