Addiction LXXVII
03-21-20, 05:19 PM
#9801
So it is
Join Date: Sep 2008
Location: Westminster, CO
Posts: 21,340
Bikes: Luzerne, 684, Boreas, Wheelhouse, Alize©®, Bayamo, Cayo
Mentioned: 246 Post(s)
Tagged: 1 Thread(s)
Quoted: 11398 Post(s)
Liked 4,744 Times
in
2,763 Posts
03-21-20, 05:20 PM
#9802
• —
Join Date: Jun 2015
Location: Land of Pleasant Living
Posts: 12,230
Bikes: Shmikes
Mentioned: 59 Post(s)
Tagged: 0 Thread(s)
Quoted: 10165 Post(s)
Liked 5,852 Times
in
3,152 Posts
So FINALLY we closed on the sale of our lovely sailboat today.
Things went kind of bat$hit haywire for awhile there. Turns out we picked maybe the worlds worst yacht broker to work with.
Basic story is: we started with a lowball offer, countered, and the buyers mysteriously came up quite remarkably in price. It turns out that when we received the initial written offer, Mr H pointed out to the broker that we shouldn’t be listed as the seller on the paperwork, it should actually be the LLC which we own and which in turn owns the boat.
Well unbeknownst to us that is a very advantageous thing for the buyer. If they buy our business instead of our boat, they owe no sales tax to the state of California. Which is a substantial sum, the sales tax rate here being 10%.
So without our consent or knowledge, our broker used this to negotiate with the buyers, promising them we’d sell them the LLC rather than the boat. Same thing effectively though because the sole asset of the LLC was the boat. This explains why the buyers came up in price so quickly.
The big problem with the yacht broker doing that (aside from not discussing it with us) is that it’s illegal for a yacht broker to broker the sale of a business in the state of California, it has to be done by either a lawyer or a real estate agent. Why? Because yacht brokers don’t know squat about the process of selling a business, as I can attest to by the clueless behavior of both buyers and sellers broker in this instance.
We received several iterations of purchase agreements, none of which mentioned selling the LLC, we knew nothing about it until we’d already come to terms with the buyer and our broker casually mentions the lawyer who does his legal work to transfer the LLC.
WHAT?! Trust me, it’s fine. No, we’re not going to trust you. We’re going to hire our own lawyer and become informed on the subject.
(Meanwhile the stock market is crashing a bit more every day. Pandemic coming for us.)
Turns out consulting with our new Maritime Law lawyer, it is fine to sell the LLC, there’s no downside for us and a big upside for the buyer. But no flipping way I am having a lawyer representing the buyer do my legal work. So more expense to pay our new lawyer.
And jeez, the difficulties it caused with both of these yacht brokers was absurd. They were both used to working with “their guy” and were endlessly suspicious of our guy. They could not wrap their heads around the process and at every step of the way had to verify what our lawyer was saying.
Then after the 27th stupid iteration of the LLC transfer paperwork (insisted upon by the buyers broker who seemed literally to be unable to understand written English because he’d insist on adding some clause that was already in the contract), the buyers broker declares he will not receive the purchase funds from the buyer to hold in his trust account prior to the sale.
Why? Because he can’t do that since it’s illegal for him to broker a sale of a business in the state of California. Yet he’s willing to accept commission on the sale. He insists our lawyer accept the purchase funds into *his* trust account. Our lawyer tries to explain that whilst the brokers are legally neutral parties for the purposes of holding this money in an escrow account, he (our lawyer) is *not* a neutral party, he works for us. So ethically, he should not hold the buyers funds.
We go around and around on this stupid point and finally the lawyer says f it! Give me the money.
Ok now we’re a day and a half from closing but the buyers don’t wire the $ to our lawyer until 4pm the day prior to closing. Closing time rolls around and the money has not yet showed up in the lawyers account. Both brokers are perplexed as to why we won’t just move forward with closing and handing over the bill of sale.
Um, because the buyers haven’t actually paid for the boat yet?
Now the buyers are freaking out, where did their money go? They spend 2 hours on hold with their bank yesterday trying to trace the wire transfer. The money finally shows up in our lawyers account around 7pm last night.
Jeez the whole thing was ridiculous. But we finally closed the sale today.
Sad to see our lovely boat go. But feeling lucky to have sold her at the start of a global recession.
Trying to decide whether to report both brokers to the agency which licenses them.
Things went kind of bat$hit haywire for awhile there. Turns out we picked maybe the worlds worst yacht broker to work with.
Basic story is: we started with a lowball offer, countered, and the buyers mysteriously came up quite remarkably in price. It turns out that when we received the initial written offer, Mr H pointed out to the broker that we shouldn’t be listed as the seller on the paperwork, it should actually be the LLC which we own and which in turn owns the boat.
