Owner Loses $65 Million 'Abandoned' Yacht & Crew Sue | Nord Sighting | Ep 157 SY News
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- เผยแพร่เมื่อ 9 ก.ย. 2024
- #superyacht #superyachts #yachts #boats
Owner Loses $65 Million 'Abandoned' Yacht & Crew Sue | Nord Sighting | Ep 157 SY News
Further Nord Sightings
Sarafsa update
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Anytime this channel goes three days without a video, you know the next one is going to be a banger!
Either that or he's on duty in transit lol
If I buy a 2nd hand car, I don't expect to pay for any parking tickets from prior to my purchase, so I don't think the new owners should feel obliged to pay those ex French crew members.
By all means give them all the details possible to secure a private prosicution or other legal refund solution.
I'm pro workers rights, but those who MUST pay, should be the only party to reimburse it's ex staff
Sarafsa has a colour scheme that when it was new looks incedible. Like a dark burgandy. Very classy looking boat and hopefully gets restored using this colour again. Hope you are able to do a tour of this fantastic yacht.
@@chow24 I built that boat, it was the family's colour. It's very much burgandy.
Oh man, i sooo LOVE that you follow up on stories. Unfortunately news agencies rarely do a follow up after a piece airs, which is a shame. Again, Kudos to you.
I enjoy your excellent reporting!
The exterior of this yacht can not have been touched for a long time, a couple of months of salt air and water didn’t do that amount of damage in a few weeks. Intriguing! Thank you for your investigations and sharing.
those marks are from the ropes. scraped the finish off. you can see a rope stretched across the spots with the moldy look. it must have been getting rocked at one point.
i know or have a theory on why that boats looks poorly on the outside. Honda cars had bad clear coats which resulted in cars looking like that if they sad outside and received a lot of sunlight. my guess is that the finish on that boat was not properly chemical mixed or didn't stick well and peeled off. being out at sea the boat will receive a lot of reflecting sunlight as well as direct, this with bad clear coat/finish will cause this fading effect (it look very similar to what would happen to a car, so this is just a guess)
We knew that Nord would reappear in time. It is a rather large, striking vessel to try to hide, I think the only way to hide her permanently would be to scuttle her in the middle of open ocean. Sarafsa is lookin' kinda skanky on the exterior, I wonder if that was strategic. Hopefully, she receives some TLC from the new owner if one materializes. I cannot imagine allowing it to continue looking so bad after purchasing it. Always great eSysman, thank you!
Thank you sir! Great information as always.
Seems like a lot of these super yacht owners are ... criminals...let's face it. You can't waste this kind of money "legitimately"..O' sure, a new owner will just throw money around to do the "right thing"..O' let's all dream together...forget my negative comments...nice job and great channel.
To the average layman it would seem that a person with this much money to basically loose must be doing something illegal. But sadly that isn’t always the truth. There are people who can afford to play at this level.
Most billionaires are criminals, they can just afford good enough lawyers and bribe/lobby enough politicians to make problems go away
I do not think that they are criminals. The vast majority of yacht owners are legitimate owners that earned their money without any criminality. As far as Russians go: defining them as criminals in many cases is a stretch. They came by their money by what, in Russia, was legal and was allowed by Putin. In my mind they are a special case. Of course, any where else in the world they would be criminals. As far as the Saudi is concerned, he appears to be a deadbeat, but came by his money because of his connections to the Royal family and may well be a member of the family. What ever his connection is, it doesn't make him a criminal.
@@kokomo9764 Are you serious, if you have that kind of money, you have screwed over a lot of people, whether it’s legal or not, you must be a real piece of work !
@@kokomo9764 I don't know, even some of the "good" billionaires, like Bill Gates or Warren Buffett, have done some stuff in business that are illegal. As leaders of their businesses, that makes them criminals to me. They're just white collar criminals, not your regular poor kind.
Best YT channel out there!
Here to support your channel
Just curious - Why is it "the right thing to do" for the payments claimed by "the French employees" against a Prince al Saud be paid by whomever buys the yacht? 1) The claims are against the Prince al Saud; 2) Pending governing law, a foreclosure action would likely remove the claims; and 3) the future owner is relying on clean foreclosure title.
The vessel is likely owned by a LLC as it’s primary asset. To purchase the or sell the boat you sell the shares of the LLC. So effectively the vessel never changes ownership, just the shareholders. This avoids transfer taxes and all insurance and documents are uninterrupted. So all debts are still owed by the same entity. This is obviously much cheaper.
