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Part 1: Northern Marine 90' Yacht Capsizes Upon Launch...!

Discussion in 'Northern Marine Yacht' started by olderboater, May 19, 2014.

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  1. YachtForums

    YachtForums Administrator

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    It might indicate pending litigation on the boat-in-build. If a builder is launching a boat with another in-build, then hanging a Closed sign on the door would hardly be the right option?
  2. olderboater

    olderboater Senior Member

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    You may be right but I don't think so. Don't think same owner. Possible someone they owed. Possible the owner of the sunk boat. Many things possible. But right now the only thing really of value is the facility and who knows how much of it has or will quickly have liens. Some value in the molds. The name took a big shot to it's value today.
  3. olderboater

    olderboater Senior Member

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    I do believe now that more information is public, it will be remembered a month from now. At least by some.
  4. YachtForums

    YachtForums Administrator

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    We posted at the same time OB. Had I read this, my post would have been redundant. As always, you are well-written and well said.
  5. olderboater

    olderboater Senior Member

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    Thing is too, they'll blame it all on the sinking and rest assured the problems were already there. Now I'm sure this did accelerate things and push them over the edge.

    Who would you see in the area capable of finishing any partially complete boats? Delta? Westport? Christiansen? Perhaps one of the shipyards like Platypus?
  6. YachtForums

    YachtForums Administrator

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    This incident may not be remembered a month from now, however the permanently archived information of Search Engines has forever changed our ability to recall, which adds another dynamic to the many points made by Olderboater. Our discussion already tops several keyword searches in Google.

    It's been 36 hours. This thread has already received 113 linkbacks from other websites. It's also approaching 5,000 views. Now that adds a dynamic!
  7. YachtForums

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    • Delta has previously finished a Northern Marine; Project Monarch.
    • Westport's business model is production-line based.
    • Christensen has built 3 semi-custom 120's for Ocean Alexander.

    An independent yard may well be the best option because the Big Three aren't set up for salvage.
  8. Capt J

    Capt J Senior Member

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    Of the 3 mentioned. Delta would be the closest fit when it comes to how the boats are built and finished out.....
  9. revluc

    revluc Member

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    I guess I should have made the second part of that a little more clear: Is there known litigation regarding the project(s) in production? What other yards would be interested in, that part of the country, considering taking on a similar looking design in progress to float down to their yard and finish? Going down the same ramp one just rolled over and sank would seem like a risky and hard to insure project to absorb.
  10. olderboater

    olderboater Senior Member

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    Would probably load them on a ship to move if there's a way to get one close enough.

    One problem is how many liens might exist today or very quickly. For instance, what if a boat sitting has engines and generators but they haven't been paid for?

    This gets very complicated.

    Typical scenario, if bankruptcy papers weren't filed today, will be as soon as tomorrow. Then creditors form a line, secured in front.
  11. Pascal

    Pascal Senior Member

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    And as usual the only winners in this mess are the **** leeches... Oops I meant blood sucking ... No I meant lawyers...
  12. Old Phart

    Old Phart Senior Member

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    I dunno

    It's a dirty job; but someone has to do it. ;)


    Where would everyone be without the bottom feeders?


    Up to their eyelids in the brown stuff. :D
  13. olderboater

    olderboater Senior Member

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    You are right as to where a lot of money will go. And a lot for naught. In some cases people will be going after their percentage of nothing. Now, how much pressure do you feel the insurer feels to pay now? No urge to pay a company that's closed? Who even negotiates? Quick low-ball offer or long time to see any money. Who owns the boat that sunk now? If you're the buyer do you want it instead of nothing for your money you've paid? Oh and now how long will it sit and deteriorate from the salt water? Assuming they file bankruptcy (and to make it clear I have no direct knowledge they've done so or will do so, just expect it), then nothing can happen anytime soon. Walk in ready to buy it and open it back up and you have to wait for the courts to approve it. May have to make it public and allow others a chance to bid.

    A lot of damage has been done. A tilted and sunk boat is only symbolic for how a lot of people feel right now.
  14. YachtForums

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    I've been told by sources that the boat was up-righted last night and totally pumped out by noon today while being held in place by a barge-mounted crane. Coast Guard and the insurance company reps will be doing stability testing where she sits. Apparently Bud is back in the picture to oversee the 'unlaunching', where a 650 ton crane from Sickensteel will lift her over a fence and put her back on the hard.

    There are more pics inbound of the vessel righted. Or should I say wronged?
  15. ScotL

    ScotL Senior Member

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  16. olderboater

    olderboater Senior Member

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    Now they have a crane? Oh what they would have given for that last night. I heard as well from someone who saw her righted earlier and pumps being set up to remove more water.
  17. Old Phart

    Old Phart Senior Member

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    I dunno
  18. olderboater

    olderboater Senior Member

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  19. Kafue

    Kafue Senior Member

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    Unfortunately, this is not as important to the majority of customers out there.
    It is how much LESS one builder will do the same job for in comparison to a well-respected and long standing builder that quoted or even designed the build.

    I spent 20 years seeing this happen first hand and was asked regularly to finish big projects for the home builder who "stole" the project from my company because the client went with the builder who told them what they wanted to hear: "We can do the same work, same quality, same WARRANTIES for 20% less". Except this builder went bust before the project completed.

    My sympathies go to the many people, small/medium size companies that are owed money now. Many will be hearing today that the cost of legal action is too much to risk for what they may recover. The guys that supplied and installed engines, generators for example. How do you recover these in a hurry?
    I bet the banks will be safe, because they will be first in line.
  20. olderboater

    olderboater Senior Member

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    How do you figure the banks will be safe? No money to collect. Depending on contracts titles to boats in construction may be owned by buyers. Maybe banks have loans secured on the molds or some of the equipment but that won't come close to paying. And, if I was a betting man, don't forget the IRS. I've yet to ever see a company go out of business like this that didn't owe payroll taxes.

    And just in case it comes up, property (building and land) is owned by a couple living in Lakeside, California, so it's not available to satisfy debts. In fact, they may be owed money as well.
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