Well unbeknownst to us that is a very advantageous thing for the buyer. If they buy our business instead of our boat, they owe no sales tax to the state of California. Which is a substantial sum, the sales tax rate here being 10%.
So without our consent or knowledge, our broker used this to negotiate with the buyers, promising them we’d sell them the LLC rather than the boat. Same thing effectively though because the sole asset of the LLC was the boat. This explains why the buyers came up in price so quickly.
The big problem with the yacht broker doing that (aside from not discussing it with us) is that it’s illegal for a yacht broker to broker the sale of a business in the state of California, it has to be done by either a lawyer or a real estate agent. Why? Because yacht brokers don’t know squat about the process of selling a business, as I can attest to by the clueless behavior of both buyers and sellers broker in this instance.
We received several iterations of purchase agreements, none of which mentioned selling the LLC, we knew nothing about it until we’d already come to terms with the buyer and our broker casually mentions the lawyer who does his legal work to transfer the LLC.
WHAT?! Trust me, it’s fine. No, we’re not going to trust you. We’re going to hire our own lawyer and become informed on the subject.
(Meanwhile the stock market is crashing a bit more every day. Pandemic coming for us.)
Turns out consulting with our new Maritime Law lawyer, it is fine to sell the LLC, there’s no downside for us and a big upside for the buyer. But no flipping way I am having a lawyer representing the buyer do my legal work. So more expense to pay our new lawyer.
And jeez, the difficulties it caused with both of these yacht brokers was absurd. They were both used to working with “their guy” and were endlessly suspicious of our guy. They could not wrap their heads around the process and at every step of the way had to verify what our lawyer was saying.
Then after the 27th stupid iteration of the LLC transfer paperwork (insisted upon by the buyers broker who seemed literally to be unable to understand written English because he’d insist on adding some clause that was already in the contract), the buyers broker declares he will not receive the purchase funds from the buyer to hold in his trust account prior to the sale.
Why? Because he can’t do that since it’s illegal for him to broker a sale of a business in the state of California. Yet he’s willing to accept commission on the sale. He insists our lawyer accept the purchase funds into *his* trust account. Our lawyer tries to explain that whilst the brokers are legally neutral parties for the purposes of holding this money in an escrow account, he (our lawyer) is *not* a neutral party, he works for us. So ethically, he should not hold the buyers funds.
We go around and around on this stupid point and finally the lawyer says f it! Give me the money.
Ok now we’re a day and a half from closing but the buyers don’t wire the $ to our lawyer until 4pm the day prior to closing. Closing time rolls around and the money has not yet showed up in the lawyers account. Both brokers are perplexed as to why we won’t just move forward with closing and handing over the bill of sale.
Um, because the buyers haven’t actually paid for the boat yet?
Now the buyers are freaking out, where did their money go? They spend 2 hours on hold with their bank yesterday trying to trace the wire transfer. The money finally shows up in our lawyers account around 7pm last night.
Jeez the whole thing was ridiculous. But we finally closed the sale today.
Sad to see our lovely boat go. But feeling lucky to have sold her at the start of a global recession.
Trying to decide whether to report both brokers to the agency which licenses them.
03-21-20, 05:23 PM
#9803
So it is
Join Date: Sep 2008
Location: Westminster, CO
Posts: 21,340
Bikes: Luzerne, 684, Boreas, Wheelhouse, Alize©®, Bayamo, Cayo
Mentioned: 246 Post(s)
Tagged: 1 Thread(s)
Quoted: 11398 Post(s)
Liked 4,744 Times
in
2,763 Posts
03-21-20, 05:23 PM
#9804
So it is
Join Date: Sep 2008
Location: Westminster, CO
Posts: 21,340
Bikes: Luzerne, 684, Boreas, Wheelhouse, Alize©®, Bayamo, Cayo
Mentioned: 246 Post(s)
Tagged: 1 Thread(s)
Quoted: 11398 Post(s)
Liked 4,744 Times
in
2,763 Posts
Likes For LAJ:
03-21-20, 05:26 PM
#9805
Has a magic bike
Join Date: Aug 2013
Location: Los Angeles
Posts: 12,590
Bikes: 2018 Scott Spark, 2015 Fuji Norcom Straight, 2014 BMC GF01, 2013 Trek Madone
Mentioned: 699 Post(s)
Tagged: 1 Thread(s)
Quoted: 4456 Post(s)
Liked 425 Times
in
157 Posts
Our boat neighbor told us he saw the buyer down on the boat last weekend who said to him, “I can’t believe I’m actually buying a boat right now, I must be out of my mind!”
But she’s a lovely tempting thing.
