Maddoff loses Boat

Well at least he had good taste when it comes to boats. A 1969 55' Rybovich is a very very nice sportfish.

two down one to go.

Is there any possible way that a 1969 Rybo 55 is worth $2.2M?

Well, probably not. But it's possible if the boat is totally restored and pristine pristine........Somethings worth what someone else is willing to pay for it. But the government always over values everything they confiscate.

Hey, Bernie valued his client's investments at $40 Billion so why not.

The pictures showing up all over the place of the supposed yacht BULL are definitely not a '69 Rybovich.

Quick google search of "madoff rybovich" brings up such gems as this from Huffington Post... http://bit.ly/SjWXR

That's not the boat shown on TV. Can't get perspective form the pic, but is that his 105'er? There's also supposed to be a 38 footer up on Shelter Island.

I was going to start a thread about this when I heard about it this morning...

When the government seizes drugs they give the value as "street value". It must be the same with the Rybovich if it was cut up and sold as nickel bags.

AND stepped on a few times. LOLOLOLOLOL

Ahem, you guys are sounding a bit knowledgable. We may be migrating into different thread.

Where that Rybo is headed (Nat. Liq), it will soon be worth a helluva lot less than $2.2M....


http://www.sun-sentinel.com/video/?slug=sfl-madoff-seized-boat-video-040109

I just checked a satalite view of that place. DK when the shot is from, but that place looked like an oversized game of pick-up-sticks.

It doesn't look any better in person. Think of about 500 boats that are stacked up in there. They see ZERO maintanence until they're sold.......they don't even so much as wash them. I find it ironic that they could probably eak out 20% more for their boats if they actually kept them maintained and washed........but they don't........it is located right next to I-95 overpass and within a week they're covered in black soot and only get worse from there.......

I see those same conditions and worse with owners who are trying to sell their boats privately and it leaves me shaking my head in disbelief. In fact I've seen the same thing with houses. Had to grimace when I watched the marshal describing the condition of Madoff's boat "like someone went through the bilge with a scrup brush" and followed that with saying that the liquidators would now take care of it. What a shame.

Hey! Wonder if Disney might be intersted? They could open a new attraction "Pirates of Central Park", featuring Maddoff and the other Wall Street scallywags. I might pay to watch them dress up like Pirates while we plunder their riches.

This explains all the helos hovering over the New River that I saw yesterday while at Rolly.

Another one bites the dust

Prominent NY lawyer gets 20 years in $400M fraud
07/13/2009 5:01:20 PM
By TOM HAYS Associated Press Writer
A once-prominent Manhattan attorney was sentenced Monday to 20 years in prison for a hatching a massive fraud in a brazen attempt to keep his law firm afloat and bankroll a lavish lifestyle.

Prosecutors had sought 145 years behind bars for Marc Dreier. But the judge concluded he was "no Mr. Madoff" _ a reference to disgraced financier Bernard Madoff, who last month received a 150-year term.

Dreier, 59, had pleaded guilty to a seven-year, $400 million scheme that, though eclipsed by Madoff's multibillion dollar swindle, was so outlandish prosecutors labeled him "the Houdini of impersonation and false documents."
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By ALISON LEIGH COWAN, CHARLES V. BAGLI and WILLIAM K. RASHBAUM
Published: December 13, 2008

Mr. Dreier’s lifestyle includes a waterfront home in the Hamptons, a Manhattan triplex and a place on Ocean Avenue in Santa Monica, Calif. He kept a Mercedes 500 in New York, an Aston Martin in California, and a 121-foot blue and white Heesen motor yacht with a Jacuzzi and a crew of 10 docked in Manhattan or St. Maarten. Associates said the boat, the Seascape, was the site of late-night parties at which Mr. Dreier, who is divorced, was often joined by an attractive young crowd.

Rats! I guess my secrets out