Monday, June 20, 2011

"As is, Where is" Two Fast Ferries for Sale, Cheap?

Hot damn, when it rains it pours.

This is where we find out who benefits from them. Whoever hopes to buy them at pennies on the dollar benefits from all the other losses:

[Federal Register: June 20, 2011 (Volume 76, Number 118)]
[Notices][Page 35941-35943]
From the Federal Register Online via GPO Access


Maritime Administration

Offer for Public Sale of Two High Speed Vessels

AGENCY: Maritime Administration (MARAD),
Department of Transportation.

ACTION: Notice.


SUMMARY: MARAD is offering for public sale, on an ``as is, where is''
basis, two fast ferry vessels, ALAKAI, Official Number 1182234, and
HUAKAI, Official Number 1215902.

DATES: Bids may be submitted on or before 5 p.m. July 20, 2011.

of Shipyards and Marine Engineering, Maritime Administration,
1200 New Jersey Avenue, SE., Washington, DC 20590. Telephone:
(202) 366-1850; or e-mail Copies of this notice
may also be obtained from that office. An electronic copy of this
document may be downloaded from the Federal Register's home
page at: and the Government Printing
Office's database at:

SUPPLEMENTARY INFORMATION: The Maritime Administration
(``MARAD''), an agency of the U.S. Department of Transportation,
is offering for public sale, on an ``as is, where is'' basis, two fast ferry
vessels, ALAKAI, Official Number 1182234, and HUAKAI, Official
Number 1215902 (each a ``Vessel'' and collectively, the ``Vessels'').
MARAD will warrant title to the Vessels and convey title free and
clear of all liens. The Vessels were previously owned by Hawaii
Superferry LLC and MARAD has obtained title through foreclosure.
The Vessels were built in Mobile, AL by Austal USA and are currently
berthed at Lambert's Point Dock, Norfolk, VA. Specifications for the
Vessels are set forth at the end of this notice (no guarantee or warranty
as to specifications is made by MARAD).

All bids must contain specific information on the offer price, details of
any financing for the purchase of the Vessels, timing of the closing of
the proposed transaction, affidavit stating that the bidder is not
affiliated with the former owner, Hawaii Superferry LLC, or any of its
officers, directors or significant equity owners, and any contigencies
that could affect the closing of the transaction. Bidders may be either
U.S. citizens or foreign citizens. However, because the Vessels are U.S.
flagged, any bidder who is a foreign citizen must be prepared to comply
promptly with the provisions of 46 U.S.C. 56101 and MARAD's
implementing regulations. Responsive and successful bids should
include the following components: (1) Purchase of both Vessels
(MARAD only will consider an offer for sale of a single Vessel if
concurrent sale of both Vessels to separate buyers can be arranged),
(2) monthly reimbursement of any lay-up costs for the Vessels between
the execution of a sale contract and closing of the sale, (3) purchase of
the Vessels on an ``as is, where is'' basis with MARAD only required to
warrant title to the Vessels and that they are free and clear of liens, and
(4) cash sale or owner-procured financing (proposals with MARAD
financing of the Vessels will not be considered).

The successful bidder will be required to submit a $500,000 deposit
for each Vessel. Deposits must be made by wire transfer or in the form
of a certified check, drawn on a U.S. bank and made payable to MARAD,
within five business days of the bidder being advised that its bid is
approved by the Maritime Administrator. The successful bid will be
considered non-responsive if the bid deposit is not received in the
required five business day time frame. The deposit is nonrefundable.
No interest will be paid on the deposit. The successful bidder's deposit
will be credited toward the bid offer. The successful bidder may not
assign its right to the Vessel without consent of MARAD.

The successful bidder will be required to sign the MARAD form vessel
sale contract that, among other provisions, incorporates all of the
requirements set forth in this notice.

MARAD reserves the right to reject any and all bids and to seek
additional bids from the bidders and any other interested parties.
Arrangements to inspect the Vessel must be made through MARAD.
All inspections will be at the bidder's own risk and expense. For
additional information or to arrange an inspection, please contact
Mr. David Heller at (202) 366-1850 or Bids
and affidavits must be submitted by overnight courier to the Maritime
Administration, Office of Marine Financing, 1200 New Jersey Ave., SE.,
Room W23-432, Washington, DC 20590, Attention: Mr. Daniel Ladd,
by 5 p.m. 30 days from date of publication of this notice.


By Order of the Maritime Administrator.

Dated: June 14, 2011.

Murray Bloom,
Acting Secretary, Maritime Administration.
[FR Doc. 2011-15147 Filed 6-17-11; 8:45 am]

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