03-21-20, 05:28 PM
#9806
he said member
Join Date: Sep 2008
Location: is everything
Posts: 13,802
Bikes: yes please
Mentioned: 4 Post(s)
Tagged: 0 Thread(s)
Quoted: 2789 Post(s)
Liked 1,951 Times
in
1,207 Posts
75%moved out of the master bedroom and into one of the other freshly repainted rooms. I still need to move the dressers and contents of the closet, before I start correcting the walls and ceiling. Not in any rush to finish things now do to the market grinding to a halt.
I have put off starting preparations for the season to long as it is. I rode the trainer for a quick 30 min today. Tested out the new shoes and moved over to a pair of blue cleats. I think I'm on to something! I have always hated the sloppy.feel of the yellow cleats. This just might be the answer. I might just have to brave the temps and go out tomorrow.
I have put off starting preparations for the season to long as it is. I rode the trainer for a quick 30 min today. Tested out the new shoes and moved over to a pair of blue cleats. I think I'm on to something! I have always hated the sloppy.feel of the yellow cleats. This just might be the answer. I might just have to brave the temps and go out tomorrow.
03-21-20, 05:28 PM
#9807
Senior Member
Join Date: Jul 2015
Posts: 1,499
Bikes: '88 Bianchi, '94ish Trek
Mentioned: 43 Post(s)
Tagged: 2 Thread(s)
Quoted: 1085 Post(s)
Liked 128 Times
in
58 Posts
I certainly understand and respect that position, but the situation in hospitals here isn’t critical yet and I have to regard crashing or getting smooshed as a very low probability event. This is argumentative, I guess, but it may be riskier to drive on some local roads. Then there is my waning sanity to consider...
Huh, yet another comparison between urban and rural living!
__________________
"The mystery of life isn't a problem to solve, but a reality to experience."
"The mystery of life isn't a problem to solve, but a reality to experience."
Last edited by Jadesfire; 03-21-20 at 05:30 PM. Reason: added a word
Likes For Jadesfire:
03-21-20, 05:31 PM
#9808
he said member
Join Date: Sep 2008
Location: is everything
Posts: 13,802
Bikes: yes please
Mentioned: 4 Post(s)
Tagged: 0 Thread(s)
Quoted: 2789 Post(s)
Liked 1,951 Times
in
1,207 Posts
Oh, the new shoes are fabulous btw.
03-21-20, 05:35 PM
#9809
he said member
Join Date: Sep 2008
Location: is everything
Posts: 13,802
Bikes: yes please
Mentioned: 4 Post(s)
Tagged: 0 Thread(s)
Quoted: 2789 Post(s)
Liked 1,951 Times
in
1,207 Posts
03-21-20, 05:38 PM
#9810
Has a magic bike
Join Date: Aug 2013
Location: Los Angeles
Posts: 12,590
Bikes: 2018 Scott Spark, 2015 Fuji Norcom Straight, 2014 BMC GF01, 2013 Trek Madone
Mentioned: 699 Post(s)
Tagged: 1 Thread(s)
Quoted: 4456 Post(s)
Liked 425 Times
in
157 Posts
Well, tbf, also I'm probably overthinking it and coming up with excuses simply because I'm not a morning person and commuting means an 04:15 wake-up call. But I am also getting a little stir crazy at this point and because of that it is becoming a more attractive option by the day.
Huh, yet another comparison between urban and rural living!
Huh, yet another comparison between urban and rural living!
Likes For Heathpack:
03-21-20, 05:40 PM
#9811
Super Modest
Join Date: Jun 2002
Location: Central Illinois
Posts: 23,466
Bikes: Trek Emonda, Giant Propel, Colnago V3, Co-Motion Supremo, ICE VTX WC
Mentioned: 107 Post(s)
Tagged: 1 Thread(s)
Quoted: 10963 Post(s)
Liked 4,620 Times
in
2,123 Posts
I remember learning semaphore with signal flags in boy scouts. Yep, I'm that old.
__________________
Keep the chain tight!
