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01-04-2009, 12:02
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#1
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Senior Cruiser
Join Date: May 2003
Location: Chesapeake Bay
Boat: Sabre 28-2
Posts: 3,197
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Madoff's Yacht Seized in Florida
Taking 'Bull:' U.S. Seizes Madoff's Yacht In Florida : NPR
It was seized in Florida, but the AP photo shows it in France, with a UK yacht ensign. Unless flag etiquette is not being respected, the vessel is registered in the UK, right?
So, what are the laws about seizing a foreign-flagged vessel in U.S. waters? Just curious. The only situations I can find referenced are seizures of foreign-flagged vessels in which captain and crew are caught inflagrante, so to speak, as regards smuggling or some sort. This situation would be entirely different.
In any case, the boat itself is dog-ugly.
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01-04-2009, 12:11
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#2
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Registered User
Join Date: Nov 2005
Location: At the intersection of here & there
Boat: 47' Olympic Adventure
Posts: 4,892
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Quote:
Originally Posted by sneuman
So, what are the laws about seizing a foreign-flagged vessel in U.S. waters?
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Perfectly legal. It would be a different story if seized in another country's waters, and kind of a grey area if seized in international waters. jmo
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01-04-2009, 12:15
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#3
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CF Adviser
Moderator Emeritus
Join Date: Sep 2007
Location: Virginia
Boat: Island Packet 380, now sold
Posts: 8,943
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A boat named "Bull" and owned by Madoff is listed in the USCG registry, but it was built in 1969 and has a 55.5' long wooden hull. The "Bull" in the photo in the article you cited shows "Georgetown" on it's plastic transom. I think it must be registered in the Cayman Islands.
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Hud
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01-04-2009, 12:17
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#4
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Registered User
Join Date: Apr 2006
Posts: 4,413
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Who knows how many are after his ass ets. He won't be needing them where he's goin.
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01-04-2009, 12:23
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#5
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Senior Cruiser
Join Date: May 2003
Location: Chesapeake Bay
Boat: Sabre 28-2
Posts: 3,197
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Quote:
Originally Posted by Hud3
A boat named "Bull" and owned by Madoff is listed in the USCG registry, but it was built in 1969 and has a 55.5' long wooden hull. The "Bull" in the photo in the article you cited shows "Georgetown" on it's plastic transom. I think it must be registered in the Cayman Islands.
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presumably tax advantages?
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01-04-2009, 12:26
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#6
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CF Adviser
Moderator Emeritus
Join Date: Sep 2007
Location: Virginia
Boat: Island Packet 380, now sold
Posts: 8,943
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Definitely! You should see some of the super-mega-maxi-humongous motor yachts down here in the Caribbean flying a Cayman's Island flag.
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Hud
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01-04-2009, 12:30
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#7
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Senior Cruiser
Join Date: May 2003
Location: Chesapeake Bay
Boat: Sabre 28-2
Posts: 3,197
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Quote:
Originally Posted by Hud3
Definitely! You should see some of the super-mega-maxi-humongous motor yachts down here in the Caribbean flying a Cayman's Island flag. |
Very odd: he's got two boats named Bull?
There's another wooden-hulled 55' boat somewhere in Florida that wasn't seized? The documentation for the 1969 boat was just re-issued in February. Alternately, I wonder if AP checked the USCG database and conflated the specs of that boat and the one seized.
EDIT ... it appears now AP is saying the boat was built in 1969 (and they're calling it an antique), so they are assuming it's the one in the database. On the surface, that looks like a much more modern design and NOT wood. Something is fishy here ...
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01-04-2009, 12:44
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#8
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Registered User
Join Date: Apr 2006
Posts: 4,413
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I think they put a photo they googled for the name Bull and that came up. Who knows who the owner of that Bull is. But they are definitely full of bull ship.
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01-04-2009, 12:52
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#9
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Registered User
Join Date: Jan 2008
Location: Jupiter, FL
Posts: 173
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The boat was built by Rybovich & Sons in 1969, and has a hailing port of Palm Beach, FL, according the the information listed in the documentation database. Those boats were well built and the owners usually appreciate that fact and take care of them by throwing A LOT of money at them.
Brian
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01-04-2009, 12:58
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#10
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Senior Cruiser
Join Date: May 2003
Location: Chesapeake Bay
Boat: Sabre 28-2
Posts: 3,197
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Quote:
Originally Posted by defjef
I think they put a photo they googled for the name Bull and that came up. Who knows who the owner of that Bull is. But they are definitely full of bull ship.
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Yep, I think you're right. CNN has the right boat, don't know what that other photo is:
Marshals seize Madoff yacht; other raids expected - Apr. 1, 2009
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01-04-2009, 15:25
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#12
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Registered User
Join Date: Aug 2008
Location: Honolulu, HI
Boat: Baba 35
Posts: 192
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There she is in all her (Repo'd) glory!
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01-04-2009, 15:51
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#13
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Registered User
Join Date: Mar 2009
Posts: 516
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A lot of NYer's keep their boats in Georgetown, DE
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01-04-2009, 18:26
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#14
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Registered User
Join Date: Dec 2008
Location: NOT on Long Island - Look elsewhere! :-)
Boat: Beneteau 50
Posts: 451
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The boat name (Bull) is very clever actually. Every time his guests saw the biulls, they thought "this guy is really bullish on the market". Every time Madoff saw the bulls he though "what a lot of bull I'm feeding them".
Good for some really good smirks - as only he can deliver them.
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01-04-2009, 18:32
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#15
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Registered User
Join Date: Oct 2008
Location: Princeton, NJ
Boat: Challenger Anacapa 42
Posts: 2,097
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Shouldnt come as much of a surprise that Madoff was a master bull shipper...
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