Window closing on US Watercraft auction
Published on November 1st, 2017
Vincent A. Indeglia, Esq., the Rhode Island Superior Court appointed Receiver of US Watercraft, LLC, has received an offer to buy the trademarks, boating lines, engineering, tooling, molds and manufacturing process for the True North and PDQ and C&C and lines along with an offer to purchase all of the molds J/Boats once used, for $620,000.00, free and clear of alL liens and encumbrances.
US Watercraft had voluntarily entered Receivership to sell its assets in July 2017. Since the early 2000’s after acquiring Pearson Yachts, US Watercraft manufactured and sold the Alerion Yacht, True North Yacht, North Rip Boat, C&C 30, Redline 41 and certain J Boat racing class sailboats.
US Watercraft currently owns the licenses to sell C&C Sailboats and certain J Boat models. It owns all of the tooling and engineering necessary to manufacture these fine boats.
US Watercraft was a leader in designing and manufacturing boats using its proprietary resin-infusion process to ascend above its competition. This process, unique to Alerion and True North lines, results in a lighter, smoother stronger and more streamline hull. The infusion process is also cleaner for the environment. The process is the evolution of the patented SCRIMP resin infusion process introduced by TPI and pioneered in US Watercraft’s plant.
With this offer tendered to Indeglia, the sale process for these quality boating lines begins and the clock is ticking. “Higher and better offers are welcomed and can be made up until November 3, 2017, which is the day the Court will make a determination as to whether to approve the offer,” says Indeglia.
Indeglia has set up a virtual due diligence room for interested parties, not only for the True North, C&C, and PDQ lines, but also the North Rip and Alerion lines and all models.
“The molds, plugs, forms, tooling, templates, engineering and processes for each and every model are identified, labeled and organized at the Warren, RI facility. We welcome anyone and everyone who has an interest to visit with us and capitalize on this unique opportunity,” states Indeglia.
Offers for the Alerion and North Rip lines have been received and are currently being analyzed. Indeglia believes that the well-established history of the Alerion line will result in “a good home” and a handsome future for the acquiring party.
This boat line is loved by sailors in the Chesapeake Bay, the Great Lakes and Northeast. Active models are: Alerion 20, Alerion 28 (with a 2017 newly revamped interior), Alerion 30 (introduced in 2016), Alerion 33 Daysailer, Alerion 33 Sport, and the Alerion 41. Tooling also exists for the older Alerion 38.
The North Rip line, “a beautiful work horse that gets you through the chop, slop and flats” is a sturdy, stable and eye catching power boat in the long line of center console boats similar to Grady White.
When it filed for receivership in July 2017, US Watercraft had orders for all boating lines. Indeglia is hopeful that new owners will continue the proud tradition of the product lines of US Watercraft and continue to service the many proud owners of these fine vessels. Interested parties should contact the Receiver at Vincent@indeglialaw.com.
Auction for sailboats, machinery, equipment, supplies and inventory set for November 11, 2017
Indeglia has retained Salvadore Auctions, Inc. of Narragansett, RI to execute an absolute auction to liquidate all equipment on November 11, 2017 at the Warren, RI facility.
Senior Auctioneer and company President Michael Salvadore Jr., a lifelong boat owner and local fisherman, reports the lots being presented include a wide assortment of woodworking equipment, travel lifts, a Farr 30 and five J/Boats. Some of the sailboats have been restored by US Watercraft.
“But, what is amazing is the enormous inventory of marine parts, supplies, anchors, props, boat parts, stainless fasteners and fabrication equipment, such as chopper guns and power tools,” said Salvadore. “This is going to be a super auction that some smart bidders are going to remember for a long time!
“We’ve got sailboats, some restored, Acme Travel Lift, huge inventory of woodworking equipment, including a CNC Router, plus NEW marine stoves, refrigerators, blade props, feathering props, bow chucks, cleats, stainless steel wire, swagging machines, fenders and so, so much more to sell and it all has to go no matter the price.”
Salvadore says this auction will be conducted both live at the auction site in Warren, as well as online with simultaneous bidding. “We always strive to give bidders the opportunity to participate in our auctions.”
Inspection and preview is slated for November 9 and 10 from 8:30 AM to 4:30 PM and, prior to the auction, on November 11, according to Salvadore’s website www.siaai.com.
The auction is scheduled to begin at 10:00 AM Eastern at US Watercraft, 373 Market Street, Warren, RI.