PSC is dead, assets to be auctioned off - SailNet Community
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post #1 of 23 Old 09-06-2007 Thread Starter
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PSC is dead, assets to be auctioned off

A federal bankruptcy judge has authorized the public auction of the assets of financially troubled Pacific Seacraft Corporation.

It was the latest in a series of legal setbacks for the Fullerton-based sailboat manufacturer since it filed for Chapter 11 protection from its creditors in May.

In a motion filed July 3 with the U.S. Bankruptcy Court in Santa Ana, U.S. Trustee Peter C. Anderson asked the court to convert the case to one under Chapter 7 "for cause" - or, as an alternative, appoint a Chapter 11 trustee to oversee the operation of the firm during the Chapter 11 reorganization.

The motion said "cause" existed for several reasons, including the failure of the debtor, Pacific Seacraft, to list one of its largest unsecured creditors, to whom it owed $775,000.

The bankruptcy judge chose the alternative and ordered the appointment of a trustee to oversee the operation of Pacific Seacraft.

Anderson, who as a Justice Department official monitors bankruptcy cases for the federal government, chose James J. Joseph as the Chapter 11 trustee to oversea Pacific Seacraft.

Based on his assessment that Pacific Seacraft had effectively ceased to operate after filing Chapter 11 in May, Joseph subsequently filed a motion in bankruptcy court for authority to sell the firm's assets.

Joseph, a member of a Los Angeles-based law firm, told The Log News Service Aug. 30 that the court had approved his motion and that he would employee an auctioneer to proceed with the sale of the firm's assets. The sale is currently scheduled to be held Sept. 18 at the firm's former location in Fullerton, Joseph said.

Jerrold "Jerry" Cann, the firm's director of marketing, said in a July 16 release that the firm's management had been focusing on discussions with several parties interested in seeing "this powerful brand name continue." A source said Aug. 29 that those "parties" had been unsuccessful in their efforts to raise money.

Calls to the telephone number listed on Pacific Seacraft's Web site for its Fullerton plant and office were answered with a recorded message that the number had been disconnected.

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post #2 of 23 Old 09-06-2007
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OK, who wants to go in with me on the Dana and Orion molds?
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post #3 of 23 Old 09-06-2007
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I'm in! Just let me sell my comic book collection ...

(edit: I do like those Orions ...)


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post #4 of 23 Old 09-06-2007
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Too bad...maybe someone will now get the assets without the debts or obligations and make a go of it.

Reinforces:
1. Sailboat manufacturer's rarely emerge from chapter 11.
2. After chapter 11 is filed...don't believe anything the company says.
3. Put as little down as possible until you have title.

Next question...who else is at risk??
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post #5 of 23 Old 09-06-2007
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You're too late on the Dana 24. It was purchased a few months ago by a group in Seattle that plans to put it back in production.

The Orion 27 is a very nice boat too, but it is one of the early Morschladt designs that was discontinued in the early '90s as it yielded to the Crealock fleet. The Crealock designs (such as the Dana) are the ones to get hold of. And I don't know what if anything they did with the Flicka moulds.

And of course, Bob Perry's new design (38.5') for them is probably up for grabs, although there are no moulds or tooling -- just paper plans.
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post #6 of 23 Old 09-06-2007
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Originally Posted by JohnRPollard View Post
You're too late on the Dana 24. It was purchased a few months ago by a group in Seattle that plans to put it back in production.

The Orion 27 is a very nice boat too, but it is one of the early Morschladt designs that was discontinued in the early '90s as it yielded to the Crealock fleet. The Crealock designs (such as the Dana) are the ones to get hold of. And I don't know what if anything they did with the Flicka moulds.

And of course, Bob Perry's new design (38.5') for them is probably up for grabs, although there are no moulds or tooling -- just paper plans.


On the Yahoo Orion forum there was talk last year that PSC still held the Orion and Mariah molds. I don't know of the Flicka molds though.

I just hope some bad outfit doesn't get them and starts cranking out watered down versions of these boats.

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post #7 of 23 Old 09-06-2007
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Next question...who else is at risk??
I'm betting C&C/Tartan...
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post #8 of 23 Old 09-07-2007
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Next question...who else is at risk??

I heard that Cabo Rico has lost it's prime spot at the Annapolis Show in October.
Are they next??
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post #9 of 23 Old 09-07-2007
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"including the failure of the debtor, Pacific Seacraft, to list one of its largest unsecured creditors, to whom it owed $775,000."
Little things like that, could mean someone at PS is going to jail on fraud charges now, too.

And it was what, only a few weeks ago that someone posted word from Bob Perry saying everything was going to work out all right.
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post #10 of 23 Old 09-07-2007
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That's too bad. They were great boats - still are. I wonder how this will effect Valiant?

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