Oh, I know. Trust me, I know. I'm a bankruptcy lawyer, and my firm represents lenders. Not pretty.
I was working in New York last year, and was considering staying; apartment prices were ridiculous, so I was considering buying a boat to live aboard. I saw some 70-plus-foot Hatterases (Hatteri?) at fire sale prices. One 72-foot cockpit motor yacht from the late '80s, in flawless condition, repowered, lots of electronics, was going for $325K and the broker said the owner would entertain almost any offer. Owner was a building contractor who was way over his head and had personal guarantees on all his loans, which his banks were calling in. This economy is ghastly; and I read today that the Federal Reserve had transferred $2 trillion to the Treasury, so now they're monetizing the bailout. Great. On Mar 19, 6:23 am, Paul Graham <[email protected]> wrote: > I don't want to be a party pooper, but if we used "mark to market" > accounting, all of our boats are worth less than half what they were a year > ago. It's one thing to advertise a boat, it's quite another thing to actually > sell the boat. You will see a lot of bargains in the next year or two as > people no longer want to (or can) hang on. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "UnifliteWorld" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/UnifliteWorld?hl=en -~----------~----~----~----~------~----~------~--~---
