US Watercraft receivership ? (Alerion etc)

Gunni

New member
40
0
Annapolis
The 41 is a full-on cruising boat, but your point is still spot-on. 
They say it is a cruiser but it really is just a big day sailor with cruiser-ish features. Ground tackle system is a joke.  Huge amounts of wasted space.  A savvy buyer has many better choices. 

 
Last edited by a moderator:

fastyacht

Super Anarchist
12,928
2,602
I didn't think state courts handled bankruptcies. I thought it was the US Bankruptcy Court.
If it was not a publicly traded corporation, why would it be federal? That is a question because I don't know that it was private or not.

 

bloodshot

Super Anarchist
1,643
189
United States
I didn't think state courts handled bankruptcies. I thought it was the US Bankruptcy Court.
individual states have receivership provisions under their banking laws.  The underlying suit is essentially an eviction action likely for nonpayment of rent.

 
Last edited by a moderator:

6924

Super Anarchist
1,390
6
individual states have receivership provisions under their banking laws.  The underlying suit is essentially an eviction action likely for nonpayment of rent.
what amount of backrent ?

who is landlord ? 

 

Bull City

A fine fellow
7,449
3,054
North Carolina
individual states have receivership provisions under their banking laws.  The underlying suit is essentially an eviction action likely for nonpayment of rent.
So other than the eviction, the court wouldn't get into other issues like liquidation of assets, employee wages, suppliers' claims, warranties, and etc.

 

bloodshot

Super Anarchist
1,643
189
United States
So other than the eviction, the court wouldn't get into other issues like liquidation of assets, employee wages, suppliers' claims, warranties, and etc.
my limited knowledge of receiverships is that the appointed receiver essentially becomes the manger of the company in default...here, US Watercaft ...in order to safeguard and manage the remaining property of the company

 
210
0
Further
Sheesh people - bone up on your current history. Tartan had nothing to do with the USW C&C.  It was C&C in name only - only the name was bought.  No prior designs, no responsibility for ANYTHING done by any prior builders of C&C. Nothing carried over - including designer as Mark Mills penned the new 30 and 41. 

As for seeing this coming.........  I'll bet a number of vendors did. 

 

Innocent Bystander

Super Anarchist
11,749
759
Lower Southern MD
Sheesh people - bone up on your current history. Tartan had nothing to do with the USW C&C.  It was C&C in name only - only the name was bought.  No prior designs, no responsibility for ANYTHING done by any prior builders of C&C. Nothing carried over - including designer as Mark Mills penned the new 30 and 41. 

As for seeing this coming.........  I'll bet a number of vendors did. 
Well, no shit. Left out the sarcasm font.

Remarking on Tartan's last 15 years or multiple bancruptcies, reorganizations and sell offs. They have been stable for 4-5 years now. Based on history, they are overdue. 

 
Last edited by a moderator:

J28

Super Anarchist
2,307
109
That is the former Tillotson-Pearson plant, where all Jboats used to be made, along with Freedom Yachts and Rampage power boats.  Not certain, but I think the J109 was the first J built somewhere else (J Composites).  

We drove by there a few years ago.  I believe the name on the building at that time was Pearson Composites.  It was depressing to see the lack of activity, as well as all those molds in the side yards.

 

6924

Super Anarchist
1,390
6
That is the former Tillotson-Pearson plant, where all Jboats used to be made, along with Freedom Yachts and Rampage power boats.  Not certain, but I think the J109 was the first J built somewhere else (J Composites).  

We drove by there a few years ago.  I believe the name on the building at that time was Pearson Composites.  It was depressing to see the lack of activity, as well as all those molds in the side yards.
It's the old Pearson shop. The old man sold to a financial house who moved the wind turbine blade business to AZ and grew it to a $1 billion enterprise. They liked the Billion Dollar business, and didn't really know what to do with the boat business back in RI. 

I think the old man kept the hot tub business.  

The financial house sold the RI R/E for about $2 million to a local guy about 5 years ago. The local guy leased the building back to the company.  Then the financial house  'sold' the boat building business to Randy Borges maybe 4 years ago.  At the time they had 12-15 people.  

Randy had a good plan, good people, and grew the business back to ( I think ) 50   -75 busy people doing both new and aftermarket. Appeared to be a success story. 

BTW - I am reasonably certain the 109 was the LAST J/boat built there. Major warranty war between TPI -Johnstones-Dealers-Customers resulted in TPI vowing to never do business with Johnstones again.

 
Last edited by a moderator:

us7070

Super Anarchist
10,316
325
Why is that? Because the Washington Consensus got a later start over there and there's still peeps other than the 1% who can buy sailboats? Their 1% aren't quite a savage as ours?

I mean, it's a fucking desert in NA compared to the smorgasbord of yachts one has  to choose from in 'yurp. Maybe they're just better entrepreneurs? Maybe NA yacht building is still populated by meritocrats who only cater to the wealthy?

Maybe a buncha' bankruptcies is just what they need to smarten the fuck up, eh? 

We should teach Mexicans how to build boats instead of picking our lettuce.
actually, i think in part it might just reflect different choices about what to do with money for leisure activities.

americans make different choices

recreational fishing is a huge sport in the usa, and people spend a lot of money on it. not so much in europe...

if you've been to florida.., you will have seen marinas choking with enormous sport fishing boats - 40-50ft.., and half the houses on the canals have one in the back yard - there is nothing comparable in europe. you hardly see any of those boats. 

i've never seen any numbers, but my sense is that the ratio of powerboats to sailboats is greater here than there.

RV's - while europeans will rent one occasionally for a family hoilday, few people own them.., or turn RV'ing into an activity that they organize their lives around. RV's are a huge industry in the usa..., those people could own sailboats

and there are other recreational activities that consume money and time.., which are popular in the usa but not in europe

 

Gunni

New member
40
0
Annapolis
Exactly US7070.  Sabre parked their sailboat production and are building high-end mobos.  Hinkley is inching that way too.  There is an operation down south county popping out massive multi million dollar Hatteras-style pseudo fishing boats fast as they can make them.  Meanwhile nice blue water sailboats sit on the market for months and months.  BeneteauUSA looks to be refashioning itself as a trawler company and the builder of lavish dock queens.  Not a week goes by that I don't hear someone complain about having to hoist a sail or sheet them in.   The conversation seems to inevitably drift to how many days are left until they move to a trawler.  None of these people would buy an affordable new Ericson like the well-found boat I grew up with.    

 
Top