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Last edited by 2FORCEFULL; 05-13-2009 at 07:27 AM.
I think the problem here is more with Key bank, rather than lbys. I wonder how much they are really into these boats for? I have to guess it's quite a bit of money or they would be really liquidating them and taking their losses.
I will say again. Aside from the U.S. Government, Banks are the next slowest institution to deal with. Part of the slowness is the federal regulations that make them jump through 50 hoops to get something done. My guess is it will be some time before these hulls get to a level people are interested in. At some point the Bank will cut their losses and run. It will take time.
19' Eliminator Daytona
21' Ultra LX
Hey 2forcefull, I haven't been on the boards long but I have noticed that you have a hard-on for Long Beach Yacht Sales. Is there a reason for this? Maybe some past history that I don't know about?
yeah, but a f'ing bank will raise your interest rate faster than you can jerk off !!!, or dream up some new charge to bend you over !!!
Went to the Stanton LBYS yard, looked over several boats. Sad to see some off them uncovered with shoe-prints, dirty and some scratched up.
Can't blame them for trying to get the "highest" offer. Wish them A LOT of LUCK they have over 200+ boats to move, its going to be tough.
So has anyone here actually bought a Magic DB from LBYS yet?
Well it's been two (+) weeks of speculation from $20K on up to ???, and still no concrete, action/sales/info. I don't believe the 'checking inventory' story also I know that "bank asset liquidation sales" never operate in this manner. The bank is looking for ONE BUYER! ONE BUYER, means LBYS gets paid for 'securing and storing the assets', and nothing more. IF LBYS did conduct auctions, and 'single lot sales' they would involve "other charges" (commisions, DMV, MSO etc) which would be born on the sales prices or the seller (bank). "Storage VS commisions!" Whip up a frenzy of interrest, and then sell ALL the assets to ONE GUY WHO WILL BUILD THE BOATS AND BE THE WINNER! Maybe even RON. Ron could start a 'shell corp.' and purchase the assets (at reduced prices) in a one shot sale. He may not be a named member of the corp. but he would be in charge. He would need to move the business out of Az. but that is a small problem. Hello VEGAS! LOOK! It's almost 'cinco de Mayo' and many of these "assets" are only HULLS ON TRAILERS. No matter whom is in control, it is going to take time (and money) to rig and finish these boats in time for THIS SUMMER. The bank is looking at "time VS money", and they have already taken the largest HIT they want to endure. They will hold out for 'their terms' and $20K times 200, ain't gon'na (going to) make it! I don't remember all the names offered by the LBYS guy as to whom they would work with for rigging, but I do remember Teague and Advantage as two of the names. If 3 or 4 boats were taken over to Advantage, they would need to 're-hire' people they just laid off a few weeks ago, will those people come back? OR! Will they just 'hire new people'? TEAGUE, to me his name 'flys in the face' on this entire deal. You want to "steal a new Magic hull" ,and then PAY TEAGUE prices for rigging? HA HA! It won't be worth any more or less if Cheetah Bob rigged it! The brand name is dead. AS OF TODAY. But who really knows? I do enjoy all the comments here, it's been fun!
From what 2Forcefull posted LBYS won't be selling anything for any price any time soon. It's gotten kind of comical at this point.