Oyster Yachts gone into administration

Bearing in mind the prices of their yachts, was anyone else surprised by Mr Tydeman's revelation that they only had £1.5million of liability insurance? Seems like the management were rather lacking in judgement - possibly why the Dutch shareholders walked away.
 
pvb said:
Bearing in mind the prices of their yachts, was anyone else surprised by Mr Tydeman's revelation that they only had £1.5million of liability insurance? Seems like the management were rather lacking in judgement - possibly why the Dutch shareholders walked away.
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The Dutch shareholders were apparently 'turnaround specialists' **STOP SNIGGERING AT THE BACK!!!** - which would suggest to me they would probably have been quite 'hands on' in terms of managing risk and cost control, among other things; and the details posted on the website setup by Polina Star's owner would also seem to bear this out; I don't think you can say they were bystanders in all of this who had a rude awakening.
 
AndrewfromFal said:
The Dutch shareholders were apparently 'turnaround specialists' **STOP SNIGGERING AT THE BACK!!!** - which would suggest to me they would probably have been quite 'hands on' in terms of managing risk and cost control, among other things; and the details posted on the website setup by Polina Star's owner would also seem to bear this out; I don't think you can say they were bystanders in all of this who had a rude awakening.
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Not the case here then, looks like he got his new yacht then stuck 2 fingers up to all the loyal customers and staff then walked away, hardly the work of a professional unless I’m missing the obvious here ? If they had been hands on there’s a strong chance they would not be in the current situation. No need to throw the toys out the pram when things don’t go your way.
 
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AndrewfromFal said:
The Dutch shareholders were apparently 'turnaround specialists' **STOP SNIGGERING AT THE BACK!!!** - which would suggest to me they would probably have been quite 'hands on' in terms of managing risk and cost control, among other things; and the details posted on the website setup by Polina Star's owner would also seem to bear this out; I don't think you can say they were bystanders in all of this who had a rude awakening.
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Hahaha, "stop sniggering at the back"! Funny.....

All we have heard or read in the whole Oyster story are reactions and emails from the (ex) CEO, what has been published in the various magazines, emails being sent by various people, the Polina Star owner story, the new owner of Oyster and probably some more......but nothing from HTP/the 2 dutch guys.
Judging from their wealth, I am pretty sure they have done a lot of things very right and we can only guess, why they pulled out so suddenly. Maybe they got bored, maybe they cut their losses, maybe there was another reason. Who knows. Maybe we´ll never know.

@Resolution: I have my reasons. None of your business though.
 
SO40 said:
Hahaha, "stop sniggering at the back"! Funny.....

All we have heard or read in the whole Oyster story are reactions and emails from the (ex) CEO, what has been published in the various magazines, emails being sent by various people, the Polina Star owner story, the new owner of Oyster and probably some more......but nothing from HTP/the 2 dutch guys.
Judging from their wealth, I am pretty sure they have done a lot of things very right and we can only guess, why they pulled out so suddenly. Maybe they got bored, maybe they cut their losses, maybe there was another reason. Who knows. Maybe we´ll never know.

@Resolution: I have my reasons. None of your business though.
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Given your readiness to lay all the blame with DT, and give the HTP blokes a free pass, your coyness about quite you dislike him so much doesn't give you much credibility. - If you're going to disparage someone on here repeatedly, you have to make it stand up, as anything else is just trolling (and better suited to Twitter); and you really haven't stood it up so far. - To say it's no-one else's business raises the question 'well why are you talking about it on a public forum then?'

Your comment about being sure that the HTP guys doing a lot of things very right because they have made a lot of money is almost charming in its naivety; as if anyone who makes a great deal of money do so by doing the right thing and behaving ethically and correctly. - Didn't one of them send an email describing Polina Star's owner as an 'effing idiot who is trying to blackmail us'? - Tydeman's email also alludes to them saying they were 'rich enough to walk away' from Oyster (and the 400 people who work there)...
 
AndrewfromFal said:
Given your readiness to lay all the blame with DT, and give the HTP blokes a free pass, your coyness about quite you dislike him so much doesn't give you much credibility. - If you're going to disparage someone on here repeatedly, you have to make it stand up, as anything else is just trolling (and better suited to Twitter); and you really haven't stood it up so far. - To say it's no-one else's business raises the question 'well why are you talking about it on a public forum then?'

Your comment about being sure that the HTP guys doing a lot of things very right because they have made a lot of money is almost charming in its naivety; as if anyone who makes a great deal of money do so by doing the right thing and behaving ethically and correctly. - Didn't one of them send an email describing Polina Star's owner as an 'effing idiot who is trying to blackmail us'? - Tydeman's email also alludes to them saying they were 'rich enough to walk away' from Oyster (and the 400 people who work there)...
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Hey AndrewfromFal: where do I say I am giving the HTP people a free pass. I say we know nothing about why they did what they did. But what we/I do know about them, they have been very succesful. No more, no less.

For the rest: who cares what you think. I certainly don´t.
 
In DT's account, which I won't repeat from post #713, he states that the Polina sinking was due to a 'moulding failure'.
In my view, this is something still unexplained.
In earlier documents, we have been told that the Polina was checked over, post sale, against the design (at considerable length, depth and expense), and that the structural design was reviewed by some very competent external consultants.
Nobody seems to know exactly what was allegedly wrong with the moulding?
 
lw395 said:
In DT's account, which I won't repeat from post #713, he states that the Polina sinking was due to a 'moulding failure'.
In my view, this is something still unexplained.
In earlier documents, we have been told that the Polina was checked over, post sale, against the design (at considerable length, depth and expense), and that the structural design was reviewed by some very competent external consultants.
Nobody seems to know exactly what was allegedly wrong with the moulding?
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From further down his post 'There were samples of 4 transverse beams from 5 x 825’s – 20 clear examples of proof of failure by Bridglands to mould the 825 in line with the design plans'.

The inference I took from this was that they took core samples from the beams, - not something they would normally be able to do, but as they were going to have rectify / modify the structure anyway, semi-destructive / destructive testing that wouldn't have been part of the QA could be undertaken.

The thing that hasn't appears to confuse the issue (to my mind), is that the initial symptoms as reported by PS III pointed to a different issue, which the yard had checked against (inc the study by Giovanni Belgrano) and found no issue with.
 
Scolly said:
You have to bear in mind that this thread is riddled with people who's only mission is to belittle what was/is one of the uk's best yacht builders. Their comments seem to be based on envy/jealousy/ignorance
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+1. Our present yacht is a 35 yr old Oyster. We bought her 10 yrs ago at a similar second hand price to that of Moodys, Westerleys, Rustlers etc. of similar size. Apart from routine maintenance and updates, as would be required by any yacht of that age, she has displayed quality build, intelligent experienced design and grace. We don’t feel envy/jealousy at those who could afford to buy her when she was new; only gratitude that they financed her originally.
Mismanagement, QA, HTP or whatever may have brought about the present debacle but they have been and are great yachts.
 
Scolly said:
You have to bear in mind that this thread is riddled with people who's only mission is to belittle what was/is one of the uk's best yacht builders. Their comments seem to be based on envy/jealousy/ignorance
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Not sure that you have a basis for that (and there’s may be many with vested interests, disclosed or otherwise).

But certainly many posters were concerned that an apparently successful builder and historic/prestigeous yacht brand was brought to its knees (possibly partly through mismanagement of the Polina Star issue and/or its shareholder relationships).
The then CEO must have a lot of accountability for what happened on his watch.
Wishing the new owner and team the best for the future.
 
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