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engaged in the business of chartering yachts for “dinner cruises”
in Ft. Lauderdale, Florida. In the 1990s, petitioner had several
yachts built. Petitioner would typically use the newly
constructed yachts in his charter business and eventually sell
them.
Petitioner married Pam Maire in 1993, but they separated in
February 1995. They filed for divorce in 1995 but reconciled in
June 1996. The couple separated again in 1997 and ultimately
were divorced.
In 1996, petitioner was convicted of three counts of felony
forgery for forging the signatures of nearby residents to
documents indicating they approved of petitioner’s application
for a liquor license for his country club.
Asset Sales
Wrecking Krew
In 1991, petitioner entered into a fixed-price contract with
Marine Builders, Inc., to deliver a completed yacht, built to his
specifications, for $796,707. On December 20, 1991, the yacht
received a certificate of inspection by the U.S. Coast Guard,
which is issued only after a vessel is considered ready to carry
passengers for hire, and was assigned identification No. D979342.
Petitioner took delivery of the yacht the same day and used it
in his charter business. The vessel was named the Wrecking Krew.
Petitioner paid Marine Builders, Inc., the $796,707 contract
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