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MarkJ · 26-11-2015, 05:05

Sad news

http://www.tradeonlytoday.com/2015/11/gunboat-international-files-for-bankruptcy-protection/

Quote:

Johnstone’s original post detailed the reasons for making the choice.

“In a period of non-stop accolades and introduction of several terrific new models, Gunboat has been quietly struggling behind the scenes for nearly two years,” Johnstone wrote on Facebook. “It has been a perfect storm of adverse business circumstances, mistakes and disputes.”

Leading the list of challenges was the*legal dispute*between Gunboat and Hudson Yacht and Marine Industries, a Chinese builder Gunboat contracted to build the 60 and subsequently sued.

Court documents allege that HYM never did some work and that the yard refused to pay warranty claims on other poorly constructed yachts. It also accuses HYM of breach of contract, fraudulent inducement, interference with contractual relations, unjust enrichment, breach of a non-compete agreement and misappropriation of trade secrets. Court documents accuse the company and its owner of launching a “knockoff brand” of carbon fiber catamarans despite signing a non-compete contract.

The issues prompted Gunboat to spend thousands out of pocket to fix the problems, according to the complaint.

HYM has denied the allegations, filed a countersuit and blames Gunboat for the problems.

Also on the list was the G4 capsize in April and a recent photo boat collision on a magazine boat test in Annapolis, which Johnstone says has “thwarted sales of the series to date.”

“The investment was made,” Johnstone said. “The return is in the future.”

The third item that led to the Chapter 11 protection filing was theabandonment of Rainmaker*by her owner and crew, which was “certainly not helpful to the new series,” Johnstone wrote. That boat remains afloat in the ocean, he said.