Madoff's Yacht Seized in Florida

[sneuman]

Originally Posted by Patient

There she is in all her (Repo'd) glory!

That's the Leopard, I think. Not the one seized.

[roverhi]

The Rhybovitch (sp) is not the boat in the picture above. The Rhybovitch's are much prized sport fishing boats. If you have the bucks to go deep sea fishing, the boat to have is a R*******. Owner's tend to take very good care of them as they are grossly expensive to buy and even more expensive to replace.

Aloha
Peter O.

[Pelagic]

Since a boat or ship is NOT a fixed asset….. That is it can sail away…. anyone with a claim on that Vessel or Owner can put a lien on it in any country and have it arrested. (ie..Legally chained to the dock).

Regardless of who (or what company) is listed as the registered owner and whatever flag of convenience is used.. All that needs to be proved is who the beneficial owner is…(that is who actually uses it) to proceed with legal seizure for reasonable cause.

Usually what is required to make an arrest on a ship is a variable amount deposited in Escrow to demonstrate to the issuing judge that this is not a nuisance claim. A similar amount is posted by the Owner also in Escrow to release his vessel.

Once arrested if Owner decides to simply escape to another country that is a bad move!

By international convention it can easily be arrested again at next Port and those actions would be very prejudicial against the boat Owner.

[Chief Engineer]

Originally Posted by redcobra

A lot of NYer's keep their boats in Georgetown, DE

Maybe MARYLAND?

[Hud3]

Here's a photo of a '65 Rybovich Sportfisher. For sale for $85K.

[GordMay]

BULL, BULL, & LITTLE BULL:

According to: U.S. Marshals seize Madoff mansion, boats in Florida - Yahoo! Canada News

Federal agents in Davie, near Fort Lauderdale, took control of the 55-foot (17-meter) customized boat, called "Bull", at a local marina, while in Palm City, West Palm Beach, they seized "Little Bull", a smaller, 24-foot (7-meter) recreational craft. Other Madoff property listed as "subject to forfeiture" includes a 75-foot (23-meter) sport yacht, also called "Bull", docked in Juan-les-Pins, France

[bleatarn]

Hello there, very interesting post about madoff story.
I have heard he may be the owner of a mooring slip in France. but don't know which one.

[GordMay]

The Prosecutors' Filing seeking forfeiture of property in the names of Bernard and Ruth Madoff, including item #4:

... All that lot or parcel of land, together with its buildings, appurtenances, improvements, fixtures, attachments and easements known as Chateau des Pins Villa 2, 279 Chemin de la Garoupe, Cap d'Antibes, France, 06600, and all insured and readily salable personal property contained therein ...

Goto ➥ Notice Seeking Forfeiture of Madoff Property - Law & Government, Business & Law, and bernard madoff

[bleatarn]

Oh very interesting. But do not mention about the slip belonging to them.
"Just an interest". It must not bre cheap to buy a slip over there anyway.

[Curmudgeon]

When Donald Trump defaulted on the junk bonds and senior debt used to finance the Trump Castle during the '90-92 recession, he tried to sail the boat to Italy to avoid its seizure. But some resourceful NY lawyers went to Italy and got what amounted to an extradition order for the boat, and back it came, helicopter and all.

Unlike Madoff, Trump was able to cut a deal with his creditors and keep both the casino and his boat by relinquishing equity and giving the debt holders a cut of the revenues.

[GordMay]

Bernie Madoff died, at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the AP reported, citing an unidentified person familiar with the matter. He would have turned 83 on April 29.
More ➥ https://apnews.com/article/bernie-ma...f0c840bd1ae711