- 7 -
obtained a loan for $300,000 and paid $200,000 thereof to Boats,
Yachts & Ships. The record is not clear as to the exact purpose
for this $200,000 payment, but presumably it was the final
payment due on petitioner’s purchase of the Feadship.
In November of 1990, petitioner again saw the Feadship in
Florida. At that time, petitioner was advised that the full
$300,000 designated for restoration of the Feadship had been
spent even though little progress had been made on the Feadship’s
restoration.3
Petitioner then sought advice about the Feadship from John
Weller (Weller), a friend of his brother-in-law, Norman. Weller
put petitioner in contact with one of his friends who owned Angus
Yachts (Angus), a shipyard in Alabama. In January of 1991,
petitioner paid to have the Feadship moved to Angus’s Alabama
shipyard for further restoration work. Representatives of Angus
estimated that the total cost to restore the Feadship would be
$218,000, but petitioner established no budget or limit for the
restoration work to be performed by Angus on the Feadship.
After Angus had worked on the Feadship for several months,
petitioner hired an individual referred to as Captain Anthony
3 On July 26, 1991, petitioner filed a lawsuit against Mogul,
Mark Mogul, and Boats, Yachts & Ships, seeking to recover the
$300,000 that was to pay for restoration of the Feadship.
Petitioner, however, never effected service on the above named
defendants in the lawsuit, and on Oct. 11, 1991, Boats, Yachts &
Ships was administratively dissolved as a corporation by the
Florida secretary of state.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011