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Old 12-29-2008
nolatom nolatom is offline
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Join Date: Jun 2005
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nolatom will become famous soon enough
I'll echo SailingDog, and add a word about the market for "fix-up" sailboats.

Right now, almost no one's buying, hence the value of your tow-in is probably lower than at any time in recent memory. The value of what you salved, and the percentage you may receive as a salvage award, and the legal costs you may have incurred to reach that percentage, and the cost of the equipment (helio? tug? or just a lucky auxiliary cruiser passing by?) may exceed what you are ultimately awarded in salvage, if indeed you're awarded anything.

then there's the tricky question of whether it's an abandoned boat, or not. Whose tow line it is doesn't add much to this analysis. Salvage (it isn't til a judge says it is, otherwise it may be just towage) is awarded after considering a whole bunch of factors (google "Blackwall/ salvage" to see what the Blackwall factors are), and it can be expensive to get there.

So there's enough uncertainty, and delay, and expense, to determine whether you're the "owner", or the salvor, or just the tower, and what the recovery to you is, to make the effort likely non-cost effective for a smallish sailing yacht.
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