@@daversj / Yes when it comes to structuring ownership; however, if the bank repo’s it from the LLC, the ownership of the entity doesn’t change. The bank takes possession of an asset of the company unencumbered (save for shady hypothecation etc.). Also when it comes to sale, in some cases an APA (asset purchase agreement) is a better choice. Really depends on structure and context
@@daversj Assuming the Prince owns the theoretical LLC, any obligations of the Prince, obligations associated with the operation of the LLC, obligations of other current or prior owner(s) of the LLC, known or unknown, disclosed or not disclosed, etc., etc..... all these obligations are potentially the new owner's problem through the LLC.
With regard to tax savings, pricing usually adjusts in the Buyer's favor to reflect cost equivalent net taxes and standard obligations. Tax arbitrage savings may not be there... the situation is similar to real estate values going down as interest rates are going up, with the cost to the Buyer remaining constant.
I've always elected for clean title from the bankruptcy court, avoided acquiring the LLC, and for getting a good night's sleep.The bank's Deed of Trust was likely directly attached to the yacht, with any LLC being an additional Guarantor. This gives the Buyer the option of taking title through the theoretical LLC, or through the bankruptcy court.
I love this channel, found it recently. It makes me so nostalgic, I worked on yachts if all types and sizes for a couple of years in Europe. It is a fascinating experience! Keep up the good work!
Why would the new owner be liable for the previous owners debt.... that's CRAZY that you would like to hope for that??? I'm sure that would get contested in court and be thrown out!!! The contract was between the Owner/Management company for the service... not the yacht.
Yes. They would be liable French law.
It's the cost of being rich. Lol
Common when it comes to motorcars.
@@malmofanatico so sad, that sucks for the new owner!
great updates as usual. looking forward to the inside view of the yacht in Monaco. Although you are correct in saying the inside is in perfect order, unlike the hull paint, I must say, the interior design is not to my taste...verges on the bordello look frankly... red carpet and burgundy drapes
...eccch!
So, I would have to totally gut it and do a complete redesign to make it mine.
Keep doing your own thing MY/ NORD!!👊🏾
The failing exterior paint is the result of poor polishing and failing roll and tip ceramic application. The work was done in La Ciotat, France.
Cala Di Volpe Hotel is stunning. Stayed there a few times and it's the best in Sardinia. The mega yachts are on anchor and guests come to the restaurants there in million dollar- plus tender boats.
Question: New owner changes the name, would the four crew have any claim for non payment? I understand that in the big picture 4-5 months pay for four crew would be a drop in the bucket. But rich people are rich for a reason, not because they are generous.
Why doesnt the bank pay the former crew members? Seems they are the owners now, so wth?
All that money of a yacht an you want to play basketball ball
You can play that in a park
But I can't understand why you would want to
They were prepping the outside for paint. It doesn't look bad, it looks as it should
Thank you for what you do....Great info all the time.....Thanks again for all you guys do.
WE HOPE YOU GET ACCESS TO THE YACHT AND WE AGREE WITH YOU THAT PAYING THE OLD CREW WOULD BE A GREAT 👍 THING TO DO 🤗💚💚💚
The right thing to do would be for the old owner to pay that crew. Just sorry!
...wow,...to say the interior is pristine is a vastly obvious understatement...my God, what Treasure Chest of jewel tones w/ gold & rich woods...if the Crew have stayed on so loyally & kept up superb conditions...maybe they have their pay arranged in special accounts that would continue to benefit Crew & families?
Nice One Mate
She wasn't in Porto Cervo but in Marina Portisco, Sardinia
Thanks to the subscribers that got that video sent in!
I have the same jumper!
There is nothing wrong with the exterior of that boat. It is obviously prepped for painting.
Looking forward to the tour... Great channel keep up the good work
I have been contacted by the captain this year about working on sarafsa :)))))
The inside looks quite good. New owner will get a bargain.
Interesting content. Keep up the good work on your channel. Regards, WR4K.
Normally vessels should not be sold where liens exist but where the vessel does change ownership to a new company, new name, new flag, etc, the lien will disappear as they are not transferable, except for crew salary liens which are transferable. Thus, either Credit Suisse as the current owner pay their wages or the new owner does, unless of course he doesnt mind avoiding French waters or being arrested in France.
hey always good videos the bank being current owners can pay the crew why should new owners pay for someone elses unlawful conduct just wondering ? i dont pay fines from previous owners car when i buy it second hand !
The outside of the boat looks like it was in the process of being preped for paint. Looks a lot worse than it actually is. It's in pretty good condition.
OK e, let me know when you're going to film Sarafsa and I'll carry the camera for you so the filming is as top quality as we can get. We'll make sure we take her to a nice location with exceptional women to really enhance the value of the project.
0:30 Proper triple Windsor!
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YaY, Yacht Seize News!!
Wait, why would it be the new owners responsibility to pay a crew not properly paid by the previous owner? screw that!
A study in gaudy and a prime example of obscene excess.
