[MHml] Multihulls Digest, Vol 42, Issue 34

[Tony Hammer]

Re. PDQ Auction.Evan Gatehouse wrote:
> I doubt that any operation closing will do a good job of paying off  
> all their creditors - that's what bankruptcy is isn't it?
>
> Blaming high overheads for a boatbuilder going out of operation  
> seems really unlikely.  Do you have figures from the accounting  
> dept of PDQ, or just the whinging from a bunch of unpaid suppliers?

Tony Hammer replies:
Actually that's not entirely true.  Countaris Yachts (Dragonfly in  
Canada) wound down without leaving anyone with a soaking.
My source wasn't left being owed anything.  He had insisted on  
certified cheques for some time, despite being pestered to deliver.   
He had the figures for rent and utilities of PDQ's VERY large  
facility.  Didn't add up to solvency in any environment, let alone  
this one.

Before Abbott boats (Olympic Finns, Solings, Wayfarers and some  
offshore boats, 22-36 feet) were put out of business by the fire,  
Bill, the founder, told me he had to compete at that time with  
resurrected boat builders who had a big advantage over him after  
going bankrupt (a lot of very discounted gear, debts wiped out etc).   
He thought it unfair competition.  I wonder what Tony Smith at Gemini  
and the guys at Maine Catamaran have to say.

I admire the Slaters for what they have done.

Tony.