Pacific Seacraft/ Saga Bankrupt

camaraderie · 24-05-2007, 17:18

Holy Cow...check this out from another board. Very sad...

It is true that Pacific Seacraft Corporation filed for Chapter 11 bankruptcy on May 8, 2007 in the U.S. Bankruptcy Court Central District of California in Santa Ana, CA. There is a hearing scheduled for June 21, 2007 at 10 a.m. in Santa Ana. The case number is 0711326. This was referenced on the Dana owner’s site on Yahoo and had apparently been mentioned earlier on the Flicka site. When I first read it, I had my daughter – a lawyer in CA – run a search on a legal database, and she found and forwarded me a copy of the filing data, containing the above information and the name of their attorney. So the information you have been hearing is true. Let’s hope they have a successful reorganization and come out all the stronger for it. It, however, unfortunately helps explain the many issues all of us have been facing in recent years in dealing with PSC .

**GordMay** · 14-08-2007, 05:43

My original post was a copyright infringement & plagiarized copy of an article published in “The Log”.
The original source may be found at:
Pacific Seacraft Faces Liquidation under Chapter 7 Bankruptcy
LOG NEWS SERVICE < California boating guide-news & classifieds > - Thursday, August 09, 2007
Copyright © 2007 Duncan McIntosh Company, Inc., All rights reserved
Goto: California boating guide-news & classifieds

Vasco · 14-08-2007, 07:25

Gord,

When did this happen? I read somewhere else they had found funding and were completing a new Bob Perry design.

**GordMay** · 14-08-2007, 08:29

Filed Chapter 11 in May.
Chapter 7 hearing August 22.
You're right about the recent aquisition of Saga, and the Perry design. My how things change ...

Vasco · 14-08-2007, 09:26

It's interesting that the present CEO of Pacific Seacraft was managing CS Yachts when they ceased production in the early nineties. He then founded Saga who closed their doors in St. Catherines recently and apparently went to Pacific Seacraft who are now embroiled in bankruptcy proceedings.

**GordMay** · 15-08-2007, 06:33

Peters Opal:
Rumours are circulating that Peters Opal < New & Used Power Boats and Yachts for Sale from Peters Opal - Bavaria, Legend, Island Packet, Sealine, Rodman, Azimut >, one of Europe's largest boat dealers (Bavaria, Legend, Azimut, Rodman and Island Packet yachts, etc), is facing extreme cash flow problems, and may go into "administration".
Goto:
130 made redundant at Peters Opal

**GordMay** · 15-08-2007, 06:45

Allan Poole's cv includes: MG, CS, Tartan, Hinterhoeller, Saga Yachts, & finally Pacific Seacraft.
SAGA 409 Boat Reviews

crealockfan40 · 10-10-2007, 14:45

They are building boats again (and taking orders) in Washington North Carolina. Molds and tooling are being shipped from Fullerton except Dana 24 molds which went to Oregon I think. New owners are very enthusiastic, made a terrific impression on industry and public at US Sailboat Show last week. Dealer network remains basically intact.

Hull and deck of a new PS31 are complete, new 40 and new 37 to follow. Bill Crealock had a lot to do with the sale of the company to this particular individual, Mr. Brodie, who attended the auction not expecting to land the big prize but hopeful. He got it. Hooray for Bill...

Allan Poole is gone from the scene.

Saga molds and assets have been split off and I am not sure exactly what is next for them. I believe new ownership of the company is Canadian.

It is going to take a little while for the new PS to get cranked up especially marketing so don't expect wild publicity campaigns or a fancy website just yet...but the new owner is the real deal so PS owners you can exhale now. They have leased factory space in Washington NC which has a good pool of local building talent.

**GordMay** · 11-10-2007, 03:31

Stephen (Steve) Brodie bought Pacific Seacraft yachts, include tooling, moulds and six unfinished hulls, at the September 18Th auction.
Brodie has been a treasure hunter, historic vessel restorer, & marine archeologist - and now a yacht builder.

Lynx · 11-10-2007, 04:15

I wonder if the Flicka is comming back?

