Discussion in 'General Yachting Discussion' started by Yacht News, Sep 26, 2011.
That would fall under "extremely.. machine translated reporting".
Also, anti-mafia laws often help convict non-mafia types. In the US, we have the RICO act. It was passed to combat organized crime, targeting the mafia and similar. However, as written it applies to any racketeering and has been used effectively on non-mafia types.
I had nothing to do with that article .
I just read some news on another website, came here for more background information. What a strange story this is.
That is true, but bit besides the point. The article listed a smorgasbord of evil-sounding accusations, another list of specific actions, and only through a careful reading it's possible to decipher that one is unrelated to the other.
That in no way means anything good for them people, but as I said it's either deliberate or the typical sloppy sensationalist writing.
A friend of a friend who lives in Civitavecchia asked: “Can anyone on YachtForums explain how such a large ship can launched into the harbor?”
Apparently, media sources from Civitavecchia report that the new owners of the P430 Privilege1 will spend €250mil to expand the current Privilege shipyard facility to build large commercial and military ships, all in addition to the current yacht portfolio. The mystery and confusion seem to be how this can be done without water access or berthing accommodations. And why, would anyone with the wherewithal to make such an investment be foolish enough to do so.
The folks of Civitavecchia were hoping someone here could shed some light on the secret, or insight behind the curtain. “How do you build ships with no water?”
It is an interesting question but unfortunately several of the principals of the yard are under arrest for a number of crimes related to the yard including violating anti-mafia legislation, tax crimes, and fraudulent bankruptcy filings. The yard is now up for auction for a reported starting price of €9,400,000. An auction in 2015 did not attract any buyers. If you google Priviledge Yacht Civitavecchia Italy you can read all about it. Thank goodness your friend did not work at the yard A previous post gives you some idea about how they were planning on moving the yachts. https://www.yachtforums.com/threads/privilege-yard.17149/page-4#post-200095
The reports of a new cash injection are most likely as valid as the previous claims as to the delivery dates of the monstrosity they were building
Members of the family did work on for the shipyard before it shut down. When operating, Privilege yard had a large and positive impact on the local community.
All previous management are no longer associated with the ship or the property. The incomplete hull sold last year for €13mil. Now the banker-creditors are trying to sell the buildings and solar panels at a bankruptcy auction. But the bankers do not actually own the shipyard property where the buildings are set, and therefore can not own the buildings that they are selling. The lease-concession that gave the Privilege Yard company the right to build on and use the property has been in default for many years. So at the current auction, you are bidding for the right to negotiate with the land owner.
It makes more sense to simply deal straight with the land owner, and let the bankers kiss-off.
Now, the story in the community, and published in local news, is that a company from Malta named Royalton Investment has bought the P430 hull, and wants to takeover the yard to complete the P430 and build other larger private and commercial vessels. Royalton, it is reported, has offered €4mil. for the property, with a pledge to spend €250mil. to expand the ship building operations.
To the builders and craftsmen/women of the Lazio region the pieces of the puzzle just don’t fit. Or, there are too many pieces missing for all this to make sense.
As for the mobilizing the ship. The vessel is not resting on what you might imagine as a cradle or building shoot. The keel is welded to foundation braces, where as the keel and hull itself became the cradle as construction grew higher and higher. It seems that you will need to cut out parts of the keel and bottom of the vessel to release and mobilize it.
None of this seems normal, or even managed speculation. Can anybody make sense of this?
Royalton Investment, the more things change, the more they remain the same. This outfit and its alter-ego Jimmy Frangi started out in the early 2000's by piecing together salvage cars and laying them off to naive and unsuspecting buyers as un-wrecked and well maintained motor vehicles. In 2004 Frangi was named here in the 11th District (Harris County, Houston), for selling cars without a title. A year or two later, he had numerous complaints filed against him with the USCG for selling boats without deliverable title. It seems Frangi and Royalton migrated from cars to boats. I believe he was buying hurricane salvage; cars, RV's, & boats. and running the same scam.
