Greetings Yachties,

As you can see there are a number of images missing. We had a little default issue over the weekend which changed the look of the Home page and dumped alot of images & logos. Thankfully Mothership have updated the code and all systems will be up and running asap. The reason is simply yachtyakka is so popular with 1000′s of yachties  you are spending more time surfing the site as the content continues to grow.

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Genmar files for Chapter 11 bankruptcy protection

By IBI Magazine

Genmar Holdings, the second-largest boatbuilder in the US, filed for Chapter 11 bankruptcy protection on Monday. A petition filed in the US Bankruptcy Court in Minnesota listed the assets of the company as US$237.5m, with liabilities of US$216.5m.

Genmar chairman Irwin Jacobs told the Minneapolis Star-Tribune that the the bankruptcy petition does not include more than US$400m in intangible assets. Wells Fargo and Fifth Third bank, the only secured creditors, are owed US$75m. The bankruptcy petition also listed 20 other creditors.

“If someone would have said to me as recently as even one month ago that Genmar would someday be filing for Chapter 11, I would have said it was not even a remote possibility,” said Jacobs in a statement. “I’ve always looked for ways to enhance Genmar’s balance sheet and felt that even though business conditions were incredibly difficult, there were alternatives available.” But Jacobs told the paper that tighter loan requirements from the bank pushed it into Chapter 11 bankruptcy protection. “Despite restructuring steps and infusion of significant equity, the bank reduced [credit] availability,” its bankruptcy documents read. “The bank rejected all…proposals for making adequate capital available and continued to reduce the borrowing base.”

According to the story, Jacobs holds about 40 per cent of the company’s stock, and other major shareholders include the family of the late Carl Pohlad, which holds about 15 per cent.

“Genmar has received a commitment for Debtor-in-Possession (DIP) financing proposal from the Wells Fargo and Fifth Third banks that will be submitted for approval to the bankruptcy court in the first bankruptcy hearing scheduled to take place within the next few days,” said Jacobs. “Additionally in the first court hearing, Genmar will be asking the bankruptcy court for approval to allow Genmar to pay appropriate dealer warranty and rebate claims. Genmar currently has over $100m of current assets as well as substantial additional fixed assets and intangible assets that we believe will allow Genmar to come through and exit the Chapter 11 proceedings as a financially stable and strong company.”

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American Sailing League

Preparation was the name of the game in Saturday’s ASL Season Opener. Six teams of three entered the event with hopes of sailing around the course with ease. It did not take long on Saturday for reality to set in. Short course racing is hard on the boats and the crews…

After a winter of retrofiting, Team Spot Satellite Messenger/Toyota Sunnyvale arrived at the beach with a fresh paint job but alot of assembly required. Optimistic helmsman Dan Brandt continued to rivet, screw, tape and pin together his skiff. With over a hundred details to be addressed, Team Spot sat in the same spot on Saturday.

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Mystery death of America’s Cup Kiwi

4:00AM Sunday May 31, 2009
By Jane Phare
Grieving family, friends and former clients of Auckland fitness and boxing trainer Paul Wallbank are baffled by the healthy 37-year-old’s sudden death.

Wallbank, known as Paulie to his friends, was found dead in his Valencia apartment last Sunday by his former girlfriend a week after he was laid off by the BMW Oracle America’s Cup syndicate.

Family and friends say the redundancy would not have been a major blow to the former boxing identity who helped train David Tua. He had been expecting to lose his job during a round of redundancies late last year.

The latest layoffs came as the team, backed by software billionaire Larry Ellison, was downsized before moving to San Diego for the next America’s Cup.

Speaking from Austria last night, Oracle skipper and chief executive Russell Coutts said Wallbank’s death had hit the team hard. The past week had been “very hard”.

“It is very, very sad because it was so unexpected and he was so close with so many members of the team.”

Last week Coutts spoke at a memorial service for Wallbank in Valencia. The service was connected by conference call to colleagues around the world and to Wallbank’s family in New Zealand.

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And there racing…
01 June 09: As the yachts left the mooring and made there way out to the race course, a light south westerly breeze miraculously sprung up from around the headland and PRO Ross Chisholm decided it was a good day to hold two windward / leeward courses for most classes and three for the racing class to complete the first day of racing. The wind gradually increased and clocked around to the west for the second race providing a spectacular sight in front of the sunbaking crowd on Chaweng Beach. The shifty nature of the gusts had crews tacking to take advantage of each gust and the ones that played there cards right and scored a few lucky breaks came out on top at the end of the day.