SARAFSA, since the inside is in pristine condition, no use to paint the outside, a new owner will want to put his own color, his stamp... ; )
Looks like they have been doing some sanding on the outside hull, probably in preparation for a new top-coat, nothing to worry about. Woud be more worried on the interior which looks awful from the photos.
Nord came through Petersburg,AK a year or so ago
Was it the Sheik or the bank who left the wages unpaid? I'd suspect the latter. For that reason alone, byer beware!
@@alaneisner5739 So, the besides the ownership, the management company remains the same. One more reason not to invest to this. Why fund a company that is incapable of managing their employees salaries? That is just a drop in a bucket in this business. Poorly treated staff is a major security risk, so if one is looking for investing these, better to not lose their fortune into this scam. The same company probably has other yachts too, So I'd suggest to searh for a better management company.
To draw your attention the yacht owner of sarafsa is the younger brother of golden ocean yacht owner khalid bin sultan , the wealth of the royal family in saudi was seized by the new crown prince mbs , p.s sultan the father of these two princes khalid and faisal had a net worth of 210b usd back in 2010 which was made through corruption now their net worth is believed to be less than 50b the new crown prince seized somewhere between 700b 800b usd and still he is aiming to collect the 1.5t of the entire family
For me the problem with Sarafsa is not her exterior "rat look" but the inside decoration. It will cost a lot refit that.😁
OK so I don't get it or have the funds to buy one of these. Why not buy a hotel instead. The interior appointments seem the same. Then the fuel to get it about and the crew costs gotta be higher than a hotel operating cost. Plus year round guests are paying to stay there as opposed to the free loaders on yer boat. Location on the boat can change and the hotel can't. OK so I buy top floor suites by the year in ten places round the world. Now my focus changes and I walk on the leases pretty much unused. No hassle or waiting time to recoop my investment trying to sell a superyacht.
So interesting. It looks like a paint an that color can oxidize an it doesn't adhere properly... As well as it looks like fibreglass done so wrong. Something along those lines. An to pressure wash resand an whatever else needs doing ... Deffo a lot of Dosh!!! ✌🏼💗😊⛵
Great video as always thanks for sharing… a in-depth tour of that vessel in Monaco 🇲🇨 would be great to see.. 👏👏👍👍
Unfortunately sultans and the like don't concern themselves with the help and whatever bean counter works for the sultan won't be so eager to pay them
"Nord" has two flags aft of the big satcom's on the mast. The starboard would be a Maldive courtesy flag so the center would be flag state, in the at sea position.
The flag would be on the stern (where we zoom to) there was no flag there.
Ypou know times are tough when sultans are refinancing their boats and getting them repo'd
I wonder why boats like Nord are not seized at sea by the USN, RN, or any other navy.
Because the USN and RN aren't in their respective territorial waters.... it's international waters where neither have jurisdiction and we aren't the World Police...
AFAIK, no county has jurisdiction over any vessel outside of their own territorial waters. If the case was that vessel A was in hot pursuit of vessel B in international waters as a result of vessel B being involved in an illegal in vessel A's territory, then the seizure can take place (assuming that vessel A caught vessel B).
My guess is they decided not to repaint Sarafsa -- because it has a "unique" paint scheme and its likely the new owner would change the colors anyway.
Good video.
It's not the boat the owes the outstanding wages, but the former owner.
If the boat is sold, the outstanding wages could be deducted from the sale profits.
It’s not as clear as that. The employment contract comes from an agency but for the boat, not from the owner.
Why would a crew stay on board for so long without getting paid? Especially with all the drama of getting arrested and having to stay in one place.
Probably because they have no money to get home and it's a free place to stay. Also it may depend on if they can still use the accounts for food.
Its the french, always entitled, wondering how valid the claims are, if told to leave and they didnt etc 2 sides to every story
Yachts of that size are usually managed by 3rd party management companies and they only pay the crew after they have been paid. Look up the term "pay in arrears" to understand how common it for people to not get paid for months despite services rendered. Depending on the wording and type of employment contracts the French crew signed, they could have very easily agreed to a 3 month delay in payment with no additional compensation for the delayed payment.
Most crew members have a priority right to wages even in a bankruptcy. Commercial ships are arrested frequently for nonpayment. The details are always the determining factor but everyone deserves to be paid for services rendered.
The only pictures I can send you is of Not-In-Good-Shape exploded Land Yachts, aka, the motor homes and trailers of the street-based movable home crowd. (One street is very susceptible to this crowd and it's the street that the entrance to the apartment complex friends I'm a caregiver to live in.) 😀
The interior of that boat is hideous... Like something from the '70s when they thought velvet and tassels was fashionable!
l sure do hope the new owner pays the French guy's what they $need.....Thanks again my friend 👍
Shoe🇺🇸
tbe crew maintained and operated the boat: are valuable to the future owner.
