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12-02-2018, 13:31
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#1
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Registered User
Join Date: May 2017
Posts: 46
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Oyster Yachts
Looks like the “Quick Buck” Hedge Fund buzzards have ducked a cash call and pulled the plug on Oyster, with its 40 year history and GBP 80 million order book but, limited liability problem. Richard Mattew’s will be groaning.
F
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12-02-2018, 13:50
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#2
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Registered User
Join Date: Sep 2012
Posts: 5,452
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Re: Oyster Yachts
That discussion is pretty much over here
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12-02-2018, 13:54
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#3
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Registered User
Join Date: Nov 2017
Location: On the Water
Boat: 53' Cutter
Posts: 183
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Re: Oyster Yachts
There is far too much money on the table. Unless they have insurmountable debts, the assets still have substantial value, and the liabilities should be cleared. It may be bought for pennies on the dollar, but I would expect Oyster will rise from the ashes at some point under "new ownership" and possibly with a revised name.
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12-02-2018, 19:55
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#4
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Senior Cruiser

Join Date: Jul 2005
Boat: Outbound 44
Posts: 5,178
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Re: Oyster Yachts
Quote:
Originally Posted by SailsWithFists
There is far too much money on the table. Unless they have insurmountable debts, the assets still have substantial value, and the liabilities should be cleared. It may be bought for pennies on the dollar, but I would expect Oyster will rise from the ashes at some point under "new ownership" and possibly with a revised name.
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So for a marginal investment you could purchase a money loosing business that is almost a going concern and rename it yourself-- maybe Clam or Mussle Yachts.
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12-02-2018, 20:15
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#5
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Registered User
Join Date: Jun 2010
Location: Easton, MD
Boat: Catalina 22 Capri
Posts: 1,373
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Re: Oyster Yachts
I don't know how the laws work over there but in the US the company would declare bankruptcy, have the courts discharge all their liabilities from future suits, and then conduct business as usual. Not a big deal here. Maybe not quite that simple but thats the general jist.
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12-02-2018, 20:26
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#6
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Senior Cruiser

Join Date: Jul 2005
Boat: Outbound 44
Posts: 5,178
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Re: Oyster Yachts
Quote:
Originally Posted by kmacdonald
I don't know how the laws work over there but in the US the company would declare bankruptcy, have the courts discharge all their liabilities from future suits, and then conduct business as usual. Not a big deal here. Maybe not quite that simple but thats the general jist.
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You are missing a key part of a reorganization bankruptcy, aka Chapter 11
Quote:
A plan for addressing debts is drawn up, the plan is voted on by creditors and the court approves the plan if it feels it is appropriate.
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12-02-2018, 20:49
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#7
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Registered User
Join Date: Sep 2014
Location: Sydney
Boat: Lagoon 400
Posts: 1,312
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Re: Oyster Yachts
whats wrong - i thought oysters are boats of unmatched quality ?
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12-02-2018, 20:54
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#8
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Registered User
Join Date: Jun 2010
Location: Easton, MD
Boat: Catalina 22 Capri
Posts: 1,373
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Re: Oyster Yachts
Quote:
Originally Posted by arsenelupiga
whats wrong - i thought oysters are boats of unmatched quality ?
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The wheels are falling off them. Ooops, I meant keels.
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12-02-2018, 20:56
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#9
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Registered User
Join Date: Jun 2010
Location: Easton, MD
Boat: Catalina 22 Capri
Posts: 1,373
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Re: Oyster Yachts
Quote:
Originally Posted by Paul L
You are missing a key part of a reorganization bankruptcy, aka Chapter 11
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Who has priority to any money, the creditors or victims?
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12-02-2018, 21:00
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#10
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Registered User
Join Date: Nov 2017
Location: On the Water
Boat: 53' Cutter
Posts: 183
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Re: Oyster Yachts
Quote:
Originally Posted by Paul L
So for a marginal investment you could purchase a money loosing business that is almost a going concern and rename it yourself-- maybe Clam or Mussle Yachts.
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"People; Product; Process" - Marcus Lemonis
Do they have the right people? Maybe the guys on the line and lower management.
Do the have a viable product? Maybe some of the proven lines. Get rid of the mega yachts.
Do they have the proper process? No. That is why they are losing money.
It is all solvable. It will just take the right person(s) who can come in and clean up the problems. It takes more than money.
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12-02-2018, 21:06
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#11
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Registered User
Join Date: Aug 2015
Location: Marina del Rey
Boat: Hunter 31
Posts: 534
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Re: Oyster Yachts
It is sad to see Oyster go down so suddenly. It had an exceptionally recognizable brand, at least in our circles. The private equity guys who bought it probably had no idea how to run it well but there is something wrong with the business model as well... we are at the peak of the economy, employment is high, there could not be a better time to spend a couple of million on a toy.
My take (may be generalizing) is that the demand for monohulls over 55-60 feet is shrinking rapidly: 1) too big to handle, need crew which is headache; 2) At those price levels and the cost of sails/maintenance/crew a powerboat becomes much more attractive (more room, faster, more comfort, probably cheaper to run; 3) a modern 50' cat is a better value than a 65' premium mono from every possible consideration. I just do not see real demand for these boats, even with the brand name.
It looks as if the market for large sailboats is taken over by the French with some leftovers for traditional cruisers (huge existing inventory to choose from), ocean racers (limited market, mostly custom these days) and some North European manufacturers.
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12-02-2018, 21:12
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#12
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Registered User
Join Date: May 2017
Posts: 46
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Re: Oyster Yachts
Quote:
Originally Posted by robert sailor
That discussion is pretty much over here
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Sorry, what part of 160 employees loosing their jobs did I miss?
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12-02-2018, 22:46
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#13
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Moderator