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Hilary Lister the inspirational quadriplegic sailor will arrive in Wales on Wednesday 3rd June.
She will set off from Bude in Cornwall at 14:00 Tuesday afternoon for what is the longest sail
of her solo round Britain sail.
Hilary is planned to arrive at Hobbs Point, Pembroke dock at some time between 03:00 and
06:00 3rd June depending on wind conditions.
Hilary has had to overcome the financial challenges of this year to be able to finance the
Round Britain Dream and the project is still searching for a major sponsor, remembering
that the aim of the Round Britain Dream is not only to inspire and raise awareness of
disabled sailing but to raise funds for Hilary’s charity ‘Hilary’s Dream trust’ which exists to
provide assistance to disabled and disadvantaged adults with sailing dreams.
Hilary’s dream of sailing around Britain began on 16 June 2008, when she set off from
Dover, supported by her team of 4 support boat crew and 3 land crew. The Lions clubs of
The British Isles and Ireland also lent their considerable support. In a series of “day sails”,
some in excess of 50 nautical miles, Hilary sailed the entire length of the South Coast. In
Newlyn, on 13 August, due to hold ups caused mainly by the worst weather on record,
Hilary and the team reluctantly decided to postpone the rest of the journey. To date this is
the furthest that any female disabled sailor has sailed and is an amazing achievement in
itself. This is the first time that the ‘Sip and puff’ system had been tested in such challenging
conditions. Despite the setback of having to halt the attempt Hilary demonstrated her
amazing strength of character by resolving to complete the sail starting in spring 2009,
beginning at Newlyn.

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WoodenBoat Show to feature range of new and classic yachts

By IBI Magazine

The WoodenBoat Show is returning for its third consecutive year to Mystic Seaport, Connecticut. Organisers expect wooden boat devotees to come from all over the US and Europe from June 26-28, 2009.

The wooden boat show will have 180 exhibitors and have 50 boats in the water as well as another 50 boats in exhibit tents. “Mystic Seaport’s commitment to preserving this country’s maritime heritage combines beautifully with the extensive variety of wooden boats provided by our exhibitors,” said Carl Cramer, publisher of WoodenBoat magazine, which owns the show.

For wooden boat fanatics, the show is one of the world’s best multi-tiered events. Beyond new boats from US wooden boat builders, there is a “I Built It Myself” area that features 30 boats from amateur boat builders, tents with sailmakers and wood tool manufacturers, and exhibits that range from bronze casting to steam-bending wood.

The show also has an annual Concours D’Elegance of classic wooden boats. One of this year’s features is ELF, a 30-foot class wooden sailing yacht built by Lawley & Sons in Boston, MA in 1888. It is the oldest active American racing yacht. It was restored and relaunched in 2008.

The show will also include a miniature Footy regatta. The race features radio-controlled mini-versions of the classic wooden sailing class.

The show will also have a tribute dinner honoring William, John and Pat Atkin and their wooden boat designs. “For a great portion of the 20th century, William and (later) his son John designed inspirational boats, and wrote about them in various boating magazines of that era,” said Cramer. “Their individual and collective philosophies brought so many of us into boating and boatbuilding. This is our chance to pay homage to them.”

(1 June 2009)

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The expedition drew to a close on Saturday, May 16 at 10:00 a.m., just as we’d planned. As of that date, the navigation campaign is officially over, but that doesn’t mean that we’re stopping here. Our schedule for the several upcoming months is actually packed.

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Why Banks Sponsor Sport – Still.

June 1, 2009 by admin

The conditions for banks around the world have been well reported as tough. This is bad news for sport because banks are big sponsors. It’s strange that the mainstream press – who rely so heavily on advertising revenue would be so critical of bank sponsorship of sport – but luckily, the banks know that sponsorship is a great way to build brands, communities and drive revenue.In an article published last week in the Economist, several banks showed that sponsorship of sport is still a useful part of the marketing mix. Unfortunately from our point of view, sailing is not getting it’s share.

Sponsorship of sport (by all companies, not just banks) will grow by just 1.8% in North America this year, according to IEG, down from 14.8% in 2008 and 11.2% in 2007. Banks and their customers are watching every penny. With many financial institutions propped up by taxpayers’ money, so are politicians and the press.

Some deals have ended: RBS is quitting Formula One at the end of next season. Some have not gone ahead. Bank of America (BofA) has put off a juicy long-term deal with the New York Yankees and extended its existing contract for a year. Others have been quietly shelved or derided as monuments to corporate excess.

More surprising, given all the fuss, is that plenty of banks are still sponsoring sport. This month Investec, a bank already keen on rugby and cricket, agreed to support the (English) Derby until 2013. It looks likely that Santander will switch to Formula One’s most famous name, Ferrari, in 2010. In Britain the £80m ($124m) of support agreed on in 2007 by Lloyds TSB (now Lloyds Banking Group) for the 2012 Olympic games has raised barely a squeak, despite the copious state support Lloyds has received.

Why do shareholders-and taxpayers-play along? For a start, sponsorship gets you noticed, especially in a new market.

