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Based upon Cheryl Hammann's deposition testimony and a
survey of the Malaguena, it appears that the sailboat was in poor
condition when acquired by petitioners. Numerous "conditions"
were noted in the survey, with recommended corrections. The
sails were in poor shape, and the cabin required refurbishing.
The survey indicated that the sailboat was to be used for
"pleasure" service and concluded that upon completion of the
recommended repairs, the sailboat would be suitable for use. It
is unknown whether the recommended repairs were made, and if so,
over what period of time, or at what cost.
Petitioners purchased the Malaguena from an unrelated third
party. The exact cost has not been provided to the Court;
however, it appears to have been in the $80,000 range. In August
of 1983, Hans Hammann borrowed $79,785 from First Interstate, the
proceeds of which were used for the purchase of the Malaguena.
The loan was characterized as a "simple interest personal loan",
secured by the sailboat. The term of the loan was 15 years at an
annual interest rate of 13.30 percent, repayable in monthly
installments of $1,025.14.
3(...continued)
electric sump pump, hand bilge pump, marine toilet and more
besides.
At option you may have a diesel generator set, electric
cooking stove with oven, refrigeration unit in the ice
box, water heater, teak overlay on the cabin sides,
compass and full set of electronics.
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Last modified: May 25, 2011