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PoliCon
03-09-2009, 02:37 PM
Goetz buys back his yacht-building business at court-ordered auction

01:00 AM EST on Saturday, March 7, 2009

By Alex Kuffner

Journal Staff Writer

PROVIDENCE — Eric Goetz will retain ownership of his world-renowned yacht building company after making the sole bid on its assets during a court-ordered auction yesterday morning.

Goetz bid $540,000 for the holdings of Goetz Custom Sailboats, the Bristol company he headed that went into receivership Jan. 6 after an international client suspended a contract for a multimillion-dollar racing yacht.

The payment, approved by Superior Court Judge Michael A. Silverstein, will be used to clear a $1.9-million loan Citizens Bank made to the company. Goetz’s new boatbuilding company will be called Goetz Custom Technologies.

The only other potential bidder at yesterday’s hearing was New England Boatworks, a Portsmouth company that competes with Goetz. The company’s lawyer declined to make a bid after court-appointed receiver Thomas Hemmendinger made clear that Goetz would not restructure its two current boatbuilding contracts.

http://www.projo.com/ri/bristol/content/BZ_GOETZ_AUCTION_03-07-09_SGDIKT5_v15.3189320.html