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Cakewalk listed for sale already ..

Discussion in 'General Yachting Discussion' started by colintraveller, Jul 24, 2011.

  1. colintraveller, Jul 24, 2011
    #1
    colintraveller

    colintraveller Senior Member

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    financial status must hitting hard times hence the sale so soon


    Selling price isn't listed as such ...
  2. K1W1, Jul 24, 2011
    #2
    K1W1

    K1W1 Senior Member

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    Hi,

    I am pretty sure this has already bee discussed here on YF, the search function isn't working for me at the mo so can't look it up right now.
  3. AMG, Jul 24, 2011
    #3
    AMG

    AMG YF Moderator

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  4. colintraveller, Jul 24, 2011
    #4
    colintraveller

    colintraveller Senior Member

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    Cheers .. I never seen that post ... .


    But the "For Sale" sign is curious, given that Charles Gallagher, a Denver private equity investor, took possession of the vessel just last fall – after four years of monitoring the yacht's construction, and visiting the Bridgeport shipyard "many times," the Courant reported last September.

    It's not clear why Gallagher put the yacht up for sale, but a quick profit apparently isn't the reason. Although court documents in a Derecktor bankruptcy filing suggested that the ship cost $82 million, a woman in Gallagher's office said Wednesday that the actual cost was more than $200 million.

    http://articles.courant.com/2011-06...o-yachts-spiral-central-staircase-tim-heywood
    .....................................................................
    So is the derecktor yard in administration ??
  5. ScotL, Jul 24, 2011
    #5
    ScotL

    ScotL Senior Member

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    It seems that most yachts go up for sale near the time of completion. This is not surprising to me at least.
  6. SHAZAM, Jul 24, 2011
    #6
    SHAZAM

    SHAZAM Senior Member

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    I had no idea Derecktor was in bankruptcy.
  7. bmar, Jul 25, 2011
    #7
    bmar

    bmar New Member

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    Seems to be the norm. I know of a Hargrave 115 for sale on Yachtworld that the owner was selling to have a bigger Hargrave built custom for him. Now all of a sudden a larger Hargrave is for sale (Beleive a 135, will have to look again) with only a few hundred hours. The thinking seems to be to have it built, sell at a profit to those not willing to wait on a new yacht being built.
  8. sagharborskip, Jul 25, 2011
    #8
    sagharborskip

    sagharborskip Senior Member

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    Derecktor Bankruptcy

    I have no idea if the umbrella company called "Derecktor" is in bankruptcy, but it's not unusual for yards to place each project under a separate corporate entity to protect all other aspects in case any one project encounters issues...

    I'm aware of one recent, big project at Derecktor Bridgeport that Derecktor placed into bankruptcy while the "Cakewalk" project continued unabated in the shed next door completely unaffected...
  9. discokachina, Aug 2, 2011
    #9
    discokachina

    discokachina Senior Member

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  10. Melch, Aug 2, 2011
    #10
    Melch

    Melch New Member

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    The chapter 11 filing in 2008 was only for the Bridgeport yard and did not affect operations in NY or FL. At that time, they were fighting three lawsuits, one over a $27 million dollar catamaran.

    They got financing and have since emerged. They have a Staten Island Ferry, a huge sailboat, another unidentified Ferry, a Hybrid tug, two other tugs and a very large sailing yacht in the yard this week.