03-21-20, 05:48 PM
#9812
Should Be More Popular
Join Date: Dec 2007
Location: Malvern, PA (20 miles West of Philly)
Posts: 43,044
Bikes: 1986 Alpine (steel road bike), 2009 Ti Habenero, 2013 Specialized Roubaix
Mentioned: 560 Post(s)
Tagged: 2 Thread(s)
Quoted: 22590 Post(s)
Liked 8,924 Times
in
4,157 Posts
03-21-20, 05:51 PM
#9813
Should Be More Popular
Join Date: Dec 2007
Location: Malvern, PA (20 miles West of Philly)
Posts: 43,044
Bikes: 1986 Alpine (steel road bike), 2009 Ti Habenero, 2013 Specialized Roubaix
Mentioned: 560 Post(s)
Tagged: 2 Thread(s)
Quoted: 22590 Post(s)
Liked 8,924 Times
in
4,157 Posts
03-21-20, 05:51 PM
#9814
Coffin Dodger
Join Date: Mar 2013
Location: New Hampshire
Posts: 2,138
Bikes: Motobecane Vent Noir, Lynskey R345, Serotta Nova Special X
Mentioned: 11 Post(s)
Tagged: 1 Thread(s)
Quoted: 794 Post(s)
Liked 292 Times
in
143 Posts
Mrs. Pirkaus ❤️and I made authentic spanakopita. Yes it is as delicious as it looks 😋
03-21-20, 05:54 PM
#9815
So it is
Join Date: Sep 2008
Location: Westminster, CO
Posts: 21,340
Bikes: Luzerne, 684, Boreas, Wheelhouse, Alize©®, Bayamo, Cayo
Mentioned: 246 Post(s)
Tagged: 1 Thread(s)
Quoted: 11398 Post(s)
Liked 4,744 Times
in
2,763 Posts
03-21-20, 05:56 PM
#9816
smelling the roses
Join Date: Nov 2010
Location: Tixkokob, Yucatán, México
Posts: 15,320
Bikes: 79 Trek 930, 80 Trek 414, 84 Schwinn Letour Luxe (coupled), 92 Schwinn Paramount PDG 5
Mentioned: 104 Post(s)
Tagged: 1 Thread(s)
Quoted: 7081 Post(s)
Liked 901 Times
in
612 Posts
Oddly, I was never a fan. In those days I was into Woody Allen, Bob Newhart, et al. And a dab of Firesign Theater
03-21-20, 05:58 PM
#9817
Senior Member
Join Date: Jan 2010
Location: TC, MN
Posts: 39,520
Bikes: R3 Disc, Haanjo
Mentioned: 354 Post(s)
Tagged: 1 Thread(s)
Quoted: 20810 Post(s)
Liked 9,456 Times
in
4,672 Posts
03-21-20, 06:01 PM
#9818
Mostly Harmless
Join Date: Jul 2008
Location: Chittenango, NY
Posts: 56,589
Bikes: Have two wheels
Mentioned: 169 Post(s)
Tagged: 2 Thread(s)
Quoted: 13710 Post(s)
Liked 4,524 Times
in
2,503 Posts
03-21-20, 06:04 PM
#9819
VFL For Life
Join Date: Feb 2005
Location: Knoxville, TN
Posts: 51,210
Bikes: Velo Volmobile
Mentioned: 780 Post(s)
Tagged: 2 Thread(s)
Quoted: 28595 Post(s)
Liked 1,855 Times
in
1,317 Posts
You could be the coronavirus era's Rosa Parks.
03-21-20, 06:04 PM
#9820
Mostly Harmless
Join Date: Jul 2008
Location: Chittenango, NY
Posts: 56,589
Bikes: Have two wheels
Mentioned: 169 Post(s)
Tagged: 2 Thread(s)
Quoted: 13710 Post(s)
Liked 4,524 Times
in
2,503 Posts
03-21-20, 06:09 PM
#9821
VFL For Life
Join Date: Feb 2005
Location: Knoxville, TN
Posts: 51,210
Bikes: Velo Volmobile
Mentioned: 780 Post(s)
Tagged: 2 Thread(s)
Quoted: 28595 Post(s)
Liked 1,855 Times
in
1,317 Posts
03-21-20, 06:19 PM
#9822
serious cyclist
Join Date: Apr 2009
Location: Austin
Posts: 21,147
Bikes: S1, R2, P2
Mentioned: 115 Post(s)
Tagged: 1 Thread(s)
Quoted: 9334 Post(s)
Liked 3,679 Times
in
2,026 Posts
03-21-20, 06:37 PM
#9823
Mostly Harmless
Join Date: Jul 2008
Location: Chittenango, NY
Posts: 56,589
Bikes: Have two wheels
Mentioned: 169 Post(s)
Tagged: 2 Thread(s)
Quoted: 13710 Post(s)
Liked 4,524 Times
in
2,503 Posts
Likes For rjones28:
03-21-20, 06:42 PM
#9824
So it is
Join Date: Sep 2008
Location: Westminster, CO
Posts: 21,340
Bikes: Luzerne, 684, Boreas, Wheelhouse, Alize©®, Bayamo, Cayo
Mentioned: 246 Post(s)
Tagged: 1 Thread(s)
Quoted: 11398 Post(s)
Liked 4,744 Times
in
2,763 Posts
03-21-20, 06:43 PM
#9825
Mostly Harmless
Join Date: Jul 2008
Location: Chittenango, NY
Posts: 56,589
Bikes: Have two wheels
Mentioned: 169 Post(s)
Tagged: 2 Thread(s)
Quoted: 13710 Post(s)
Liked 4,524 Times
in
2,503 Posts