Join Date: Sep 2006
Posts: 4,163
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Re: Oyster Yachts
Quote:
Originally Posted by kmacdonald
Who has priority to any money, the creditors or victims?
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And you think that creditors aren't victims too?
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Paul Elliott, S/V VALIS - Pacific Seacraft 44 #16 - Friday Harbor, WA
www.sailvalis.com
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13-02-2018, 00:20
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#14
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Moderator

Join Date: Feb 2014
Location: SEVILLE - MALLORCA
Posts: 10,874
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Re: Oyster Yachts
I have a friend in the UK who is a company salvager. He is appointed to go in and take over the running and see if the company can be saved, restructured or sold off to recoup debts.
He told me that in his 40 years experience, that most management boards make one crucial mistake in their running of the company, and then compound it with another. Then it usually is a downward spiral if the same Board members continue.
Cash flow and debt management are paramount to keeping solvent. 90% of companies that fail have healthy order books.
Weird aint it..
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- Never test how deep the water is with both feet -
10% of conflicts are due to different opinions. 90% by the tone of voice.
Raise your words, not your voice. It is rain that grows flowers, not thunder.
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13-02-2018, 01:21
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#15
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Registered User
Join Date: Aug 2013
Location: Somewhere in Patagonia
Posts: 4,343
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Re: Oyster Yachts
In the moderately distant past I had a very very small shareholding in a bespoke builder of yachts in the UK..
Was in the UK at the time.. was about to order a few new boats... cautioned by the owner of the business... don't do that ... we are going bankrupt tomorrow....
Which it would seem would clear all their debts and as the man said ' we still have the rights to the designs and without that the moulds are valueless so we buy them back for 5p in the quid and hey nonny nonny away we go again...'
Rather sadly for them they had sacked the very good marketing manager a short time previously... he approached the owner of the designs and picked up the rights... a couple from Lancashire bought the moulds.... and that was that...
It was neither of these two but look at the history of Westerly Yacht Construction ( more comebacks than Dame Nelly Melba )... once bought by a midland's boot maker and asset stripped by them before being thrown in the trash...
And also... more recently.. the people who were making Southerly and Vancouvers in the UK...
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