Stoked News – News, Videos, surf, skateboard, snowboard, motorsports, action sports » Blog Archive » Boating – Captain Repo – When boat owners fall behind on loan payments, ‘recovery agents’ can snatch the floating collateral.
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It’s the perfect hour for a leisurely cruise: late afternoon on a sunny Friday at a ritzy yacht club in Sarasota, Fla. But for the five men entering the marina, the next few minutes will be an adrenaline rush. Two of them approach the dock on foot carrying a tool bag, pretending to be mechanics. Three partners advance by sea in a 22-foot towboat. Their target: a 46-foot sport-fishing yacht worth $300,000. “She’s a beauty,” says Rudy Lamel, who’s leading this team of “recovery agents” who’ve spent weeks searching for this vessel.

The boat’s owners have fallen behind on their payments, so the lender has called National Liquidators…  More info

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This entry was posted on Sunday, February 15th, 2009 at 11:38 pm and is filed under Boating, Powerboat, Sailing. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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