clambake

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.

BeakBoater35

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.

marinaseeker

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.

glassman11

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 .

Joe92GT

Does that mean all of the boats that were re-po'd are locked up until the case is over?

glassman11

I dont know. I thought if they were r-po'd, then they automatically would be able to be sold by the bank.

glassman11

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

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

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????????????

Jupiter Sunsation

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