Aicom Auction Off their part Builds

[lambohill]

http://mobiliare.astalegale.net/WebApp/Vendite/Default.aspx?tr=2144&c=True&agg=False&npr=16/2012


Shed loads of part builds......
Cannot see these shifting, unless someone buys the lot.

See pages 2 to 4, skip one as its old stuff, rest is 65 to 80 foot new part built, literally shed loads.

 

[Whitelighter]

When did Aicon go pop? Was googling them just the other day

 

[MapisM]

When did Aicon go pop? Was googling them just the other day

IIRC in 2012, but that was just the last (formal) nail in the coffin.
Let me put it this way: even when they made an IPO, just before the financial meltdown, I didn't rush to buy their shares.

That aside, interesting link, thanks Lambohill for posting it.
For some of those boats, I wonder what sort of stuff smokes whoever established the base value, but a few others could be worth a look.
Also in the first page btw - frinstance, that one has seen better days for sure, but a Princess 360 for less than 10 grands is quite a bit of boat for the money...

 

[Just_sayin']

, but a Princess 360 for less than 10 grands is quite a bit of boat for the money...

Particularly as it has a tree growing on it

 

[Deleted User YDKXO]

For some of those boats, I wonder what sort of stuff smokes whoever established the base value, but a few others could be worth a look.
.

Yup some of those prices are a touch on the optimistic side to say the least! Not that I'm interested but are those base prices reserve prices for the auction or just guide prices?

 

[MapisM]

Not that I'm interested but are those base prices reserve prices for the auction or just guide prices?

My understanding of how these auctions work (but I'm not 100% positive on this specific case) is that you can only make an offer starting from the current base price - which is allegedly established by some expert.
If for any of the items they will receive no offers by the time the auction expires, they can arrange a second (and subsequently a third, fourth, etc.) attempt with lower prices.
My guess is that for some of those boats, they must cut the base price to one tenth of what I see now, to stand a chance to sell them on the second attempt....

 

[Deleted User YDKXO]

My guess is that for some of those boats, they must cut the base price to one tenth of what I see now, to stand a chance to sell them on the second attempt....

Yup that would be my guess too!

 

[petem]

My understanding of how these auctions work (but I'm not 100% positive on this specific case) is that you can only make an offer starting from the current base price - which is allegedly established by some expert.
If for any of the items they will receive no offers by the time the auction expires, they can arrange a second (and subsequently a third, fourth, etc.) attempt with lower prices.

Usual Italian efficiency I see!

 

[jfm]

My guess is that for some of those boats, they must cut the base price to one tenth of what I see now, to stand a chance to sell them on the second attempt....

Yes, for sure. The guy setting those prices was smoking something excellent, as you say. Boat 80-11 seems to have had the fly deck cut away with chain saw. They will have to pay someone to take it away, not get €321k+vat for it. Those boats have all sat there in Sicily gathering dust for 4+ years

 

[MapisM]

Usual Italian efficiency I see!

While I agree that it's not the most efficient selling process on earth, there is some logic in it, if you consider the overall picture.
We are talking of assets which are part of a bankruptcy procedure, where the official receiver in charge has a duty towards all the creditors to collect as much as he can.
Those creditors could in fact accuse him of underselling if those boats would all go for peanuts, because that would be detrimental for the overall funds available to them.
Therefore, the official asks an expert to make an evaluation - and on top of that, there's a book value (possibly inflated, if the company before going belly up resorted to some acrobatic accounting) to consider.
Mind, I'm not saying that this process grants that the bankruptcy procedure is more effective - let alone faster!
Just explaining the rationale behind it, which btw I don't think is just an IT thing.

 

[squadron]

The 75 fly looks like it's almost complete but as I don't understand Italian can anyone let me know if it has all the mechanicals, engines, generators etc ?.

Working on the assumption that it still has to be reduced in price to find a buyer how much do you think it would be to finish this boat ? Assuming it had mechanicals .i would assume that there are many professional people arround in Italy that could finish this project .

Thanks .

 

[Deleted User YDKXO]

We are talking of assets which are part of a bankruptcy procedure, where the official receiver in charge has a duty towards all the creditors to collect as much as he can.

Absolutely right and it would be the same in the UK. In this case, I guess the Receiver is testing the market to prove he has done his job. The boats are still way overvalued of course

 

[Deleted User YDKXO]

AThe boats are still way overvalued of course

Actually I may take that back

These 56s look nearly all up together and they're not a bad price for what I presume are unused boats

http://mobiliare.astalegale.net/WebApp/Vendite/Dettaglio.aspx?idv=17655

http://mobiliare.astalegale.net/WebApp/Vendite/Dettaglio.aspx?idv=17656

Similarly this 62

http://mobiliare.astalegale.net/WebApp/Vendite/Dettaglio.aspx?idv=17659

I think if I was in the market for a boat, I might be tempted to take a trip to Italy to see whether there are any real bargains hiding away

 

[MapisM]

can anyone let me know if it has all the mechanicals, engines, generators etc ?

Well, I for one can. Any other questions?
.
.
.
.
.
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... Sorry, couldn't resist!

The ad says that the boat is "largely incomplete", stored outside and with some water infiltration, but the only missing parts specified are "some electrical/electronic components", plus some finishing parts.

Since with other boats it's specified that there are no engines, I would guess that this one should have some...

 

[pks1702]

The 75 fly looks like it's almost complete but as I don't understand Italian can anyone let me know if it has all the mechanicals, engines, generators etc ?.

Working on the assumption that it still has to be reduced in price to find a buyer how much do you think it would be to finish this boat ? Assuming it had mechanicals .i would assume that there are many professional people arround in Italy that could finish this project .

Thanks .

