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Go Back   SailNet Community > General Interest > General Discussion (sailing related) > Pacific Seacraft Bankrupt
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Thread: Pacific Seacraft Bankrupt Reply to Thread
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Topic Review (Newest First)
07-30-2007 02:58 AM
lfswhb I see that the Kohlmann"s are suing PSC. I dont think there is anything wrong
with PSC business model, unfortunately they have legal issues that are costing them money. Chapter 11 is hopefully going to be a helpful strategy.
07-29-2007 03:58 AM
Sapperwhite On an SA forum on Jul24, Robert Perry posted

"I got a call from Pacific Seacraft yesterday saying they had received funding to stay in production. I was told to get ready to finish the work needed to get the new PSC 38 model into the tolling stage.

I think that is good news."

Sounding better every day.
07-26-2007 02:58 PM
Sapperwhite Great News
07-26-2007 01:00 PM
JoeThompson
Boats are in production

PSC has investment capital and production has restarted. A 31 has already left the factory and our 31 will be completed shortly. Saga 409 is not far behind. I also note that the Bristol Channel Cutter tooling has been purchased by a reputable builder, Cape George Yachts in Washington.

Wanted to say how much I enjoy this blog, especially the heartfelt compliments for PSC boats. I found it interesting to imagine that PS boats, or any boats, might be built so well that they might never get old (and hence render new production useless), but sadly that is not the case: boats get old. There are some people out there looking for a perfect boat with all systems functioning at their absolute peak....the best way for this group to get what they want is to buy a new boat, although there are other routes to haveing a boat in this condition.

Thanks everyone who posted here...you have all made me a Sailnet fan!
07-17-2007 04:25 PM
JoeThompson
Moonfish thanks for the kind words

A lot of people have to get paid before the full cranking up starts. but there is a lot of investment money out there, some of which (apparently) looks at the Crealock 34 37 and 40 as special boats. if you think you might want a P38 or Crealock 56 let me know. The PS boats are not Catalinas, and they are not Valiants. You may think they are better, worse, too expensive, whatever, just agree that they are not the same. I like the Catalina 36MkII, I like the Catalina 400, I like the Valiant 42, I like the Valiant 50. They are different boats than the Crealocks, and the P38 (whenever one gets built) is another different animal.
07-17-2007 04:25 PM
Sapperwhite Sounds good Joe, but i don't like nailing guys! Hope you are right, I'd hate to see us go to make way for some "lesser" vessels.
07-17-2007 04:07 PM
JoeThompson
They are coming back

I now believe that PS is coming back at the end of summer. I believe they have found financing. You guys can nail me if I turn out to be wrong. End of summer.
06-20-2007 04:51 PM
JoeThompson The P-38 does not have tooling at this point. more than 20 weeks to build hull #1 from the restart of production...let me end the suspense now, it won't be at the fall show.

On a slightly happier note, I had the chance to watch a PS-38T go through a rigorous survey over the weekend....another case, as many of you have experienced, of the deeper you get into it, the more awesome the build becomes....In my personal opinion the PS38Ts out there are undervalued by around 100k, with or without an open factory. I don't have a lot of trawler experience, just saw lots of great details and overengineered stuff where noone would ever look.
06-11-2007 05:28 PM
Vasco
Quote:
Originally Posted by sailingdog
Just remember filing for bankruptcy and going out of business are two totally different things. Chrysler filed for bankruptcy... Oldsmobile went out of businesss.
The difference is you could buy a Chrysler off the lot. Dealers stocked the vehicles. You did not have to give your money to them not knowing whether a car would be built and delivered or not. I have not seen many brand new Pacific Seacrafts sitting in brokers' yards. I would be extremely reluctant to give my money to a builder if they're in re-structuring. I bought a new boat in the late eighties (a bad time for boat builders) and it was quite an ordeal waiting for delivery. Luckily my builder did not go bankrupt at a time when many did but I was sweating. It is a considerable chunk of money. Even though you might have paid the full price for the boat, until you take delivery and it is registered in your name it belongs to the manufacturer and if they go bankrupt you'll be just out of luck. When I bought my latest boat it was brand new sitting in a broker's yard. I knew I was getting it!!
06-11-2007 03:32 PM
Cruisingdad I would go buy a Valiant before dropping 400k in a PSC. I am sure there is some long debate that could be ranged on the differences between the boats, but come on... they are the same. Same price. Same comfort. Same seakeeping. But Valiant is making money and is not in Banruptcy.

If you are serious about a PSC, I would urge you to go look at a Valiant. They currently have several 42's and a 50 for sale at Cedar Mills (Valiant). Top notch people, I know them personally.

- CD

PS I sure would not want to be a guy with the $80,000 deposit on the P38 sitting on the production line right now (where it is probably radio silent).
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