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Like watching paint dry - San Diego Reader

On October 20-21, Mortensen was the only San Diegan of eight skippers to compete in the National Freesail Regatta, held at the Model Yacht Pond in Mission Bay. The 900-foot pond is off West Vacation Road and Ingraham Street.

“I happened to be [supposedly] the first guy in San Diego doing this,” Mortensen said, “so I called my boat SD1.”

Two competitors came in from Texas; one from Colorado; one from the Bay Area and another from Orange County. They raced in match style competition where only two boats were raced against one another.

Race director Kim Robbins began each race by staging the skippers by the two orange cones sitting in shallow waters on either the west or east side of the pond. He then yelled “skippers ready” and blew a whistle to prompt each skipper to send their miniatures sailing.

“Then we follow the boats up along the shoreline (west-to-east or east-to-west),” Mortensen said, “if the boat goes into the shore, somebody’s got to turn it around because there’s no remote control.”

Each skipper follows the boat with a turning-pole (PVC wrapped with a soft pad at the end); they had a mate on the opposite side of the pond following in case a wind sent the boat astray into the other side (about 300 feet across).

“The pads are to protect the finish of the boat or the strings holding up the sails,” said Zaine Fisher. She and her father trekked in from Houston, Texas. “Mine just went straight and it’s kinda hard to do that — you just have to set your boat right,” she said.

“If your boat goes to shore you can adjust the vane or you could adjust the sails — but most likely not the sails,” said Mike S. from Santa Cruz. “We had a wind shift right there: it had been southwesterly then it just turned westerly and I had to adjust the angle of the vane to keep it from coming ashore.”

Mike’s boat veered into shore at about midpoint, then he adjusted the vane , the mechanism on the rear of the boat that’s attached to the rudder. The adjustment of the vane helps the skipper steer his/her vessel without adjusting the sails. The vane was used in the hobby/sport prior to the implementation of radio control technology in the 1970s. (The radio style is more popular.)

It took about five minutes and 45 seconds for Mike’s mahogany boat to travel the full 900 feet (eastbound)

“It’s sorta like watching paint dry,” he said. “It’s definitely a relaxing sport.”

Mike lost the “run” which is when the boats travel with the wind; his opponent garnered two points. When the boats travel against the wind it’s called a “beat,” which garners the winner three points.

At the end of the races, the points are tallied up and the highest score wins the race. For this annual regatta, the skippers raced 13 times.

“The trouble is that there’s only two real boat ponds like this in the U.S.,” Fisher said, “there used to be many boat ponds, but then they added fountains in the middle, and you can’t have these races if there’s a fountain.” The other popular free sailing venue is The Spreckels Lake Model Yacht Facility in San Francisco where they have about 25 active free sailers.

Mortensen is seeking other San Diegans that might want to free sail with him. He said there is no fee and in order to compete, the prospective skipper must have access to, build or purchase a boat within the parameters of their 36R class rating rules.

“Your boat is legal in the (36R) restricted class if you stick the haul with the keel and the rudder in a box that measures: 37” x 11” x 9”,” he said. “You can have as much sail on it as you want the boat can look whatever it wants to look like.”

Next year we’ll have six to seven guys come in from the U.K. where free sailing originated, and we’ll have an American team which will be most of these guys and gals present — and it will be an international regatta.”

Source: www.sandiegoreader.com

Con man used 'Genovese' name to defraud victims of $13 million: US Attorney - The Journal News | LoHud.com

Con man used 'Genovese' name to defraud victims of $13 million: U.S. Attorney He was not part of the family that owned and sold a drugstore chain and ad not worked in senior positions with Wall Street firms. Check out this story on lohud.com: https://www.lohud.com/story/news/crime/2018/10/20/can-man-used-genovese-name-steal-13-million-u-s-attorney/1709862002/

A New York City man pleaded guilty Friday to securities fraud, after duping people into investing millions of dollars by claiming he’d been a Goldman Sachs partner and was an heir to the Genovese Drug Stores family fortune, the U.S. Attorney's office said.

Nicholas Genovese was not part of the family that had owned and sold the New York area drugstore chain, had not worked in senior positions at Wall Street firms and did not graduate from Dartmouth College’s business school. He was “a confidence man with an extensive criminal record,” U.S. Attorney Geoffrey S. Berman said in a statement.

Genovese, 53, entered the plea to one count of securities fraud in Manhattan federal court. He will forfeit more than $13 million of proceeds, including two mahogany boats he bought with money he got from his victims, the U.S. Attorney’s office said.

