# Morton S. Bouchard, III (“Mr. Bouchard”), shall be, and hereby is, immediately removed from his positions as chief executive officer and director of the Debtors **URL:** \ **Category:** Professional Mariner Forum\ **Created:** [March 1, 2021, 4:49pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566 "2021-03-01T16:49:46Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![tugsailor](https://avatars.discourse-cdn.com/v4/letter/t/a9adbd/32.png) [@tugsailor](https://forum.gcaptain.com/u/tugsailor)\ **Post date:** [March 5, 2021, 2:23am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/21 "2021-03-05T02:23:00Z")
It would be nice if a good investigative reporter were to sink his teeth in this interesting story. All the details about who financed Morty is public record in the bankruptcy case. As is, who is providing the Dip financing to attempt to get the company back on its feet. Even more interesting, will be who lost confidence in Morty and why they had him removed. On the surface it seems obvious why he was removed, but I’m imagine the rich details make quite a story. ---
**Author:** ![Slick\_cam1](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/slick_cam1/32/817_2.png) [@Slick\_cam1](https://forum.gcaptain.com/u/Slick_cam1)\ **Post date:** [March 5, 2021, 8:34am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/22 "2021-03-05T08:34:11Z")
Did the G6 ever sell? ---
**Author:** ![ombugge](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/ombugge/32/11217_2.png) [@ombugge](https://forum.gcaptain.com/u/ombugge)\ **Post date:** [March 5, 2021, 11:33am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/23 "2021-03-05T11:33:06Z")
An old saying; “shirtsleeves to shirtsleeves in three generations” holds true. I can name several well known examples, if needed, but this Forbes article does a good job of explaining it and how to avoid it: > **[The 'Shirtsleeves-To-Shirtsleeves' Curse: How Family Wealth Can Survive It](https://www.forbes.com/sites/dennisjaffe/2019/01/28/the-shirtsleeves-to-shirtsleeves-curse-how-family-wealth-can-survive-it/?sh=3b3491e6c8d4)** > > By focusing attention on what can go wrong—which is certainly possible—the shirtsleeves myth diverts attention from another, more promising dynamic: seeing the treasure and value in the human, intellectual and spiritual capital of the rising... . ---
**Author:** ![schoonerman](https://avatars.discourse-cdn.com/v4/letter/s/a9adbd/32.png) [@schoonerman](https://forum.gcaptain.com/u/schoonerman)\ **Post date:** [March 5, 2021, 7:23pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/24 "2021-03-05T19:23:06Z")
[USCG-ABS-BTC- Letters.pdf](https://forum.gcaptain.com/uploads/short-url/Aw5Mhyb3rkUmrxIbbXkFmZ4nZqa.pdf) (3.1 MB) ---
**Author:** ![schoonerman](https://avatars.discourse-cdn.com/v4/letter/s/a9adbd/32.png) [@schoonerman](https://forum.gcaptain.com/u/schoonerman)\ **Post date:** [March 5, 2021, 7:42pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/25 "2021-03-05T19:42:14Z")
[BTC v ABS & USCG.pdf](https://forum.gcaptain.com/uploads/short-url/tRQnTiFiJUOvoqoOIpvuEQo1EE2.pdf) (883.3 KB) [USCG Response.pdf](https://forum.gcaptain.com/uploads/short-url/siRAFHOwHBXRuowvAD9roRB6Cmd.pdf) (761.2 KB) ---
**Author:** ![Lee\_Shore](https://avatars.discourse-cdn.com/v4/letter/l/e9bcb4/32.png) [@Lee\_Shore](https://forum.gcaptain.com/u/Lee_Shore)\ **Post date:** [March 5, 2021, 9:04pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/26 "2021-03-05T21:04:19Z")
It’s still registered in BTC’s name but BTC has/had the court’s permission to sell it. The last time I looked, the price was reduced from $49M down to $39M. [https://registry.faa.gov/AircraftInquiry/Search/NNumberResult?nNumberTxt=440MB](https://registry.faa.gov/AircraftInquiry/Search/NNumberResult?nNumberTxt=440MB) ---
**Author:** ![Serpico](https://avatars.discourse-cdn.com/v4/letter/s/7feea3/32.png) [@Serpico](https://forum.gcaptain.com/u/Serpico)\ **Post date:** [March 5, 2021, 10:23pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/27 "2021-03-05T22:23:19Z")
It is gone ---
**Author:** ![schoonerman](https://avatars.discourse-cdn.com/v4/letter/s/a9adbd/32.png) [@schoonerman](https://forum.gcaptain.com/u/schoonerman)\ **Post date:** [March 6, 2021, 12:36am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/28 "2021-03-06T00:36:58Z")
Its long gone ---
**Author:** ![Sand\_Pebble](https://avatars.discourse-cdn.com/v4/letter/s/c2a13f/32.png) [@Sand\_Pebble](https://forum.gcaptain.com/u/Sand_Pebble)\ **Post date:** [March 6, 2021, 2:08am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/29 "2021-03-06T02:08:20Z")
I fast read through the 3 docs that you linked. Dang! When everyone tells me that I fudged up I usually listen, ask for advice & seek outside help when it is outside my scope. If Bourchard fourth generation paid a know-nothing MBA to run his business he would have probably came out better. ---
**Author:** ![Tugs](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/tugs/32/158_2.png) [@Tugs](https://forum.gcaptain.com/u/Tugs)\ **Post date:** [March 6, 2021, 4:04am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/30 "2021-03-06T04:04:15Z")
I listened to some of the “zoom” court hearings and (now I might be wrong) but I believe they are questioning where the money that they got last year went. Knowing what I know of this company there is not much that would surprise me and if that money just disappeared, someone is going to have more problems than being removed! ---