Fast forward a few years later and famed Maritime Attorney Michael Moore is charging Frangi in Florida's Southern District with fraud and theft, stemming from the salvage rebuild and sale of a 33m yacht. The guy moves to bigger and bigger scores. Now, is appears he is working a game on the Privilege Yard debacle.
In my opinion, the Privilege boat was in better hands with the first group of con-men. It's the same scheme on a different continent; P.O.S. salvage auto in Houston, or P.O.S. salvage yacht in Italy. Only now, far more corners to cut and far more deficient work that can be concealed.
I pity the naive and unsuspecting investor/owner that takes possession of this latest/greatest salvage scheme.
First a disclosure: I consider Jimmy Frangi a friend, a close friend. I hold the entire Frangi family in high esteem.
The #130 post above is remarkable but sadly inaccurate, misleading, and prejudicial to the point of slander. I’ll move to unpack all this piece by piece.
While it is true that Jimmy Frangi exported luxury automobiles in 2004, at no time was he charged with or involved in foreign or domestic title deficiencies. A simple records search reveals that the Harris County case mentioned above is CRAMPTON v. ETERM D/B/A PRESTIGE MOTORS - No. 2005-60470. The civil action was brought by RHONDA & LANE CRAMPTON against IBRAHIM M. ETERM D/B/A PRESTIGE MOTORS, with no relation or mention of Jimmy Frangi. The Cramptons purchased a vehicle from Eterm through his company Prestige Motors. After delivery and payment, the Cramptons found the car to be not as initially presented, plagued with mechanical faults, and without a title. The Cramptons sued Eterm. In his defense, Eterm declared that it was Jimmy Frangi that sold the car and not he (Eterm) or Prestige. There was no reference to Frangi on any of the paperwork in the deal, and the Cramptons had not dealt, spoke to, or met Jimmy Frangi. His name was only mentioned in the case by Eterm. The 11th District found Eterm liable, entirely discounting his accusations to Frangi or his involvement. The Texas 1st Circuit upheld. Being falsely condemned in a bogus defense is terrible. Having such claims expounded through misleading exploitation is tragic.
Continued response to #130 above
From 2005 through 2008, I dealt with or witnessed over 100 vessel transactions with of by Jimmy Frangi. Through these years and beyond, I cannot recall any such failure to deliver a merchantable title. Being a close observer of Jimmy’s operation, I know of no instant that would have risen to even a single Coast Guard compliant.
Continued response to #130 above
In 2013 Attorney Moore, on behalf of a client (Mr.1), did file a civil action against Jimmy Frangi. The lawsuit as born of a yacht sharing partnership between Mr.1, Jimmy Frangi, and Player X. This action might be likened to a contentious divorce, where one partner weaponizes a claim child abuse as leverage. Although unprovable, the accusation is worn as an ugly tattoo through eternity.
Frangi purchased a 33m Horizon at Marshal’s sale in 2010. He sent the yacht to the Med where it went through a 3-million-euro interior/exterior refit. The boat then went into charter, where it was highly successful in the northern and southern Mediterranean. Sometime in 2012, Frangi sold the Yacht, while retaining physical management of the vessel. About the same time, Player X approached Frangi, looking to purchase a party-yacht for him and his friend Mr.1. After visiting and inspecting several yachts in the Med, Player X decided that Frangi’s former yacht the Horizon 33 would be the perfect boat for he and Mr. 1. Frangi arranged for the yacht to be repositioned to South Florida. Throughout the Q1/2013 Mr.1 and Player X were granted access and use of the motor yacht. 1 & X enjoyed several day trips, and evening cruises during this period. Mr.1 went as far as to orchestrate a fully catered dockside gala reception and party on board the yacht, where he entertained business clients and employees. Mr.1 went as far as to charge his company 10’s of thousands of dollars for the “charter” of the yacht as the venue for this party. Frangi nor the yacht’s owner received any compensation for this use of the vessel. During the first three months of 2013, Mr.1 and Player X spent more active time on board the yacht than most owners can afford. They clearly had a full understanding and appreciation of the vessel. On or about April of 2013 Mr.1 & Player X decided to acquire the Horizon 33. Mr.1 was based in California, where he operated his Ferretti 94, but wanted a yacht for the east coast. The two approached Frangi to come in as a partner, and he agreed. Mr.1, being an Attorney, Investment Banker, and experienced yacht owner drafted the Partnership Agreement. The three went to sea for an offshore closing, accompanied by a representative of the owner and the crew. Mr.1, as the only attorney on board, represented and signed for the Partnership.
