Like Tree0Likes

Passport Marine Officially Over

Reply
Old 04-23-2008, 09:55 PM
  #91
Registered
 
Join Date: Jul 2007
Location: Graceland
My Boats: '60 Glastron
Posts: 46
Default

Thanks for the update Glass, too bad for all the talented employees that have came and went. I got some sweet 1/2" anchor chain laying here if you know where J.D. and A.S are.
clambake is offline  
Reply With Quote
Old 04-24-2008, 12:00 PM
  #92
Platinum Member
Platinum Member
 
BeakBoater35's Avatar
 
Join Date: Aug 2005
Location: 1000 Islands, New York
My Boats: 1997 Fountain 35 Lightening
Posts: 194
Default

Kinda sounds like the same stupiity that resulted in the current real estate/mortgage mess. Enabling too many people, to buy too much stuff... that they can't afford.

Quote:
Originally Posted by glassdave View Post
correct me if im wrong but that seems insane to finance fuel/insurance. If those are problems i would imagine one should re think their boating. At the end of the 2 years you would be upside down big time.
BeakBoater35 is offline  
Reply With Quote
Old 04-24-2008, 02:16 PM
  #93
Registered
 
Join Date: Mar 2008
Posts: 42
Default

Quote:
Originally Posted by BeakBoater35 View Post
Kinda sounds like the same stupiity that resulted in the current real estate/mortgage mess. Enabling too many people, to buy too much stuff... that they can't afford.
Thats exactly what happened with all this Passport Marine financing. They got all these first time boat buyers sucked in with this 0% down, or low rate, everything in the pot financing. Passport financed in 2 years of fuel, 2 years of storage, 2 years of maintenance, 2 years of insurance. They were appealing to buyers who really couldn't afford the boat. The bank was financing all these Passport deals for customers with stated income, or straw deals. Well after the two years these people got hit with $1000 a month boat storage rates, $700 to fuel up the tank, high insurance rates etc. etc. Then, they would want to sell the boat, and they were totally upside down! Wow, it costs big money to own and run and store a boat!
This company was a Ponzi scheme, and the lenders let them get away with it. Now, everyones paying.
marinaseeker is offline  
Reply With Quote
Old 04-27-2008, 12:13 PM
  #94
Registered
Thread Starter
 
Join Date: Mar 2008
Posts: 52
Default

Just found out yesterday that Key Bank filed in Connecticut Federal Court against Passport Marine on April 23.........

Is there any attorney or other knowlegeable person who can tell me why Key Bank would file in a CT. court and not in Florida when Passport was based in Aventura and Tampa Fl ?
CT. was just a spinoff location. I am curious .
glassman11 is offline  
Reply With Quote
Old 04-27-2008, 01:32 PM
  #95
Registered
 
Join Date: Sep 2007
Posts: 423
Default

Does that mean all of the boats that were re-po'd are locked up until the case is over?
Joe92GT is offline  
Reply With Quote
Old 04-27-2008, 02:03 PM
  #96
Registered
Thread Starter
 
Join Date: Mar 2008
Posts: 52
Default

Quote:
Originally Posted by Joe92GT View Post
Does that mean all of the boats that were re-po'd are locked up until the case is over?
I dont know. I thought if they were r-po'd, then they automatically would be able to be sold by the bank.
glassman11 is offline  
Reply With Quote
Old 05-08-2008, 12:32 PM
  #97
Registered
Thread Starter
 
Join Date: Mar 2008
Posts: 52
Default

Update......Where are they now?

I heard that Jim Dillon is now in Costa Rica.....Trying to start a Passport 11 ? They don't know him there.
Andy Sturner is laying low....Is having a major cash flow problem at Hi-Lift Marina, and problems with some of his investors.......
glassman11 is offline  
Reply With Quote
Old 05-10-2008, 09:17 AM
  #98
Registered
Thread Starter
 
Join Date: Mar 2008
Posts: 52
Default

Does anyone have access, or can download the article in yesterdays Tampa Bay Business Journal?

They ran an article on Passport Marine that supposedly is pretty interesting. "Rough Seas in Marine Market impact Passport Marine" Anyone read it?
glassman11 is offline  
Reply With Quote
Old 05-13-2008, 12:11 PM
  #99
Registered
Thread Starter
 
Join Date: Mar 2008
Posts: 52
Default

Those that are interested, you can pull up the entire Tampa Bay Biz Journal article on Passport Marine today. You have to hit a couple different journal sites to find the complete article but you can pull it up. My only question after reading it was:
What Happened to all the Money????????????
glassman11 is offline  
Reply With Quote
Old 07-09-2008, 05:56 PM
  #100
Registered
 
Join Date: Jun 2005
Posts: 9,594
Default

Most of the new boats/ untitled/ no issues went back to Formula. The used/demo/other boats went to National Marine in Ft Lauderdale. They have sold many of them already but still have a bunch on their lot.

Best deal I heard of was an 06 400SS/ Diesels for 220K......with a little over 100 hours
Jupiter Sunsation is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
glassman11
General Boating Discussion
14
11-18-2015 11:06 AM
glassman11
General Boating Discussion
1
08-26-2008 10:51 PM
26sonic
General Boating Discussion
7
07-08-2005 03:38 PM
Jonas
General Boating Discussion
9
02-27-2004 11:47 AM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 03:58 PM.


Copyright 2011 OffShoreOnly. All rights reserved.