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Pelagic · 22-05-2014, 07:32

Quote:

Originally Posted by Celestialsailor

Chances are the owner already had Insurance as did the company. The people who paid deposits?...probably not. They might get back a fraction of their lose after a judge orders the sell of the assets. Still and as usual, the workers who make it happen, lose.

Normally it is contractually set up that a certain % of the Stage Payments are held in Escrow and an extension is put on their "Builder's Liability Insurance"

It is a negotiated amount and a good indicator on the financial health of the Builder.

Usually 7 to 9 Stage Payments over 24 months.

category4jay · 22-05-2014, 08:05

All I can say is Wow. What a tragic comedy.

rw58ph · 22-05-2014, 08:18

There is another discussion on a sister site, Trawler Forum, Trawler Forum The builder is Northern Marine a ling time builder of proving long distant trawlers, so the boating community is surprised the trawler roll on it side and sank while being launched. The speculation is since the boat was already to heavy for the launch equipment that they did not add all the ballast and the equipment failed during the launch. The trawler was a new design/model under new ownership and management.

The previous owner is what made Northern Marine and the hundred of proven trawlers launch. My wife and I been going on and looking at Northern Marina trawler for years, meant the previous owner several time and toured the plant a couple of time. Northern Marine Trawlers are/were on our short list, along with Delta, Nordhavn, Krogan, and Selen which are all full displacement long range and proven trawlers. There was a 80 ft new Northern Marine old design/modle at the Trawler Fest that week end that we were very impressed with.

SaltyMonkey · 22-05-2014, 08:34

Quote:

Originally Posted by Celestialsailor

I didn't know that you were a naval architect.

I'm not, but I did study formally for a year when I was 18, btw. This is before I drank that dark beer on the lower east side.

hoppy · 22-05-2014, 08:38

The dimensions of that boat to me just look soooooooo wrong. Too me if it is going to be that high it needs to be longer and suitably wider. The idea that it will capsize when launched without ballast just makes me think the design is wrong wrong wrong.

This makes more sense to me

BandB · 22-05-2014, 08:57

Quote:

Originally Posted by rw58ph

The trawler was a new design/model under new ownership and management.

The previous owner is what made Northern Marine and the hundred of proven trawlers launch.

Previous owner? New Owner? What? Bud was the original and long time owner. He sold. Then he and Andy bought the assets out of bankruptcy. They have been the owners. Now after Andy's heart attack I think Stuart stepped up in some areas.

As to hundred of proven trawlers launch. No. 2004 and 2007 are the only years they've launched more than two that I can find, 3 each of those years. So in 19 years, I'd guess have launched between 30 and 50 boats.

Bud founded them in 1995, coming from Delta to do so. First boat has quite a history of circumnavigation followed by a tragic end. Seems the cycle has completed now. Andy worked for them in various roles including design and engineering then he went to Freedom Yachts. Bud sold majority interest and was pushed out of the company. Andy came back, the company declared bankruptcy. Andy and Bud, under New World Yachts, bought the assets of the bankrupt company including the name and have run the company since.

I'm really confused about your old owners/new owners part.