$620,000 offer for defunct Warren boatbuilder's yacht lines

A court-appointed receiver encharged with selling the assets of US Watercraft at 373 Market St. has received a $620,000 offer for the firm’s True North, C&C, PDQ and J-Boat lines. Anyone who wants to submit a higher bid has until the end of the day Friday, Nov. 4, to do so.

US Watercraft, which operated out of the old Pearson Yachts plant, entered into voluntary receivership to sell its assets in July. Founded in 2000 by Randy Borges, the firm was one of the state’s most respected makers of high end luxury and sailing yachts. Its lines included True North, C&C, Alerion Yachts and North Rip Boats. The firm also produced Redline 41s and certain J-Boat racing class sailboats.

The $620,000 offer, from an unnamed party to receiver Vincent Indeglia, was for the purchase of all trademarks, boating lines, engineering, tooling, molds and manufacturing processes.

“Any interested party may … advance a higher or better offer,” Mr. Indeglia stated on his firm’s website. Any higher bids must be approved by Rhode Island Superior Court Associate Justice Michael Silverstein.

Apart from the sale offer, Mr. Indeglia is working with Salvadore Auctions of Narragansett to sell all of US Watercraft’s assets in a public auction scheduled for Saturday, Nov. 11. Equipment includes six sailboats, including five J-Boats, travel lifts, a large assortment of woodworking and shop tools, and other materials.

For more on the sale offer, see Mr. Indeglia’s website.