Shadow at Stockton Top Marina, November 2008
We have to decide whether to go with the reformed OwnerShips, now called Ownashare Cruising Ltd.; to sign up for another management company such as BCBM; to "go it alone" by becoming a self-managing group; or to disband and sell the boat.
The situation is complicated by the fact that, before it went bust, with debts according to some reckoning of up to £4 million, OwnerShips bought back three twelfth-shares from owners who wanted to sell. Now who owns these shares? The remaining owners have already seen the money they've put in the kitty for this year's boat costs evaporate: we've had to pay twice for things such as mooring fees and insurance. Our boat was particularly unfortunate in that there are, as I understand, outstanding unpaid bills of £5,000 to £7,000.
I've just been reading through some of the posts on the Boats and Canals discussion forum. I really don't know what's going to happen. Watch this space.
10 comments:
I've been hoping things work out at least satisfactorily for you, for Adam & Adrian on Debdale, and of course all the other co-owners out there too...
Thanks Simon.
I hope that the meeting goes well. The crash of ownerships was such a blow - shared ownership is such a good way to experience boating and is a great way to put a toe in the water before going for a whole boat of your own.
Good luck!
Sue, Indigo Dream
Thanks, Sue. Yes, it was working very well for us. We'll see what happens on Saturday.
Halfie,
I hope you have a good meeting. I think morally you are a ninth owner now and therefore the value of your asset has increased - offset by the thieving (intentional or not)of Allen Mathews.
It might be that some of the owners want to sell and you could slowly buy the boat singularly or a much smaller group 3-4 owners. The sinking fund costs are higher but that is just prepping you for full boat ownership.
Good luck and take care
Nev
Halfie
Keep visualising that perfect boat - one day it will come to pass.
Hope all goes well - my thoughts are with you.
Andy
Nev and Andy, thank you. Yes, 9/12 of the boat is owned by us, but I STILL don't know about the 3/12 bought back by OwnerShips. I'm hoping that will become clearer at the meeting (but perhaps it won't, as no-one has clarified it in any e-mail). I actually think I'm ready for full boat ownership now. It'll be easier to afford while I'm still working, even if I won't be able to spend as much time aboard as when I'm retired! Catch 22.
You'd be amazed at what you can let go of in order to go boating - we still work but have gladly given up on gardening, house maintenance, family, non-boating friends (!) and all other non-boating non-essentials.
Go for it!
Sue, Indigo Dream
Halfie,
Like you I always thought I wouldn't have enough time to get full value out of a boat until I retired, but I'm glad I took the plunge when I did. Now that retirement's fast approaching I can look back on five "extra" years boating and have, hopefully, got most of the major expenditure out of the way whilst I was still working. If things don't work out for your boat share scheme I'd recommend getting your own.
Jim
Sue, ha ha!
Jim, thanks for your encouragement.
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