throttle
c ya on da lake
- Joined
- Oct 4, 2007
- Messages
- 12,001
- Reaction score
- 10,864
We all hope to see this guy get paid.
Don't mis interpret this- the seller in this case C29 either has title or has a loan that he is responsible for (ocm won't be making sellers payment IF one exists). So, if ocm sold boat 2 months ago that means that OCM has already transferred title to new owner and has been doing whatever OCM wants with the sellers money (while IF there is a lien forces seller to make unnecessary payments).
Yes OCM should protect themselves, this should have been done at the time the boat was dropped off and contract signed. As a positive here, hopefully OCM changes the way they do paperwork in the future so these issues don't come here again.
Bottom line here that some are missing imo is that a boat was sold possibly over 60 days ago for possibly around $60k (if even accurate). That's a thousand a day for the seller to do with as he chooses. By ocm selling the boat doesn't mean they get the money (for any amount of time)
In another recent case with another broker, a guy was sentenced to do time. Robbing Peter to pay Paul and floating business transactions might work for a while but in time and over time is gonna catch up.
Maybe for the future sellers that do consignments can add an expectation to receiving payment in full with a time line to hold brokers more accountable(?).
Don't mis interpret this- the seller in this case C29 either has title or has a loan that he is responsible for (ocm won't be making sellers payment IF one exists). So, if ocm sold boat 2 months ago that means that OCM has already transferred title to new owner and has been doing whatever OCM wants with the sellers money (while IF there is a lien forces seller to make unnecessary payments).
Yes OCM should protect themselves, this should have been done at the time the boat was dropped off and contract signed. As a positive here, hopefully OCM changes the way they do paperwork in the future so these issues don't come here again.
Bottom line here that some are missing imo is that a boat was sold possibly over 60 days ago for possibly around $60k (if even accurate). That's a thousand a day for the seller to do with as he chooses. By ocm selling the boat doesn't mean they get the money (for any amount of time)
In another recent case with another broker, a guy was sentenced to do time. Robbing Peter to pay Paul and floating business transactions might work for a while but in time and over time is gonna catch up.
Maybe for the future sellers that do consignments can add an expectation to receiving payment in full with a time line to hold brokers more accountable(?).