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P_Wop

Better Place - who owns the Wally?

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In the news today is the not unexpected item that the highly-touted but hopelessly-managed Better Place, a Silicon Valley/Israeli startup doing battery-replacement stations for electric vehicles has gone bust after burning through nearly a billion dollars of investor capital in just 5 years.

 

http://online.wsj.com/article/SB10001424127887323855804578507263247107312.html

 

So, the sailing connection.....

 

It seems that Wally recently launched their largest Wally yet, the 50-meter (165-foot) sloop "Better Place." Nice!

 

http://www.superyachttimes.com/editorial/3/article/id/9534

 

Luxe-Better-Place-Yacht-by-Wally-3.jpg

 

A question that WILL get raised in the public press/blogosphere is simply "Who paid for this boat?" Is this just an extravagant asset of a megalomaniac but dud company, waiting to be sold at 25 cents on the dollar? Or what?

 

Anyone here know?

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In the news today is the not unexpected item that the highly-touted but hopelessly-managed Better Place, a Silicon Valley/Israeli startup doing battery-replacement stations for electric vehicles has gone bust after burning through nearly a billion dollars of investor capital in just 5 years.

 

http://online.wsj.com/article/SB10001424127887323855804578507263247107312.html

 

So, the sailing connection.....

 

It seems that Wally recently launched their largest Wally yet, the 50-meter (165-foot) sloop "Better Place." Nice!

 

http://www.superyachttimes.com/editorial/3/article/id/9534

 

Luxe-Better-Place-Yacht-by-Wally-3.jpg

 

A question that WILL get raised in the public press/blogosphere is simply "Who paid for this boat?" Is this just an extravagant asset of a megalomaniac but dud company, waiting to be sold at 25 cents on the dollar? Or what?

 

Anyone here know?

 

 

That's not a wally

 

I see 4 on deck !!!!!!!!!!!

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I wanna be the guy on the end of the boom. Heck throw a lazy boy back there with a beer cooler and I would be set.

 

Fricking amazing yacht....

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Wow. I had sort of connected the name before but the actual corporate logo is on the sail. The thing about projects like Better Place is there is always a story in Wired or the New York Times Magazine or something in which the founder waxes on with such epic techno-chutzpah that any skepticism is immediately followed by feelings of being unwealthy, unattractive, unintelligent, a stick in the mud and a party pooper. So when the project falls apart the schadenfreude is barely enough to restore one's dignity. Nice boat though.

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I wanna be the guy on the end of the boom. Heck throw a lazy boy back there with a beer cooler and I would be set.

 

Was thinking the same thing - must be a heck of a ride during a heavy air gybe! :-)

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I wanna be the guy on the end of the boom. Heck throw a lazy boy back there with a beer cooler and I would be set.

 

Was thinking the same thing - must be a heck of a ride during a heavy air gybe! :-)

You're assuming they would even gybe it in heavy air.

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Huh - Aeroviroment just got a big contract for charging stations -

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I think it was in the book about Maltese Falcon "Mine's Bigger" they say you can't jibe the big boats because the insurance policy disallows it. Who the fuck would want that? I'd rather sail a Sabot.

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I think it was in the book about Maltese Falcon "Mine's Bigger" they say you can't jibe the big boats because the insurance policy disallows it. Who the fuck would want that? I'd rather sail a Sabot.

 

I read this about Mirabella V, but that thing is less of a sailboat and more of a mast-equipped floating mansion than the Wally pictured above.

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The Chairman, Idan Ofer, launched it:

http://www.globes.co.il/serveen/globes/docview.asp?did=1000795775

the finanicing/ownership/structure of these things seems to be opaque for a reason.

 

Jeebus. A 62 square meter owner's suite? Why do so many superyachts have the styling of a floating disco/trendy nightclub/uber highclass brothel?

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The Chairman, Idan Ofer, launched it:

http://www.globes.co.il/serveen/globes/docview.asp?did=1000795775

the finanicing/ownership/structure of these things seems to be opaque for a reason.

 

Jeebus. A 62 square meter owner's suite? Why do so many superyachts have the styling of a floating disco/trendy nightclub/uber highclass brothel?

Because they are actually used as a "floating disco/trendy nightclub/uber highclass brothel's". You think anyone other than the delivery guys sail that thing for more than a couple hrs? Crew quarters are pretty compfy and more akin to what is needed for passagemaking me thinks. I betcha they can put all that stupid stemware fancy art/lighting/stuff etc etc etc in their cubbies and make sail in less than 8 hrs. for passagemaking. Ya know the trip from southern France to Rio for the olympics, Rio to San fran etc etc etc....... do you think that thing can even make it through the canal??

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The Monaco Grand Prix was this weekend so I'm aware floating party palace is a prominent use for superyachts. There are quite a few other days in the year and they are really expensive assets that their owners often make difficult to track so I've no idea what the usage breakdown is.

 

 

Looking at some number on Privco, Better Place burned through quite a bit in sales & marketing expenses, probably an ad contract buried somewhere in there for this

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The Chairman, Idan Ofer, launched it:

http://www.globes.co.il/serveen/globes/docview.asp?did=1000795775

the finanicing/ownership/structure of these things seems to be opaque for a reason.

 

Jeebus. A 62 square meter owner's suite? Why do so many superyachts have the styling of a floating disco/trendy nightclub/uber highclass brothel?

it says "estimated cost of $10M"

 

I would think it's several times that...

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More like $40M

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Parsing the language in the release about the boat - appears the sad sack 'investors' paid for the boat, but it was supposed to be run as a charter outift (meaning fig leaf for the board of directors when they voted on it) - founder Ida wasn't going to use it - honest it says so in the release.

 

it will be very illuminating to see which insider gets control of this.

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Parsing the language in the release about the boat - appears the sad sack 'investors' paid for the boat, but it was supposed to be run as a charter outift (meaning fig leaf for the board of directors when they voted on it) - founder Ida wasn't going to use it - honest it says so in the release.

 

it will be very illuminating to see which insider gets control of this.

 

Indeed it will!

 

My bet is that the boat appears on SF Bay just in time for the AC, with the Managing Partner of their lead VC investor VantagePoint Alan Salzman in nominal control.

 

And with a change of name.

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but it was supposed to be run as a charter outift

 

Isn't that the way most of these are structured to avoid VAT and the like? A charter outfit that charters a couple weeks a year and the remainder is for the owners - certainly remember the Italians cracking down on things like this in the past couple of years.

 

a fair bit of the cash "burnt" through went as interest payments to early investors - $120million+ in the last 2 years

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Man, I hate to say it but that pic eerily brings to mind another "yacht" in another popular train wreck thread...all the wide expanses of wood with lots of attached large accoutrement and odd angles here-n-there etc...just sayin'.

 

Accoutrement...what the fuck!

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The Ofer brothers have art work on their yachts that are worth dozens or hundreds of times more than the yachts themselves. The old man had even more. Fair to say they are 1 percenters. .

 

Likely it's not on the company balance sheet! Private special purpose company which leases to Better Place or sells advert space.

 

Think ICAPb Leopard or such

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P wop,

 

Precisely - and the limited 'partners' left holding the bag.

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