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Passport Marine Officially Over

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Old 07-10-2008, 01:12 PM
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Originally Posted by Jupiter Sunsation View Post
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
Many of the new boats have gone back to Formula to be rehabed. Then they will be sent back to be sold. Formula tried to get TNT marine to take many of the repossessed formulas so they could be rehabed at TNT's service department, and then sold. TNT declined. The problem I heard from a Formula rep. is that many of the new Formulas they took back were trashed. Damaged, filthy, missing parts, and many had over 100 hours on them. They can't be sold without being rehabed first. Also, the paperwork trail on many of the repossessed formulas is in total dissaray, and they are getting no cooperation from the Passport principals. Key Bank still cannot locate all the boats that Passport was supposed to have on floor plan. Again, no cooperation from principals.
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