Mustang Marine, the saga (soap opera?) continues

by Bob Wonders on 22 Dec 2007 Last week I truly believed I would be revealing to all and sundry the name of the new owner(s) of Mustang Marine, the Australia luxury boat manufacturer.
.
This was also the week that receivers, Ferrier Hodgson, thought the name would be revealed.

Alas, it has not happened.

Apparently a deadline set by the receivers passed by without final resolution.

I asked Peter Gothard, a senior partner with the respected firm, if this meant the deal was in jeopardy?

'Well,' he replied, 'deals can always be in jeopardy, but we’re doing our absolute best to get it over the line.
'We were confident of achieving that goal prior to Christmas and it still may happen, but with Christmas Eve upon us it may drift over to the following week.'

Rumours, of course, have been flying thick and fast as to who the new owner(s) might be.

The majority could be termed ‘nonsense’.

What exactly is being offered for sale?

Essentially it is the Mustang Marine name, completed and partially-completed boats (about 35 in all), moulds, plugs and assorted (unspecified) boat manufacturing equipment but most important the engineering drawings and intellectual property..

There is no real estate involved; the company did not own any.

Like the rumours floating around as to who the successful bidder might be, there are just as many related to the asking price.

Ferrier Hodgson will not be revealing the final figure.

Whether we are privy to that information will in the end be a matter for the new owner(s).

I have heard figures quoted ranging from $200,000 to $10 million!

Forget both! Neither will be anywhere near the mark.

The deal does not include any boats that are in the hands of dealers.

It’s now heading into the ninth week since the company was placed into receivership.

Will it be 10 weeks, 11, who knows?

Powerboat-World will maintain contact with Ferrier Hodgson and we will report the news the instant it happens.

Until then, the saga continues.