Xenophon10000

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About Xenophon10000

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  1. My friend bought a 1/3 share in a new performance race boat in March 2017. He had sailed with both partners and considered them friends. They didn't put anything in writing regarding the use or sale of the boat (WHOOPS). A quick timeline: March 2017 3 partners purchase and import sailboat Early 2018 Partner A moves away and indicates he wants to sell his share. July 2018 Partner B says he is interested in selling his share. Partner A offers his share for US$14,300 to other partners August 2018 Partners A & B claim they will buy all shares for US$6,400 each. They list their shares for more than US$6,400. Partners A & B never list their shares for less than US$6,400 each. September 2019 Partner A requests boat is stored on the hard pending sale. Boat is hauled out. Partner A demands other partners buy his share for US$6,400 or he be allowed to buy other partners shares for US$6,400. Partner A threatens to take one third of the boat if other partners don't comply. Friend agrees to list entire boat for sale. Partner B withdraws to offer to buy all shares for US$6,400. March 2020 Boat is reduced to to US$24,000, discussions begin about remaining price cuts to reduce boat price to US$19,200, allowing sale to Partner A. May 2020 Partners A & B discover carbon spreader is broken off mast in storage. June 10, 2020 Partner A withdraws US$6,400 offer for other shares, offers US$4,800 for other shares, demands US$6,400 for his share if other partners won't sell. July 2020 Partners A & B inform my friend there will an auction/process where if my friend wants to sell he must compete with Partner B who will sell for US$4,800, but if he wants to buy out the boat he must compete with Partner A who will buy for more than US$4,800 per share, but will not disclose what price he will sell. The process is closed to outsiders. This process seems silly and designed to disadvantage my friend and not maximize recoveries. My friend just wants to keep using his 1/3 of the boat and his partners to sell their shares to outsiders and replace themselves. My friend might be able to buyout the other's shares, but he is time limited and would require new partner/s to really campaign the boat. There is every chance market value is lower and my friend would get hit reselling the shares to new partners. What can or should my friend do? Thanks