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Passport Marine Officially Over

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Old 04-11-2008, 06:25 PM
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I believe "z" guy and his brother were both long- time customers of the original HL, bought several Formulas from the Ellis brothers. Bad chit sometimes happens to good folks.
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Old 04-11-2008, 06:44 PM
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I believe "z" guy and his brother were both long- time customers of the original HL, bought several Formulas from the Ellis brothers. Bad chit sometimes happens to good folks.
Thats right. I hope he sues those guys. I bet Jim and Andy didn't lose a dime.
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Old 04-11-2008, 10:22 PM
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Too many "investors" get into the biz because they think it's all glam and everyone is making tons of money. It's a very hard business to make money at. Passport was doomed from day one.
They forget about the insane floorplan, the insurance and the limited buyer's pool. Everyone wants a boat but only a portion of the buyers can pull the trigger!
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Old 04-12-2008, 09:18 AM
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They forget about the insane floorplan, the insurance and the limited buyer's pool. Everyone wants a boat but only a portion of the buyers can pull the trigger!
Not really. If you turn your inventory properly most of the floor costs are absorbed by the mfg. As an example a normal unit will come to you with anywhere from 3-6, to even 12 months on larger units. Insurance is costly but not big enough to put you under. As for buyers, there are usually enough buyers to sell your product to if you're willing to work hard enough to make a sale happen.

It's facility expense, staffing, advertising and boat show expense (huge) and lots of loss to make customers happy (clock time mostly). Basically, the problems show up, from what I see, when there is not one particular persons azz on the line. No desk where the "buck stops"
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Old 04-12-2008, 11:06 AM
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Not really. If you turn your inventory properly most of the floor costs are absorbed by the mfg. As an example a normal unit will come to you with anywhere from 3-6, to even 12 months on larger units. Insurance is costly but not big enough to put you under. As for buyers, there are usually enough buyers to sell your product to if you're willing to work hard enough to make a sale happen.

It's facility expense, staffing, advertising and boat show expense (huge) and lots of loss to make customers happy (clock time mostly). Basically, the problems show up, from what I see, when there is not one particular persons azz on the line. No desk where the "buck stops"
Your right. Thats why Passport went under. They were opening facility after facility, over staffing and over paying the wrong employees who knew nothing about the boating business. Relied on lawyers and accountants instead. Went to every boatshow imaginable. Bought way too much inventory so they could be #1. Took way too many "BAD TRADES" and then got stuck with all this inventory they couldn't move. One important aspect you left out was that they were unable to provide quality service to their customers. The people running Passport and Hi-Lift, Andy Sturner and Jim Dillon, were more interested in leveraging the company and getting on the New York Stock exchange than running a marina business. It was doomed from day one.
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Old 04-12-2008, 11:12 AM
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Boat companies (mfg's, dealers, etc) don't belong on any exchange. Somehow Brunswick pulls it off (though we'll see what happens over the next few years). It never works out.
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Old 04-12-2008, 11:18 AM
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Is that a wrecking ball I see coming down 187 st.?
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Old 04-12-2008, 11:36 AM
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Dillon and Sturner will keep doin' what their doin', on a different trac. Because they are the masters of one thing, and one thing only. OPM. OTHER PEOPLES MONEY
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Old 04-12-2008, 02:27 PM
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Just heard from a buddy of mine who works at Magnum Marine, next to Hi-Lift. He said the cops are at Hi-Lift now seizing the boats..................
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Old 04-13-2008, 11:48 AM
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Update for the ex-Passport employees who are calling me....

They had eight police cruisers and 12 captains from National Liquidators take boats by water yesterday at the Hi-Lift marina. Next they will be taking the two Egg Harbors behind Andy Sturners house, the Formulas he has been docking behind his friends' houses, and the Formulas being docked behind investors homes. Alot of boats being seized. Could be some real deals coming up.
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