Eliminator Boats this AM

[OldSchoolBoats]

I’m not sure that Randy and Thane really need it?

The only way I can see them buying it and making sense it to run it remote, leave Jake there with current builds and then lean on Nordic’s tooling Dept to revamp new larger cats and CC’s. That would put them in a competitive spot with DCB / MTI etc.

Nordic is almost done tooling their new 36 true tunnel cat though that will be available with quad outboards.. I’m not sure how that mixes in with all of this, as well they are finishing up A 41 CC.

They will move it to Havasu is what I am hearing.

If Dale and Joe get it, they are moving it to Temecula.

 

[E4L]

Here we go. Thanks RD for blowing the doors wide open on this


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[LargeOrangeFont]

That seems cheap.

If someone already owns the property, It is just the name and tooling that is for sale.

 

[RiverDave]

Here we go. Thanks RD for blowing the doors wide open on this


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It’s all public record and a lot of people know about it.. This isn’t some
Industry secret?

 

[LargeOrangeFont]

They will move it to Havasu is what I am hearing.

They already have a state of the art boat making facility there and staff to run it. Makes perfect sense.

 

[ONE-A-DAY]

If someone already owns the property, It is just the name and tooling that is for sale.

You are also buying the bankruptcy debt, so that definitely lowers the price below the normal market value.

 

[LargeOrangeFont]

You are also buying the bankruptcy debt, so that definitely lowers the price below the normal market value.

Yes absolutely.

 

[Bigbore500r]

Question - how many west coast custom boat brands does one guy need to own, and operate under one roof? They sort of compete with each other at some point right?

 

[Gelcoater]

If that happens, with Eliminator and Hallett in LHC the real question is would @Gelcoater make the move too?

Nope.

 

[Done-it-again]

Question - how many west coast custom boat brands does one guy need to own, and operate under one roof? They sort of compete with each other at some point right?

Or corner the market.

 

[LargeOrangeFont]

Question - how many west coast custom boat brands does one guy need to own, and operate under one roof? They sort of compete with each other at some point right?

If you want to live through the lean times, you buy up your competition in good times.

If Nordic buys them new boat prices will jump another 10-15% the next time the economy surges.... watch.

 

[Cole Trickle]

Question - how many west coast custom boat brands does one guy need to own, and operate under one roof? They sort of compete with each other at some point right?

If there is profit to be made than it might make sense. I imagine they will due there due diligence and see if it pencils out.

I'm guessing the Nordic team wouldn't be buying it only on emotional value....Seems like there would be more of a financial gain if they brought it to Havasu and were able to streamline it and eliminate the CA problems and cost's.

I was told that the pitch book from the court had very lofty projections but a realistic evaluation of their current business.

 

[Uncle Dave]

Question - how many west coast custom boat brands does one guy need to own, and operate under one roof? They sort of compete with each other at some point right?

Correct.

Very hard to corner a market with boats -especially if you end up buying dogs that didn't sell anyway.
Then you become a storage company without compensation for it.

Look just the other day someone popped up what was it wraith?

Prices are going to jump anyway. Costs are skyrocketing.


UD

 

[rvrrun]

If someone already owns the property, It is just the name and tooling that is for sale.

Like I said.

 

[ONE-A-DAY]

If there is profit to be made than it might make sense. I imagine they will due there due diligence and see if it pencils out.

I'm guessing the Nordic team wouldn't be buying it only on emotional value....Seems like there would be more of a financial gain if they brought it to Havasu and were able to streamline it and eliminate the CA problems and cost's.

I was told that the pitch book from the court had very lofty projections but a realistic evaluation of their current business.

“Lofty” is accurate

 

[LargeOrangeFont]

Like I said.

For some boat molds, a name, and some debt?

I dunno. I agree it does not seem that expensive, but I have no idea what the whole picture looks like nor what assets are part of the sale. If there is no money in the bank, a bunch of debt, some boat tooling and a name... I guess you have to do the math and see if it pencils out.

 

[Done-it-again]

If you want to live through the lean times, you buy up your competition in good times.

If Nordic buys them new boat prices will jump another 10-15%.... watch.

