A $620,000 offer was made to buy some of the US Watercraft LLC brands after the boatbuilder entered receivership during the summer.
The Rhode Island Superior Court-appointed receiver said the offer was for the purchase of True North, C&C, PDQ and J/Boats. The purchase would include trademarks, boating lines, engineering, tooling, molds and manufacturing processes for those brands.
“Higher and better offers are welcomed and can be made prior to the date set down by the court, which is Nov. 3,” receiver Vincent A. Indeglia said.
The auction for the boat brands is set for Nov. 9.
Alerion, North Rip Boat and Redline 41 were not included in the offer. The entire factory and all of its contents — including five sailboats, a 30-ton travel lift, machinery and raw materials — will be auctioned on Nov. 11. Interested parties will have the opportunity to bid in person or online.
“There’s been an offer tended, and that’s subject to better and higher offers,” Michael Salvadore Jr., of Salvadore Auctions Inc., told Trade Only Today. “Which means someone could come in and offer more for one or two of the lines. So our job, the receiver’s job and my job as auctioneer is to get the most amount of money for the estate so the creditors can be satisfied.”
The equipment includes forklifts; tens of thousands of stainless steel nuts, bolts and fasteners; woodworking equipment; boat hardware; fenders, flush-mounted refrigerators and ice makers; new toilets; electronics, about 300 boat stands; fiberglass equipment; and copper wire.
“It’s an amazing amount of equipment,” Salvadore said. “Most of the boat parts are new. So everything’s gotta go, regardless of price. It could be a dollar or a million dollars.”
US Watercraft entered the court-supervised state bankruptcy process in August, Indeglia said.
US Watercraft has, for many years, manufactured and sold the Alerion Yacht, True North Yacht, North Rip Boat, C&C 30, Redline 41 and certain J Boat racing-class sailboats, Indeglia said in a statement.
US Watercraft owns licenses to sell C&C sailboats and certain J Boat models.
Prior to entering receivership, US Watercraft built boats utilizing its proprietary resin-infusion process.
Indeglia has set up a virtual due diligence room for interested parties not only in the True North, C&C, J/Boat and PDQ lines, but also North Rip and Alerion.
“The molds, plugs, forms, tooling, templates, engineering and processes for each and every model are identified, labeled and organized at the Warren, R.I. facility,” Indeglia said. “We welcome everyone who has an interest to visit with us and capitalize on this unique opportunity.”
Offers for the Alerion and North Rip lines have been received and are being analyzed.
Indeglia believes that the well-established history of the Alerion line and the North Rip center console line means that both will find “a good home.”