To build up funds on one of my pilot files, I hired a number of freighters in order to trade. Now that I have all I need, how do I get rid of the escorts? Do I just need to buy a new ship?

Option-Tab (to target your escorts) to the freighters and then hail them. Then click the Release from Servitude button. They will fly away and attack you if you attack any ship in the system (wierd I know).

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If the escorts have been really annoying, just lead them into voinian space :D.
It's fun to see them go boom.

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Feel the Jive
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(Insert cool quote here)

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how do I engage escorts to target and attack. The preferences say "f" retargets them, but this isn't working for me! Help.