If Nordic is the winner, I truly believe they know what it truly cost to build boats and they are priced correctly knowing what % they are making per sale. I always felt Eliminator prices were extremely high but still sold boats to those who wanted Eliminator. With Nordic's process they could build those boats cheaper (not in terms of cutting corners) and sell them for a lower price and sell more per year and make money in the end. It's a better buy with Eliminator than Hallett.

 

[rvrrun]

For some boat molds, a name, and some debt?

I dunno. I agree it does not seem that expensive, but I have no idea what the whole picture looks like nor what assets are part of the sale. If there is no money in the bank, a bunch of debt, some boat tooling and a name... I guess you have to do the math and see if it pencils out.

I don’t see “some boat molds, a name, and some debt”. I see a huge name, a reputation and a legend.

 

[LargeOrangeFont]

I don’t see “some boat molds, a name, and some debt”. I see a huge name, a reputation and a legend.

All worth $1.5M or more if the bidding goes higher.

 

[renodaytona]

Will be interesting, Norhalliminator.

 

[ChasingPaper]

For some boat molds, a name, and some debt?

I dunno. I agree it does not seem that expensive, but I have no idea what the whole picture looks like nor what assets are part of the sale. If there is no money in the bank, a bunch of debt, some boat tooling and a name... I guess you have to do the math and see if it pencils out.

The debt does not come with it

 

[wiredguy]

Any reason why you are putting this out there?
Unless the paperwork I’ve seen has changed it was December 7th!!
I thought today was a walk through??


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[LargeOrangeFont]

The debt does not come with it

Walt just said it does?

 

[wiredguy]

It is not being sold TODAY!!
These parties were looking at the place TODAY!


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[RVR SWPR]

If the Nordic organization wants to include Eliminator it is a no brainer for the Courts.Nordic resources appear to be endless in regards to building Quality performance boats. Their client list is proof enough.From the outside looking in seems Nordic does not need to add Eliminator to reach their goals.
Bob Leach will always be Eliminator,whatever way this situation is decided Bob Leach should be a part of it,that also is a no brainer.

 

[ONE-A-DAY]

It is not being sold TODAY!!
These parties were looking at the place TODAY!


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Sale date is 12/7, offers must be cash and be able to close by 12/28.

 

[Activated]

Probably some people that have boats being built shitting their pants today.

 

[DaveC]

I hope Jake wins. He is a nice guy, very good to work with and can continue the legacy.

He has been running the show for quite a while now so he will hit the ground running. Actually he is already on the ground running so it would be seemless if Jake took over.

Also he would keep the current staff which quite frankly is what is making things happen at this point.

If they can keep the current location with the current staff it would be almost like nothing happened at all.

 

[DaveC]

Why would you say that?

When I had mine built I kept making deposits in installments but there was always progress being made on the boat . I never felt that I was too much $ into the deal without progress being made so that I would lose my shirt over the deal.

Granted I was an unsecured creditor at that point but I could see progress being made which was re-assuring.

Probably some people that have boats being built shitting their pants today.

Actually my boat is there right now and I am not even worrying about it.

 

[COCA COLA COWBOY]

I know my family bought Eliminator because of Bob. Bob actually gave my dad a new boat when he had an issue with one back in the 70's. I don't know if I would buy one without him...even a used one?

Eliminators fetch a bit more than other brands, will this change with new ownership?

Just curious.

 

[RiverDave]

Probably some people that have boats being built shitting their pants today.

I don’t see why? If Jake wins it (which is most likely IMO) nothing changes. If Nordic wins it (nothing changes) and to my knowledge Dale hasn’t put in a letter of intent or an offer yet which needs to be in tomorrow I think? So I’m not sure where his interest level lays. I wouldn’t have a problem with him finishing out a build either..

All three interested parties are serious about the industry and have talent.


I understand it’s a bit of an awkward “feeling” with this all going on, but the boats will all be done and no matter which crew will he finished out right, most likely by the same employees that were building them anyways.

 

[SLT Kota]

Walt just said it does?

"to be sold free and clear of liens or other interests" - from the court filing linked on page one

The purchase price goes towards paying the creditors and any amount of debt beyond that wiped out. That is why the previous owner (Bob) couldn't have bid, in filing for bankruptcy the company exchanges all of it assets for the debt.

 

[Activated]

I don’t see why? If Jake wins it (which is most likely IMO) nothing changes. If Nordic wins it (nothing changes) and to my knowledge Dale hasn’t put in a letter of intent or an offer yet which needs to be in tomorrow I think? So I’m not sure where his interest level lays. I wouldn’t have a problem with him finishing out a build either..