Sunspot Baby · 11-10-2007, 15:04

See the article in the San Diego Log at California boating guide-news & classifieds

TaoJones · 11-10-2007, 15:45

Quote:

Originally Posted by Sunspot Baby

See the article in the San Diego Log . . .

Actually, The Log, Socal's #1 Boating and Fishing Newspaper, is based in Irvine (Orange County), but it is available in San Diego.

TaoJones

Pura Vida · 11-10-2007, 16:21

Quote:

Originally Posted by Lynx

I wonder if the Flicka is comming back?

That would be interesting. It may have been Mate who reported that the Flicka was discontinued because it cost as much to buil as the Dana.

s/v 'Faith' · 11-10-2007, 17:06

Wow,

I was in St. Petersburg less then a week ago, and got to talk with Bruce Bingham for about a hour and a half. He told me PSC was bankrupt.... would sure love it if the new owners started the Flicka production again... what a great boat.

Sunspot Baby · 11-10-2007, 18:33

Tao, sorry, I spent so long reading it in San Diego that I associate it with that locale.

George

14-08-2007, 05:43	#2
GordMay Administrator Site Administrator Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 8,905 Images: 217	My original post was a copyright infringement & plagiarized copy of an article published in “The Log”. The original source may be found at: Pacific Seacraft Faces Liquidation under Chapter 7 Bankruptcy LOG NEWS SERVICE < California boating guide-news & classifieds > - Thursday, August 09, 2007 Copyright © 2007 Duncan McIntosh Company, Inc., All rights reserved Goto: California boating guide-news & classifieds __________________ Gord May ~~_/)_~~ (Gord & Maggie - "Southbound") "If you didn't have time/$ to do it right in the first place, when will you get the time/$ to fix it?"

14-08-2007, 07:25	#3
Vasco Registered User Join Date: Apr 2004 Location: Toronto in summer, further south in winter. Boat: CS36Merlin, "La Belle Aurore" Ben393 "Breathless" Posts: 1,660 Images: 34	Gord, When did this happen? I read somewhere else they had found funding and were completing a new Bob Perry design. __________________ Rick I Toronto

14-08-2007, 08:29	#4
GordMay Administrator Site Administrator Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 8,905 Images: 217	Filed Chapter 11 in May. Chapter 7 hearing August 22. You're right about the recent aquisition of Saga, and the Perry design. My how things change ... __________________ Gord May ~~_/)_~~ (Gord & Maggie - "Southbound") "If you didn't have time/$ to do it right in the first place, when will you get the time/$ to fix it?"

14-08-2007, 09:26	#5
Vasco Registered User Join Date: Apr 2004 Location: Toronto in summer, further south in winter. Boat: CS36Merlin, "La Belle Aurore" Ben393 "Breathless" Posts: 1,660 Images: 34	It's interesting that the present CEO of Pacific Seacraft was managing CS Yachts when they ceased production in the early nineties. He then founded Saga who closed their doors in St. Catherines recently and apparently went to Pacific Seacraft who are now embroiled in bankruptcy proceedings. __________________ Rick I Toronto

15-08-2007, 06:33	#6
GordMay Administrator Site Administrator Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 8,905 Images: 217	Another one in trouble ? Peters Opal: Rumours are circulating that Peters Opal < New & Used Power Boats and Yachts for Sale from Peters Opal - Bavaria, Legend, Island Packet, Sealine, Rodman, Azimut >, one of Europe's largest boat dealers (Bavaria, Legend, Azimut, Rodman and Island Packet yachts, etc), is facing extreme cash flow problems, and may go into "administration". Goto: 130 made redundant at Peters Opal __________________ Gord May ~~_/)_~~ (Gord & Maggie - "Southbound") "If you didn't have time/$ to do it right in the first place, when will you get the time/$ to fix it?"