Nor do I but 'Uncle Google' can be your friend :encouragement:

Description

Used boat and in fairly good condition; substantially complete within although dirty and a bit 'messy. Present small water infiltration in the inside cabins. Plant not complete. Present engines, engine room in disarray with pools of oily water; shafting and propellers present. ID - HIN / Targa IT ACN I0020 E707 - 1PS483D
Bail

1) A BANK TRANSFER 2) BY CREDIT CARD ------- if NOT AWARD: the deposit paid by BANK will be returned within 72 hours of the end of the sale, however, upon notice of their IBAN and the ' description of the procedure and the lot number in g.buccioli@astalegale.net. - The deposit paid by credit card will be unlocked, thus not charged.

Credit Card Terms
Deposit paid by Credit Card by by 30/11/15 14:00; the payment is "detained" by the card, if awarded, the amount will be collected and recorded. It will have to follow the balance as reported in "Mode balance".
Conditions Bank
Deposit to pay by bank transfer, by 11/27/15 18.00, payable to the Commission Agent Astalegale.net spa Credito Valtellinese Agency Biassono IT 66 T 05216 32540 000000005595 - In the reason indicate the code generated at the time the Bank staff offer. This will be enabled as a result of finding actual accreditation.

How to View company

The boats can be viewed on site by appointment. Coming soon signs for tours. For info contact Silvia Fontana mob. 3346238471 s.fontana@astalegale.net or Gian Luca Buccioli tel. 0755005080 g.buccioli@astalegale.net
How to participate

Participation in the tender procedures will be permitted, after registering at the portal mobiliare.astalegale.net. The sale takes place in the state of affairs in which the goods are not subject to the rules on the liability for defects or lack of quality. The sale is a body and not to measure. nor can it be resolved for any reason. The existence of any defects, lack of quality or deviations in the goods sold can not give rise to any compensation, allowance or refund of the price of having it taken into account in the valuation of assets. It is not expected right of withdrawal. All charges dismantling, loading and transportation, including activities such preparatory materials (eg. Shifting of boats to pick up the boat purchased) will be borne by the contractor. . The goods will be made available to the buyer only after payment made, and in case of award of goods numbered upon signature of the transfer decree by the Judge and in any case when the successful tenderer / transferee has given proof that the transcript of the decree in public records, or it has paid the sums necessary procedure to such performance.
Mode 'balance

Sale price, including taxes, charges and auction fees, net of the deposit paid, within 15 days from the award by bank transfer to: Astalegale.net spa Credito Valtellinese Agency Biassono IT 66 T 05216 32540 000000005595 - as reason indicate as AICON Yacht- balance Lot No. --- and the name of the contractor (natural or legal)
Mode 'delivery of the goods

The goods must be picked up within fifteen days from the settlement price, or where the goods concerned registered within fifteen days from the curator of the documents attesting to the transcript of the public record, or if this requirement were to be carried out by the procedure, s 'intends with funding provided by the contractor, within fifteen days from the moment the curator notify the contractor of the completion of the transcripts.
Put on sale

SALE BY COMMISSION AGENT Astalegale.net 06134 North State Road Tiberina Perugia 0755005080

 

[squadron]

Well, I for one can. Any other questions?
.
.
.
.
.
.
... Sorry, couldn't resist!

The ad says that the boat is "largely incomplete", stored outside and with some water infiltration, but the only missing parts specified are "some electrical/electronic components", plus some finishing parts.

Since with other boats it's specified that there are no engines, I would guess that this one should have some...

Thanks Mapism

 

[squadron]

Nor do I but 'Uncle Google' can be your friend :encouragement:

Thanks for that pks ...I don't know why they don't include more photos as that would be much better than trying to describe in words the condition of the boat?.

 

[jfm]

The timeline is remarkable here. Deleted User links to some Aicon 56s in #13 above and there is a stock boat with HIN ending I708. The company IPOed in May 2007 and share trading was suspended Sept 2011, followed by formal bankruptcy 2012. It looks like the downturn in sales happened right after IPO but they managed to carry on trading for 4 years. I mean, you have a hull moulded 4 months after IPO and no customer ever bought it, and it is still among the company assets now, 8 years later. Looks like they were making more boats than they had customers for quite some time.

 

[jfm]

Thanks for that pks ...I don't know why they don't include more photos as that would be much better than trying to describe in words the condition of the boat?.

Yep, it is a crummy job by whoever is running the auction. Prospective buyers need more information

 

[MapisM]

Nor do I but 'Uncle Google' can be your friend :encouragement:

Description

Used boat and in fairly good condition; substantially complete within although dirty and a bit 'messy. Present small water infiltration in the inside cabins. Plant not complete. Present engines, engine room in disarray with pools of oily water; shafting and propellers present. ID - HIN / Targa IT ACN I0020 E707 - 1PS483D
...

Hang on, for a moment you made me wonder if Google could INVENT decriptions, rather than translate them!
The one you quoted is for the boat 62-20, while my previous summary refers to boat 75-11, because squadron asked about the 75 fly, and that's the only 75 I found in the list.
Aside from those first few lines of the description, the rest is exactly the same for every boat, and by and large the google translation gives an idea of it.
But for the 75-11, there's neither a HIN nor a registration number - in fact, the "1PS483D" in the 62-20 description is her IT reg #, which actually means that she's a used boat.

PS: I just re-checked the ad, because I was wondering where jfm found the HIN he previously mentioned, and indeed also for the 75-11 the HIN is mentioned, but only in the attached PDF file.
I just briefly opened one of those attachments the first time I checked the website, but I didn't find it meaningful, so I gave it a miss when I looked at the 75-11.
The description remains the one I previously summarised, anyhow. But for the records, the HIN says that she's a July 2007 boat.