**Author:** ![GTOGONE](https://avatars.discourse-cdn.com/v4/letter/g/b5a626/32.png) [@GTOGONE](https://forum.gcaptain.com/u/GTOGONE)\ **Post date:** [March 6, 2021, 4:46am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/31 "2021-03-06T04:46:27Z")
All court information [https://cases.stretto.com/bouchard](https://cases.stretto.com/bouchard) Latest Hearing…makes for a good listen [https://stretto.box.com/s/aur4vju0fvex361344itefroe90dv43u](https://stretto.box.com/s/aur4vju0fvex361344itefroe90dv43u) ---
**Author:** ![c.captain](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/c.captain/32/807_2.png) [@c.captain](https://forum.gcaptain.com/u/c.captain)\ **Post date:** [March 6, 2021, 4:35pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/32 "2021-03-06T16:35:13Z")
there are several recordings of part hearings…in which one was that question raised? anyway, as of the last hearing the sale of the jet for $14.9M had yet to close. Wasn’t there $30M owing on it? ---
**Author:** ![Lee\_Shore](https://avatars.discourse-cdn.com/v4/letter/l/e9bcb4/32.png) [@Lee\_Shore](https://forum.gcaptain.com/u/Lee_Shore)\ **Post date:** [March 6, 2021, 4:52pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/33 "2021-03-06T16:52:10Z")
One of the court filings indicated there was a $25M note plus 250K accrued interest due March 10, 2021 on the airplane but the money had been used to cover crew back pay and other expenses. Market value for that G6 is around $40M so the $25M owed plus the $14.9M plus 250K interest would cover the value. See [Bouchard Transportation Co., Inc., et al.](https://cases.stretto.com/bouchard) - Declaration of Matthew Ray of Portage Point Partners, LLC in support of Chapter 11 petitions and first day motions - Filed 10/12/2020, Document 79, pages 19 and 20: > **[1058610122080000000094.pdf](https://cases.stretto.com/public/X104/10586/PLEADINGS/1058610122080000000094.pdf)** > > 933.23 KB ---
**Author:** ![Bayrunner](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/bayrunner/32/966_2.png) [@Bayrunner](https://forum.gcaptain.com/u/Bayrunner)\ **Post date:** [March 6, 2021, 10:10pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/34 "2021-03-06T22:10:56Z")
I wonder if the McAllister family owns a G6, or if that was just Morty being Morty. ---
**Author:** ![Serpico](https://avatars.discourse-cdn.com/v4/letter/s/7feea3/32.png) [@Serpico](https://forum.gcaptain.com/u/Serpico)\ **Post date:** [March 7, 2021, 12:38am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/35 "2021-03-07T00:38:59Z")
You can charter a lot of flights for $68m and not have all of the costs to hangar and maintain or lose $24m in two years. I think McAllister can figure that out. Requires a lot of ego to justify. ---
**Author:** ![schoonerman](https://avatars.discourse-cdn.com/v4/letter/s/a9adbd/32.png) [@schoonerman](https://forum.gcaptain.com/u/schoonerman)\ **Post date:** [March 7, 2021, 1:45am UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/36 "2021-03-07T01:45:39Z")
Bouchard Air Hangar 41 Republic Airport E. Farmingdale on Long Island. Two full time pilots, stewardess maintenance crew and hangar manager. Really nice service and a great way to get to NOLA or Houston in a hurry. ---
**Author:** ![c.captain](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/c.captain/32/807_2.png) [@c.captain](https://forum.gcaptain.com/u/c.captain)\ **Post date:** [March 7, 2021, 2:57pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/37 "2021-03-07T14:57:47Z")
let’s bring up a new question here. BTC has been sidelined from their market for some time now and the oil has moved just fine without them. Even if they get their DOC back and the USCG allows their vessels to work, why are their former clients even going to want to discuss coming back and hiring their vessels? ---
**Author:** ![LI\_Domer](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/li_domer/32/768_2.png) [@LI\_Domer](https://forum.gcaptain.com/u/LI_Domer)\ **Post date:** [March 7, 2021, 3:29pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/38 "2021-03-07T15:29:21Z")
> [@schoonerman](#): > > Really nice service and a great way to get to NOLA or Houston in a hurry. Yea but a lot of executive travel has moved to chartering executive jets. Less people own themselves unless there really is a need to use it all the time. ---
**Author:** ![Chief\_Seadog](https://avatars.discourse-cdn.com/v4/letter/c/67e7ee/32.png) [@Chief\_Seadog](https://forum.gcaptain.com/u/Chief_Seadog)\ **Post date:** [March 7, 2021, 5:14pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/39 "2021-03-07T17:14:59Z")
Agree with @c.captain here. Once you lose business to the competition it is hard to get it back. ---
**Author:** ![ItsJody](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.gcaptain.com/itsjody/32/9624_2.png) [@ItsJody](https://forum.gcaptain.com/u/ItsJody)\ **Post date:** [March 7, 2021, 7:43pm UTC](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566/40 "2021-03-07T19:43:31Z")
Not to mention many of the major transportation companies are starting to tie boats up. Question is, does BTC come in and underbid everyone for the remaining bit of oil that needs transport? [Previous page](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566.md?page=1) [Next page](https://forum.gcaptain.com/t/morton-s-bouchard-iii-mr-bouchard-shall-be-and-hereby-is-immediately-removed-from-his-positions-as-chief-executive-officer-and-director-of-the-debtors/58566.md?page=3)