Yacht shipping firm assets are sold

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Assets of Yacht Path International and its related entities were purchased by a sole bidder Monday for $250,000 — an amount the company’s co-founder calls “an absolute joke.”

Documents filed in a Florida U.S. Bankruptcy Court say the sale of the yacht shipping business and its sister companies was approved for $250,000 Monday because “no other person or entity appeared at the sale approval hearing wishing to participate in bidding or to make a higher and better offer.”

Yacht Path Holdings LLC, identified only as a “New Jersey limited liability company,” was the initial bidder for the company’s assets. Because there were no other bidders at auction, Yacht Path Holdings got the company for its original bid.

Yacht Path International co-founder Kevin Cummings called the $250,000 purchase price “an absolute joke.” The court-appointed trustee handling the sale of the companies didn’t return calls to Soundings, nor did the attorneys representing all the parties in the case.

“If that’s the case, then the trustee did a really poor job for the creditors,” Cummings said, adding that the equipment cost him $1.8 million to purchase. “If they can honestly come up and say they came up with $250,000 as a purchase price, then the system is flawed.”

Yacht Path’s assets were frozen after myriad claims were filed by customers who said they either had to pay twice to get their yachts shipped — once up front and another time when the yacht reached its destination — or they paid to have yachts shipped that never made the trip.

Click here for the full report.

— Reagan Haynes

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