It would be cool to see MY Nord from the camera of a Ukrainian naval drone.
"World War 2 Battleship made me actually L0L
Question is could you have a TV production set that could broadcast live via satellite in a room below deck that resembled a war room bunker?
And some don’t ever get it!
Superb stories Well done Mr E. hope you can get on board Scarface. Please follow through with this story to see if it rises to a new glory after having new makeup!!
Pretty elegant
When you're talking about the flag there's a Brazilian flag hanging from the top mast right around the radar cluster
The only flag that matters is the one on the stern, that is the flag (ensign) of the flag state.
As the bank currently owns the boat maybe they should pay the wages not the new owner?
The Us is in debt and no one seizes it. Meanwhile a cheap yacht is and it’s seized. We’re all screwed.
The new owner would have to sail through French waters to get the boat out of Monaco wouldn’t they? So they’d have to pay the former crew no matter what? Or is that not quite how it works?
No you don’t have to sail through French waters to leave Monaco.
Anyone with anything on the ball would deduct the owed wages from their bid for the vessel. So he would not really bear the cost of the previous obligation.
Seems the current (temporary) owner of the “abandoned” yacht, the bank, would pay the overdue pay of the five French crew members simply to remove that encumbrance and make the eventual sale smoother.
Of course assuming they bank wasn’t stupid by lending an amount that was too close to the market value of yacht, the bank, should have some funding slack to cover that pay. (And presumably the sale price would be accordingly higher by at least the same amount as the back pay.)
The insides look as boring as the outside.
I'm sorry, but I find the interior of the Sarafsa just really gauche....tacky. Blech.
Never imagined Russian Oilygarks playing team sports certainly not Basketball it's so American...
It’s still a fabulous piece of artwork.we can’t do anything about who owns it unfortunately it always seems to be somewhat dodgy.
Gotta disagree with you on paying the crew. It's not the right thing to do for a new owner to have to pay old crew. He has nothing to do with that past debt. The crew needs to go after the old owner/yacht mgmt company - not the new owner. I mean, if a billionaire buys it, yeah $250,000 is a drop in the bucket, but it's still not their responsibility. If you buy an old house, do you have to pay the lawn crew that mowed the lawn 8 months ago? Bah.
WE HAVE SEEN THE CHANNEL BEFORE 👀🤗💚💚💚
What I would like to know is, where is Abramovich's yachts and why have they not been ceased and how can he afford to run for yachts?
Non of the those boats belonging to private citizens should have been ceased... But Yankees make their own laws. And no one even questions the legality
How does a paint job become so bad in such a short amount of time? Was it bad workmanship, and paint, or is this normal? 👍✌🎄🎅
To get that bad would take years
No the right thing to do is for the owner at the time or the bank to pay the crew
Why can't the BANK settle the payment of the former crew being the new owners.....Hmmmm?
who was the captain of the nord before the war
If he's so rich, why does he need a loan?
They are rich because they don’t spend their own money.
Well done Credit Suisse ... playing with risky loans and now you are almost bankupt yourself. You will actually survive as a bank only via your incoming recapitalisation. And we say Swiss banks are the best in the world
Banks are the scum of the earth, wether its credit suisse , Deutsche , or BNP. they all might have different names, the parasites inside are all the same
I cant see why the new owners should need to pay the previous crew debt for when it had nothing to do with them. The debt has nothing to do with the new owner.
That’s true but the boat will have trouble if entering French waters and would need to go to court to prove.
I don't know what a boat like that usually sells for, but 65M euros sounds a little cheap. I thought a boat that big usually sold for hundreds of millions dollars
Looks a very dated interior on that note I've decided not to buy
I think that abandoned yacht's bedroom is larger than the entire lot on which my house sits.
That’s a warm looking nautical jumper. What is it called?
The film playing in the Cinema looked a bit suspect / Ie: Rude.
IF the new owners buy the boat it will be without any responsibility for past debts. If anyone has to pay the crew it would be the bank,, and I feel sure they would not either unless debt was incurred in their hands.
So whats up with the nord? why is the news special? ( i know nothing about super yachts and this is the first video ive seen about them lol)
You will probably find that a lot of the people who watch the videos are just taking a look at those that pop up in their TH-cam feed and once they watch one of the videos more of them pop up in their feed from time to time even if they are no longer particularly interested. If they have searched for "super yachts" on a previous occasion then the feed will lean towards what they have previously searched for irrespective of whether they are currently interested in that topic. They might take another look from time to time so the analytics for that user update yet again. That seems to be the way the algorithm works as far as I can tell.
And this is why country flagging of a ship is so so important.