Albin factory sale

[powerboater56]

The Newport Daily News reported today that the Albin factory was sold for $13.7million.

The buyer is apparently someone named Gerald Conlan who is building a house in the Carnegie Heights development nearby. A representative for Mr. Conlan said he bought the 36-acre waterfront parcel partly to protect his privacy.

I wonder what will happen to the tooling, molds, parts and systems paperwork in the plant? I assume the sale will be sufficient to pay off all the debts incurred by Albin before it shut down.

A person who is involved with Albin told me that efforts to buy the tooling for at least the 28 and perhaps one of the other models foundered due to unrealistic demands by Mr. Peters, including royalty payments on all future production. Sad -- I think there is a strong market for the 28, 31 and 35 models.

[jcollins]

When you break it down per acre, that's a pretty good price. He seems to be a member of the Carnegie Abbey Yacht Club. A fellow boater?

Let's wish him well with his purchase.

[RicM]

An earlier article in another paper described that land as the last undeveloped waterfront land on Aquidneck Island (Newport,Middletown, & Portsmouth). Certainly worth $13M.
Fred Peters is delusional. The brands that have eaten his lunch like NorthCoast, True North, Eastern et al have what market he left behind. Don't get me wrong, I love my 28 TE, it's the perfect balance of fish/cruise in a very economical package, but if you are looking at downeast style boats in the $100K plus range these days there are plenty of alternatives, and no one will miss Albin's "legendary" customer service.

[JackK]

For exactly these reasons, most busineses place their realty holdings in a separate company to protect them from failure of the business. The sale price is almost certain to go directly to the shareholders of the realty company.

Banks and other secured lenders will require the realty company to guarantee the debts of the business. So if the bank is owed anything, they come first but everyone else is left holding the empty bag.

Jack

[jcollins]

Article I read today.
http://www.eastbayri.com/story/291862380383255.php

[Mariner]

I see boat molds in those pictures. Anyone got the cajones to go and grab 'em?