Privilege Yard

For this one should read - There has been a deposit paid by another sucker which will be used as we see fit to carry on this sham.

I just don't grasp why buyers do business with companies like that when there are so many good builders around. Well, actually I do. I bet they got quoted a price significantly below the quality builders. Price doesn't matter when you're not going to finish the boat at that price.

This sort of behaviour unfortunately seems to lurk around in the industry to a varying extent.

The HNWI who can afford these colossal vessels are no doubt very astute businessmen and women for the most part. It seems that when it comes to a yacht that in some cases just like a good looking woman the brains and self control needed to get where they are are sadly paralysed by the thought of bigger,flasher and cheaper then they thought possible.

The brokers get their commissions or in some cases the clients are told the are saving so many millions by dealing direct why bother with a broker and once the bait is taken they get taken to the cleaners well and truly.

There are a couple of statements in English which I am sure have an equivalent in most other languages, these are

There ain't no such thing as a free lunch and If it seems too good to be true it probably is.

I would hope that for the most part the HNWI who can stump up the readies for a mega yacht like this would be well aware of these words and the likely consequences of ignoring the warning signs.

Paralyzed is not an accurate word, in my experience. More like, people who already worked to earn that HNW are still, you know, people. They want to "just enjoy it". Instead, as it turns out, they need to do another full round of work spending it.

Therefore when someone who is an astute businessmen when earning his money behaves in a "just wave a pack of cash, pick the best offer and expect things to be done smoothly" when spending it, it's simply his effort to actually relax and enjoy his wealth. (And yes, doesn't work like that, sooner or later one discovers.)

Most of us ‘may’ be compelled to extend the benefit of the doubt to a struggling shipbuilder. However, if we were to accept yesterday’s news and the statements of Privilege Management, at face value, we would be repeating the same mistake, yet again, only to expect a different result. I think it was A. Einstein, who recognized this as behavior as insanity.

Let us not forget, or at least be aware, that P430 was but one and the first build of a nine (9) ship contract signed in 2007. The mystery Buyer it would seem is a non-funded shell corp. controlled by Privilege Management. Every once in a while, this backlog of orders is referenced to simulate credibility. This illusory order book is what was revisited yesterday.

To further this fairytale, a single block section was constructed and placed adjacent to P430. This unassuming set of metal was then pronounced as P450. Privilege Yard announced, and still holds that the keel for the second Privilege giga-yacht has been laid. Unfortunately, subterfuge rains heavy in Civitavecchia.

Reality is;there has been no progress of work done lately. They said that after the fiscal dramas the work has continued, however that is quite wrong. 2 of our retired Captains flew from Istanbul and checked from the street levels and there was no action whatsoever. Late Jan, and early Feb
It may end up being only a pipe dream.
If ever it happens then ;yes it could look good and maybe just an outside possibility

On Google Earth, you would hard pressed to see any details at all, only a blurred enigma and nothing depicting
a build in the open covered with roofing, as show by their illustrations. One would thing that a yard of such"fame" would gladly show the Marvell of their pride for all to see, but sadly nothing can be seen.
good luck hunting

You have to look earlier in the thread to see pics of the yacht before the roof was installed.

http://www.yachtforums.com/index.php?threads/privilege-yard.17149/page-2#post-194549

And then there are the youtube videos:





Also look on page 1 of the thread for a few more pics.

27th Feb 2014, and still nothing to show for it all.
Besides Financial traumas, there is more to this project then it meets the eyes. According to the yard, such a project is possible to finish inside 36 months. Well , it all started in 2009 reportedly , and that is a lot more then 36 month. The project was stopped for more then 14 months, and still there is no P430. A client driven project? I doubt it.
The Project is for sale at 60% of completion @ quoted price of 379 Million Euros, just to "turn the Key"
Good Hunting Fellows

By Google earth it is absolutely impossible to see if she really is about to be finished fitting out, This vessel is a dilemma indeed. I doubt there will ever be a Launch. From position given just how on earth would this be moved into the water?

Hi,

On their website, they have an image suggesting the launch route. Let them finish the boat first and I will carry it to the water on my head, stabilize it with my pinkies, and for free!

Cheers.

This morning the gates were locked and sealed by the court appointed trustee.
The Court of Civitavecchia ruled the company insolvent; burdened with €210.00.00,00 of debt.
There had been no operations or commercial activity on the property since December 2013.
(below is the Receiver/Trustee presenting the court order to the workers and vendors who had assembled on the site, at word of the news)

It seems that you were right

Dont know if its allowed to link here news from another yachting site,which states today that CEO and board member of Privilege have been arrested.

Link away. Now there are some censored sites so you might have an issue with the link.

https://yachtharbour.com/news/two-arrested-in-privilege-yard-bankruptcy-investigation-991

Can't help but notice:
for alleged fraudulent bankruptcy filings, tax crimes and violation of the anti-mafia legislation
- yet the alleged crimes described are just an ordinary fraud and graft. Nothing about fraudlent bankruptcy, nothing about tax crimes, nothing at all about mafia.

such a discrepancy between the first paragraph of the article and the rest of it is always telling. Whether of an ultra-shady case, or just extremely crappy reporting - another question.

The exact wording might be ambiguous if it has been machine translated from Italian