Sentencing is scheduled for Feb. 15.

In 2015, Genovese started soliciting people to invest in the New York-based hedge fund that became Willow Creek. Along with his Goldman Sachs claim, he also said he had been a Bear Stearns portfolio manager — he had not — before forming Willow Creek, according to prosecutors.

When investors asked for their money back, he put them off. According to records, Genovese lost about $8 million trading in TD Ameritrade accounts between January 2015 and December 2017.

Genovese had past felony convictions for fraud-related offenses including forgery, identity theft and grand larceny.

Source: www.lohud.com

Exit ramp: Company wins by taking the scenic route to a sale - Business Observer

When Stellican Ltd., a group of investors led by Steve Heese, bought the tangible assets of Chris-Craft, the iconic Sarasota-based boat manufacturer, the game plan was to make a quick buck by liquidating what was left of the company.

Executive Summary

Executive. Steve Heese

Industry. Boat manufacturing

Key. Boat maker sells — but only with the right deal

That plan was hatched in 2001. Seventeen years later, after weathering a recession that devastated the recreational marine industry, Heese finally completed the plan, selling Chris-Craft in June to another iconic American company: Winnebago Industries Inc. The price, not disclosed publicly, is thought to be in the $420-$480 million range, according to estimates in Soundings Trade Only , a marine industry B2B publication.

“We knew how cyclical the marine industry is,” Heese says. “We should have sold in 2006 or 2007, when demand was off the charts."

Why the wait? While a flip was the goal, turns out Heese, in survival mode, grew to value Chris-Craft for something more than a commodity. “In most other cases, we were flippers,” he says. “Buy it, fix it, sell it. But this business, we had owned since 2001 … it becomes an extension of you. It’s like your family, your children. It’s the people who have worked so hard for you all of those years.”

Heese, who remains with Chris-Craft as president and CEO, talked about the anatomy of the deal with Winnebago at a recent Association for Corporate Growth event in Tampa.

“I feel like we built the company twice during this timeframe,” says Heese. He also learned some valuable business lessons about perseverance, as well as belief and trust in a process.

Heese says the up-down-and-up-again years with Chris-Craft also taught him that powerful, aspirational brands like Chris-Craft aren't built overnight, nor are they destroyed quickly — they retain their influence.

"One of the things [Heese] has really focused on is quality," says Dave Felman, an attorney with Hill Ward Henderson in Tampa, the firm that helped negotiate the sale to Winnebago. "And that has made Chris-Craft a truly unique product within the boat market."

PIECE BY PIECE

Chris-Craft had been a stalwart, desirable brand since 1874, drawing marquee buyers such as Dean Martin, Frank Sinatra and Elvis Presley. But as the 20th century came to a close, the company fell into a downward spiral. Sales slowed as Chris-Craft switched from wooden to fiberglass boats, and the corporate entity itself was in disarray thanks to the brand name and trademarks becoming separated from the manufacturing business in Sarasota.

In a bizarre twist, the trademarks became part of Rupert Murdoch’s News Corp. media empire, which agreed to sell the intellectual property to Stellican for $5 million. Heese, in the early 2000s, had the pieces in place to revive Chris-Craft.

The bad news? His timing was awful.

Tough decisions became the norm. As the recession took its toll, 40 workers lost their jobs in Sarasota, and Chris-Craft was forced to shutter its facility in Kings Mountain, N.C., resulting in another 40 layoffs. But Heese wasn’t ready to quit.

“We refinanced our debt and did a deal with our bank to hang in there with us,” Heese says. “And slowly but surely, demand rebuilt.”

One of the company’s keys to survival, Heese says, is its global cachet. “We sell all over the world, and Europe really carried us” through the recession. From 2001 to 2010, international buyers buoyed the brand, accounting for anywhere from a quarter to half of all sales. That allowed Heese and his team some margin for error as they worked to repair the Chris-Craft image — an experience he likens to being in “Startup 101” class.

“We repositioned the product at the very top of the market,” Heese says. “It’s resonated with...

Source: www.businessobserverfl.com









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Mahogany - Wikipedia

Mahogany is a commercially important lumber prized for its beauty, durability, and color, and used for paneling and to make furniture, boats, musical instruments and other items. The leading importer of mahogany is the United States, followed by Britain; while the largest exporter today is Peru, which surpassed Brazil after that country banned mahogany exports in 2001.

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Giuliano Arcangeli The man who made his wooden dream come true the founder of Arcangeli&C It all started in 2003 when I bought my first wooden boat, an Arcangeli Jolly.