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Old 03-15-2014, 05:08 PM   #21
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I was a bystander to a boat builder failing. It was not pretty. I was not aware of the legal details, but the last couple boats were unfinished and their titles were tied up as company assets. One customer apparently had his contract modified where he held title throughout construction. He hired his own crew to finish, and got a finished boat.

Others posting seem to have much more experience than I in this area, but on my layman's level, flags go up when a large amount of money is handed over before vessel is delivered. A typical Carolina boat build is handled this way and many buyers have been burned. Seems strange for a well established production boat company.
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Old 03-15-2014, 05:32 PM   #22
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I was a bystander to a boat builder failing. It was not pretty. I was not aware of the legal details, but the last couple boats were unfinished and their titles were tied up as company assets. One customer apparently had his contract modified where he held title throughout construction. He hired his own crew to finish, and got a finished boat.

Others posting seem to have much more experience than I in this area, but on my layman's level, flags go up when a large amount of money is handed over before vessel is delivered. A typical Carolina boat build is handled this way and many buyers have been burned. Seems strange for a well established production boat company.
Many boats over history have been started one place and finished another. There have also been a couple of instances where yachts were being built and the only way the owner could get his yacht completed was by buying the boat builder. And by that point the builder was worth less than his partially completed yacht.

Yes, seems like every shipyard on the east coast has decided they would build boats at one time or the other.
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Old 03-15-2014, 08:31 PM   #23
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And by that point the builder was worth less than his partially completed yacht.
Speaking of which, what's Grand Banks' market cap? Want to chip in with me and by them? Sounds like we already have at least one boat sold....
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Old 03-15-2014, 08:49 PM   #24
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Speaking of which, what's Grand Banks' market cap? Want to chip in with me and by them? Sounds like we already have at least one boat sold....
173 million shares at S$0.215 for S$37.2 million or US$29.4 million.

So just under $30 million. Problem is they said no to a much larger per share price less than 2 years ago although it wasn't much more in total since they've diluted the shares since.

Funny they would rather sell new shares at a low price, diluting their shares, than sell the company. The current market cap is equal to basically their cash and Inventory. The book value of the company right now is probably around US$49 million or $39.
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Old 03-15-2014, 09:39 PM   #25
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Interesting Discussion.

In dealing with US boards of directors, at least we have translucent transparency.

With a foreign board, who knows what's really going on: at best,
at worst,

When a board refuses an apparent higher, good offer, for a company that's losing money, I'm inclined to think they are making money, while everyone else is losing theirs.

Send em another million, they need it.
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Old 03-15-2014, 10:10 PM   #26
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Interesting Discussion.

In dealing with US boards of directors, at least we have translucent transparency.

With a foreign board, who knows what's really going on: at best,
at worst,

When a board refuses an apparent higher, good offer, for a company that's losing money, I'm inclined to think they are making money, while everyone else is losing theirs.

Send em another million, they need it.
Actually their leading shareholders and their board are all quite well known and easy to figure out. The Board has undergone several changes. Livingston did actually make his way back on the board. Three shareholders own 46% of the stock.

Pride and Ego often enter into factions at odds with each other in these situations. I think they underestimated significantly what a turnaround would involve, thinking suddenly they would be back to their best days. Perhaps they thought the previous CEO was the problem. Sometimes they're intent on proving they can do it. Now, who knows their thoughts. They had a decent quarter ending in December. Do they think they've turned it around?
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Old 03-15-2014, 10:14 PM   #27
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Interesting Discussion.

In dealing with US boards of directors, at least we have translucent transparency.

With a foreign board, who knows what's really going on: at best,
at worst,

When a board refuses an apparent higher, good offer, for a company that's losing money, I'm inclined to think they are making money, while everyone else is losing theirs.

Send em another million, they need it.
Actually I have no suspicions as to the board. Today it's the acting CEO, the largest shareholder, a representative of the second largest. and three independent directors.
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Old 03-15-2014, 10:36 PM   #28
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173 million shares at S$0.215 for S$37.2 million or US$29.4 million.

So just under $30 million. Problem is they said no to a much larger per share price less than 2 years ago although it wasn't much more in total since they've diluted the shares since.

Funny they would rather sell new shares at a low price, diluting their shares, than sell the company. The current market cap is equal to basically their cash and Inventory. The book value of the company right now is probably around US$49 million or $39.
To put that into perspective, Chaparral and Robalo are public as Marine Products Corporation and have a market cap of $318 million.
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