Bruce wrote . . . > It seems likely that where the syndicate owns all the shares of the > boat between them, they will simply have to make other arrangements for > the boat, but the situation is very murky as regards those boats where > the company had one or more shares still for sale.
Why is it so murky, if the owners with shares in a boat have a clear title to their share (which I presume they would) then the official receiver will seek to liquidate the company's holding. Wouldn't this give boat share holders (or any body else) the chance to agree a price to purchase the unsold part of the boat. In today's waterway "situation" I would have thought that would permit quite a discount compared to the original price per share. As an example eight shareholders having each paid 8.33% of the original price could perhaps end up with 12.1/2% of a boat but pay only, say, 10.5% for it. If the shares would have been easily sold for original asking price then they would indeed be sold already. With such an opportunity to increase their share at a discount and the chance to extract themselves from the Challenger system, owners could find themselves quite advantageously placed. They should be able to save most of the extra capital ploughed into the boat out of reduced expenses over the next few years and end up with 50% more time afloat if they want to. Any shares in Henry available ? Beeky