24-05-2007, 17:18	#1
camaraderie Registered User Join Date: May 2003 Location: NC Boat: Tayana 52 Ketch Posts: 542	Pacific Seacraft/ Saga Bankrupt Holy Cow...check this out from another board. Very sad... It is true that Pacific Seacraft Corporation filed for Chapter 11 bankruptcy on May 8, 2007 in the U.S. Bankruptcy Court Central District of California in Santa Ana, CA. There is a hearing scheduled for June 21, 2007 at 10 a.m. in Santa Ana. The case number is 0711326. This was referenced on the Dana owner’s site on Yahoo and had apparently been mentioned earlier on the Flicka site. When I first read it, I had my daughter – a lawyer in CA – run a search on a legal database, and she found and forwarded me a copy of the filing data, containing the above information and the name of their attorney. So the information you have been hearing is true. Let’s hope they have a successful reorganization and come out all the stronger for it. It, however, unfortunately helps explain the many issues all of us have been facing in recent years in dealing with PSC .

15-08-2007, 06:45	#7
GordMay Administrator Site Administrator Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 8,905 Images: 217	Allan Poole's cv includes: MG, CS, Tartan, Hinterhoeller, Saga Yachts, & finally Pacific Seacraft. SAGA 409 Boat Reviews __________________ Gord May ~~_/)_~~ (Gord & Maggie - "Southbound") "If you didn't have time/$ to do it right in the first place, when will you get the time/$ to fix it?"

10-10-2007, 14:45	#8
crealockfan40 Registered User Join Date: Oct 2007 Posts: 4	Building Boats Again They are building boats again (and taking orders) in Washington North Carolina. Molds and tooling are being shipped from Fullerton except Dana 24 molds which went to Oregon I think. New owners are very enthusiastic, made a terrific impression on industry and public at US Sailboat Show last week. Dealer network remains basically intact. Hull and deck of a new PS31 are complete, new 40 and new 37 to follow. Bill Crealock had a lot to do with the sale of the company to this particular individual, Mr. Brodie, who attended the auction not expecting to land the big prize but hopeful. He got it. Hooray for Bill... Allan Poole is gone from the scene. Saga molds and assets have been split off and I am not sure exactly what is next for them. I believe new ownership of the company is Canadian. It is going to take a little while for the new PS to get cranked up especially marketing so don't expect wild publicity campaigns or a fancy website just yet...but the new owner is the real deal so PS owners you can exhale now. They have leased factory space in Washington NC which has a good pool of local building talent.

11-10-2007, 03:31	#9
GordMay Administrator Site Administrator Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 8,905 Images: 217	Stephen (Steve) Brodie bought Pacific Seacraft yachts, include tooling, moulds and six unfinished hulls, at the September 18Th auction. Brodie has been a treasure hunter, historic vessel restorer, & marine archeologist - and now a yacht builder. __________________ Gord May ~~_/)_~~ (Gord & Maggie - "Southbound") "If you didn't have time/$ to do it right in the first place, when will you get the time/$ to fix it?"

11-10-2007, 04:15	#10
Lynx Registered User Join Date: Apr 2006 Boat: MacGregor 26M Lynx Posts: 350	I wonder if the Flicka is comming back?

11-10-2007, 15:04	#11
Sunspot Baby Registered User Join Date: May 2003 Location: New Bern, NC Boat: Prout Manta 38' Catamaran - Sunspot Baby Posts: 1,085 Images: 14	See the article in the San Diego Log at California boating guide-news & classifieds __________________ She took my address and my name Put my credit to shame Sunspot Baby, sure had a real good time Bob Seger

11-10-2007, 17:06	#14
s/v 'Faith' Registered User Join Date: Oct 2005 Location: Crusing between NC, Bahamas, & Pensacola FL Boat: 1964 Pearson Ariel 'Faith' Posts: 216	in an interesting coincedence Wow, I was in St. Petersburg less then a week ago, and got to talk with Bruce Bingham for about a hour and a half. He told me PSC was bankrupt.... would sure love it if the new owners started the Flicka production again... what a great boat. __________________ If you have a small boat and plan to Sail Far visit; http://sailfar.net Stop by and visit!

11-10-2007, 18:33	#15
Sunspot Baby Registered User Join Date: May 2003 Location: New Bern, NC Boat: Prout Manta 38' Catamaran - Sunspot Baby Posts: 1,085 Images: 14	Tao, sorry, I spent so long reading it in San Diego that I associate it with that locale. George __________________ She took my address and my name Put my credit to shame Sunspot Baby, sure had a real good time Bob Seger

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