6:55 AM Wed 5 May 2010 GMT
The rumour mill has been in overdrive on the Queensland Gold Coast with reports claiming Bill Barry-Cotter, CEO of Maritimo, has acquired the assets of Mustang Marine.
It cannot be confirmed, as the cagey industry icon has decided to wait until Friday to make an official announcement.
Meanwhile, that rumour mill is running at maximum revolutions.
One tale being bandied around the Gold Coast waterfront is that Maritimo is only a 50 percent buyer, that the other half is Steve Searle, a long term Barry-Cotter colleague and local businessman.
He owns Acme Fibreglass and Swagman Motorhomes.
He, too, is playing his cards close to his chest and has been 'unavailable for comment.'
Most of the gossip circling the waterfront is unconfirmed, but here are some of the tales being told;
Chris Heaton, who was the manufacturer's CEO, has reportedly left for New Zealand and is closing down Mustang's NZ dealerships;
Riviera, the company established by Bill Barry-Cotter and sold by him in 2002, was also a bidder for the Mustang assets and, according to that rumour mill made a higher bid than Maritimo.
If the acquisition is confirmed, it throws the situation open to a score of questions;
. Will Maritimo move all staff and engineering from the Mustang site at Molendinar into one of its own facilities at either Coomera or Hope Island?
. Will Mustang product be displayed at the Sanctuary Cove and Sydney International Boat Shows?
. If Maritimo undertakes manufacture of the boat will it retain the Mustang name or will they be marketed as Maritimo?
. What happens to Mustang dealerships? Will they simply be dispensed with or become involved with the new regime?
. Recently, Mustang Marine acquired moulds for some Warren-designed maxiyachts. Will these be a Maritimo target for eventual production?
The Mustang marque was founded in 1974 by industry identity Graeme 'Noddy' Williams.
It had undergone a few ownership changes since those early days and was acquired by the Standard Bank early in 2008.
Since then, Mustang, like the majority of its boating industry colleagues, took a battering from the global financial crisis, shedding jobs on at least two occasions before entering into voluntary administration when Standard Bank withdrew its funding support in March.
Restructuring Works was appointed administrator on March 19.
Two gentlemen from that company, Mr Alan Topp and Mr Cliff Sanderson, have been able to shed some light on the waterfront rumours.
Mr Sanderson said it was likely a meeting of creditors would be called 'very soon' and that a Deed of Company Arrangement (DCA) would be put tabled for their consideration.
He is confident that all employees of the company would receive their full entitlements with other creditors offered 'an amount' towards financial settlement.
Neither Mr Sanderson nor Mr Topp had anything to say about the buyers.
They would not confirm the involvement of Maritimo or Steve Searle.
No monetary figure has been mentioned, either, but the suggested figure being quoted on local marina arms is slightly less than $3 million.
Does that make Mustang a good buy?
Ask a boat builder, I guess, that money only buys some fibreglass moulds, boat manufacturing 'bits and pieces', some unfinished and some finished, but unsold boats.
As far as we know, no real estate is involved, all Mustang production, administration and sales occurring in rented property.
by Brendan Maxwell
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Mawson, TAS