All three interested parties are serious about the industry and have talent.


I understand it’s a bit of an awkward “feeling” with this all going on, but the boats will all be done and at the top of the game still.

I get it, but if you weren’t aware of what is going on, and you put ten’s of thousands of dollars down on a boat...you might be a little upset.

 

[OldSchoolBoats]

You are also buying the bankruptcy debt, so that definitely lowers the price below the normal market value.

The new owners are not responsible for the BK debt.

 

[RiverDave]

I get it, but it you weren’t aware of what is going on, and you put ten’s of thousands of dollars down on a boat...you might be a little upset.

I suppose that’s true. The boats will still be finished out though.

When Nordic bought Hallett they finished out the big 40, and it came out bitchen.. etc..

I’m just saying as a customer the sky isn’t falling. Nobody is buying this thing to tank it.

 

[DaveC]

Actually most of this is known by the customers.

Not all the details but there has been disclosure

No one is trying to hide anything

I get it, but if you weren’t aware of what is going on, and you put ten’s of thousands of dollars down on a boat...you might be a little upset.

 

[Activated]

Actually most of this is known by the customers.

Not all the details but there has been disclosure

No one is trying to hide anything

I didn’t say they were. Just making an observation...not starting shit.

 

[LargeOrangeFont]

"to be sold free and clear of liens or other interests" - from the court filing linked on page one

The purchase price goes towards paying the creditors and any amount of debt beyond that wiped out. That is why the previous owner (Bob) couldn't have bid, in filing for bankruptcy the company exchanges all of it assets for the debt.

So we are back to some tooling and a name

 

[WATERDOG]

Probably some people that have boats being built shitting their pants today.

Bet on that.

 

[E4L]

Any reason why you are putting this out there?
Unless the paperwork I’ve seen has changed it was December 7th!!
I thought today was a walk through??


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My exact thoughts


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[RiverDave]

So we are back to some tooling and a name

You could sum up rdp as a software license and a name as well.. but it’s a lot more than that. Lol

 

[E4L]

It’s all public record and a lot of people know about it.. This isn’t some
Industry secret?

Your right but I thought you had some integrity and wouldn’t do this to open the flood gates. I thought we were all friends. But it’s all here in black and white. Have a blessed day.


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[DaveC]

Understood

I am simply providing some facts to add some perspective to your observations

I didn’t say they were. Just making an observation...not starting shit.

The customers were not completely in the dark about what was going on

 

[LargeOrangeFont]

You could sum up rdp as a software license and a name as well.. but it’s a lot more than that. Lol

That is correct. The brand has value, but that value is only worth what someone will pay. In the end someone is buying this business to make money, not for nostalgia.

 

[DaveC]

There is an intrinsic value to goodwill

Which is depreciable too BTW. That will make Shintoo happy

So we are back to some tooling and a name

 

[5oclocksomewhere]

Forgive my ignorance! Who is E4L and why the hard feelings?

 

[LargeOrangeFont]

There is an intrinsic value too goodwill

Which is depreciable too BTW. That will make Shintoo happy

Tell that to the creditors

 

[WATERDOG]

I don’t see why? If Jake wins it (which is most likely IMO) nothing changes. If Nordic wins it (nothing changes) and to my knowledge Dale hasn’t put in a letter of intent or an offer yet which needs to be in tomorrow I think? So I’m not sure where his interest level lays. I wouldn’t have a problem with him finishing out a build either..

All three interested parties are serious about the industry and have talent.


I understand it’s a bit of an awkward “feeling” with this all going on, but the boats will all be done and no matter which crew will he finished out right, most likely by the same employees that were building them anyways.

I think Davis wants it more than Jake.

 

[RiverDave]

Your right but I thought you had some integrity and wouldn’t do this to open the flood gates. I thought we were all friends. But it’s all here in black and white. Have a blessed day.


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WTF? There’s no malicious intent here.. and maybe you should look up the word integrity because it’s pretty clear you don’t know what it means.

Would it be better if someone else started the thread? Did you think all these guys were going to go down there today and no one was gonna talk about it?

 

[DaveC]

Um. The bank wanted me to talk to you about yore down payment

Tell that to the creditors