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Ben Ainslie (GBR) nutze seine Change beim vierten Flight und gewinnt souverain vor Damien Iehl (FRA) das 12. Match Race Germany. Über zehntausend Zuschauer verfolgten am heutigen Pfingsmontag bei strahledem Sonnenschein und gutem Wind das Spektakel in Langenargen am Bodensee.
1.6.2009 13:03

BATTLE OF BRITAIN

Collisions and chaos at Match Race Germany 2009

Langenargen, Germany (30 May 2009) – In contrast to yesterday’s shifty conditions, today’s match racing action was fast and furious in a 20+ knot breeze. The amazing sailing conditions have been the hot topic of conversation on everyone’s lips this week. The sailors are in their element and the spectators are enjoying the show they are providing for them. The Round Robin was completed allowing the Quarter Finals to begin at Match Race Germany, Stage 2 of the 2009 World Match racing Tour.
The sixth quarter finalist was not known until the very last match of the last flight. Reigning Match Race Germany champion Damien Iehl (FRA) of French Match Racing Team sailed through to the next round when he defeated Adam Minoprio (NZL) ETNZ/BlackMatch Racing. Both teams needed the win but it was the French man that sealed his advancement.

Iehl was joined in the last six by Ian Williams (GBR) Bahrain Team Pindar, Francesco Bruni (ITA) Team Joe Fly, Ben Ainslie (GBR) Team Origin, Mathieu Richard (FRA) French match racing Team and Peter Gilmour (AUS) Yanmar Racing. As Richard and Gilmour finished first and second respectively, they advanced straight to the semi finals, leaving the remaining four to race against each other in the quarter finals for the last two spots in the semis.

The Quarter Finals got underway this afternoon with Francesco Bruni choosing Damien Iehl as his opponent which left British rivals Ben Ainslie and Ian Williams to go head to head.

The all British encounter between Ainslie and Williams looked likely to be a feisty encounter and the two sailing heavy weights didn’t disappoint. The two matches they completed saw 5 penalties awarded, multiple collisions, a man overboard and a black flag disqualification for one of the teams. The first match was a tight encounter with multiple lead changes and the teams were neck and neck until the final lap when Ainslie’s crew were undone by sailing to the wrong weather mark when in the lead. Unfortunately for Williams he was docked ¾ of a point for damaged caused during a port and starboard collision to which he was deemed to be in the wrong.

In the second race Williams edged the start but Ainslie was right on his tail all the way up the first beat. As both boats rounded the weather mark, Williams was hanging on to a slender lead. Half way down the run disaster struck for Ainslie again when hit by one of the bigger gusts of the day, resulting in a spectacular wipe out which laid the rig horizontal. To compound the ensuing chaos, during the broach Ainslie’s tactician, Iain Percy fell overboard and, although he was picked up by the umpires and put back onboard, this signalled race over for the team as they were awarded a black flag disqualification.

“It may have looked spectacular but it didn’t feel good. Iain Percy went overboard and the water certainly was warm enough for a swim,” Ben Ainslie commented after the incident. Ian Williams, on the other hand, was worried about being hit by Ainslie’s mast. “All I remember was Ben’s spinnaker all over me and my initial concern was where his mast was. We all hit the deck for cover,” he said.

The second quarter final pairing of Bruni against Iehl was a much tamer affair but still not free from drama. In a carbon copy situation to Ainslie’s team, Bruni sailed around the wrong weather mark on the second and final lap of the first race whilst in the lead which handed the win to Iehl. In the second race Bruni took the lead early on and was able to put enough distance between him and the pursuing French team to comfortably sail home in first place.

There will be more excitement to look forward to tomorrow as the four quarter finalist take to the water again to fight for their place in the semi finals. Then we will see the start of the semi finals themselves in the afternoon and with the vastly experienced crews of Richard and Gilmour already through to that round, there promises to be some mouth watering encounters.

Quarter Final Results
(after 4 matches)
Damien Iehl (FRA) French Team 1-1
Francesco Bruni (ITA) Team Joe Fly 1-1
Ian Williams (GBR) Bahrain Team Pindar 1.25 – 0
Ben Ainslie (GBR) Team Origin 0- 2

Round Robin Results
1st Mathieu Richard (FRA) French Team
2nd Peter Gilmour (AUS) YANMAR Racing
3rd Francesco Bruni (ITA) Team Joe Fly
4th Ian Williams (GBR) Bahrain Team Pindar
5th Ben Ainslie (GBR) Team Origin
6th Damien Iehl (FRA) French Team
7th Adam Minoprio (NZL) ETNZ/BlackMatch Racing
8th Sébastien Col (FRA) French Team/K-Challenge
9th Bjorn Hansen (SWE) Team Onboard
10th Torvar Mirsky (AUS) Mirsky Racing Team
11th Eric Monnin (SUI) Team Search.ch
12th Carsten Kemmling (GER)

This post is tagged Adam Minoprio, American Sailing League, Around North America, Asian Yachting, Ben Ainslie, Bjorn Hansen, Carsten Kemmling, Damien Iehl, Eric Monnin, Francesco Bruni, Genmar, hilary lister, Ian Williams, ibi, Irwin Jacobs, MArine Media Alliance, Mathieu Richard, Paul Wallbank, peter gilmore, round britain dream, scuttlebutt, Sebastien Col, stewart 34, Torvar Mirsky, Wooden Boat Show, World Match Racing Tour, YachtSponsorship, yachtyakka