I do agree many operators in that business are quite interested. As in political elections, too early to call. 12 bidders? Somebody likes some of the their equipment, and hopefully employ the dudes that ran their shit. Glad the judge had hair on his neck and took Morty out of the proceedings. Never worked for them, but came close. They did pay well, Ainât paying shit now.
Wrong we got a raise a couple months ago
Chiefâs 865 per day just gotta pay transportation
For a boat that is not running? Not too shabby. How about your pals?
They all got great raises top to bottom we are just boat baby sitters waiting for the other shoe to drop, but in the mean time, take whatâs there
Were they raises or retention bonuses? The Debtor in Possession (DIP) has an obligation to care for the assets. If all the babysitting crews leave too soon they are in a pickle.
My guess is a whole fleet sale followed by a quick resale of the deadwood. Its not often that an opportunity for expansion of this magnitude comes around. It fact deals are probably alredy being made to sell off the deadwood in advance of the auction to garner support from BODs and private equity principles.
Raises, Then they laid off 40 left chiefs by themselves on atleast one boat, totally unsafe Now itâs one more month and see what colors the boats have next and hope the reduction in pay for the new owners wonât hurt to bad or move on to the next employer if they do
Hornbeck is hiring again
The major that has been looking at my boat and one other is Keystone shipping which would be a good fit
Was kinda thinking along similar lines regarding deadwood and side deals.
Iâm thinking itâll be a sale for the best 10 boats and barges and scrap the rest,
The barg s are whatâs gonna cost the most to bring into compliance.
A lot of the fleet will be scrapped. The two big rigs would fit in well with Keystone or a similar company. The other pin units will probably go to Kirby, Vane, or Centerline. I donât see Moran or Reinauer buying anything, but I could be wrong. And I donât think Crowley would buy anything but the 2 big units.
With ABS pulling out over a year ago and refusing to work with the fleet if Morty has any interest/control in it coupled with DNV never really getting started before they pulled out, everything will need significant surveys, drydockingâs and maintenance, plus a plan on how they will sort out the bow wave of existing class deficiencies that accumulated before ABS threw them out; the potential loss of any class grandfathering that may have existed for the older unitsâŚand of course re-issuance of individual SMCs with associated audits under the new Companyâs DOC. There will be a lot of work and capital over and above purchase price to make them viable again
I agree
I know a few employees of that company. I worked with them at some point. Hope that whoever buys them retains them. Many of management shoreside did not care or see it, but the indians run the show. Donât forget that. Morty forgot that crucial fact, and did not take care of his awesome fleet. So be it.
Another court hearing tomorrow, stay tuned!!
Any idea on what itâs about?
I think that new unico company is buying some of their rigs. Not 100 on that.
Unico? Sorry, I am out of the loop on that one. Conglomerate of the outfits we are familiar with that are interested in acquiring certain pieces of equipment and want to share them amongst themselves in Mortyâs sale??? Kinda reaching here on my part. Wouldnât be surprised that many side deals have been discussed before the bids⌠As has been mentioned/speculated by other posters closer to the subject than myself. Just hope whatever happens those crews get a decent shake out of it all.
Unico is a new company that is starting up, they bought an old Kirby rig but part of the agreement is that the rig has to be re-flagged foreign within a certain time period. Rumor is they may be purchasing or already purchased some Bouchard rigs to expand services.
Jeez. Curious who the partners are in that fiasco.Those were Jones Act carriers. Why canât they carry that on or is your info legit?