Needless to write here, but as most yacht partnerships evolve… this one deteriorated and did so in a not so remarkable manner. Nonetheless, Mr.1 wanted out and wanted to come out whole, completely discounting the six months of unfettered access and use of the vessel that he had enjoyed. His claim of action was that Frangi inflated the value of the Yacht in the sale to the Partnership, and the Partnership itself was an un-holy alliance built on deception. What became remarkable was that these claims of inflated value were made by a Stanford trained Attorney, highly successful investment banker, and a seasoned yacht owner who also owns a charter company. It is reasonable to assume that he knew precisely the value of what he was buying or leading the Partnership into buying. Furthermore, the partnership itself was designed, crafted, and executed by Mr.1 himself.
Frangi accepted that he could not outspend or out Lawyer Mr.1. After a spirited run-up, the case settled. Jimmy Frangi made Mr.1 whole and took full possession of the yacht.
Continued response to #130 above
Mr. Boyd’s post 130 description of Jimmy as a salvage merchant is incorrect and unfair.
When Camper and Nicholsons introduced its new identity marketing push, they chose one of Jimmy’s refits to be the centerpiece of not only the campaign but an entire video series. Camper could have selected any yacht in the world for this high-profile honor. C&N trusted their reputation and the future of the brand on Jimmy’s work.
50m | Ortona Navi | 2008 / 2014 - Resilience, ex My Dream
Jimmy, through his SSH Maritime organization, represented the Buyer in the largest yacht transaction in 2017.
Fraser, IYC, Camper, Edmiston, Burgess all reach out to Jimmy for the opportunity to list and represent his refit projects. These top brokers know that Jimmy’s work is of the highest quality.
As for Privilege P430… I can’t imagine this project being in better hands. Jimmy is the only person I know with the creativity, tenacity, and financial wherewithal to make this yacht and this shipyard a success. La Via created a mess. Jimmy has the strength and intelligence to make it right.
We've clearly got two opposite views of the situation. I would say this. First, I find Mr. Boyd's post very suspect as I never fully trust anyone who pops in to make one very negative or very positive post. I put little credibility with anyone who joins a forum just to make one such post. Had Mr. Boyd had 200 or even 100 previous posts that could be looked at to understand his level of knowledge and to what level his posts should be trusted then it would have been far different.
I appreciate Affrayed saying up front that Jimmy was a friend as that does influence his information and opinion. Now, I don't know what Jimmy has or has not done. However, I am going to say this. If you're continuously in the wrong place at the wrong time, finding yourself mentioned in litigation, finding yourself involved in litigation, that is a negative reflection whether or not you ever committed a crime. When you settle cases brought against you, for whatever reason and certainly cost of litigation is very common, it's a mark against you. The way he's done business, just following Affrayed's posts, has been a tangled web and involved various disputes. It is not normal in the world most of us deal to find oneself in recurring disputes or litigation, even if only mentioned. I appreciate a friend standing up for a friend, but your friend sure gets involved in "situations".
As to Privilege, I haven't cared enough to figure out what is going on now as from Day one I've believed it would be a dismal failure and nothing has happened to ever change that opinion. Anyone who ever has dealt with them has regretted it and anyone who does now does so at great risk. I do not believe the shipyard will be made a success and even completing one boat after many years won't make it a success. Multiple boats over an extended period might, but that is not likely to happen. As of today, Privilege is not a boat builder. Hasn't been. Isn't likely to be.
Hate to bring a years old thread back from the darkness but with a few 100+ meter yachts being launched recently I was curious if anything ever came of this project. Sad to see all that work rotting away for years and years.
Nope, I believe it got scrapped or may still be sitting there.