Hylas 56 being sold as an Outbound 56

[joel]

Interesting that the case was converted!  I guess Jackney did not want to pursue the claims against QL.
The case will likely be transferred to Massachusetts.    If the case is transferred, a trustee from Massachusetts will be appointed.

Joel

[Che Figata]

Many of us are caught up being "creditors" to HYI because of Kyle Jackney.  Amazing that Outbound would pick him up.  Can only be due to the hull molds.  I certainly hope that the bankruptcy proceedings prevent Kyle from proceeding with Outbound and he never works in this industry again.  The Chapter 11 was converted to a Chapter 7 this past week.

[Amante]

Thanks for posting this. We all want to know what is going on with our brand. Or we should.

Vanessa

[joel]

Interesting!
Hylas still lists the 56 on its website.  Wonder if they made a few hulls before turning over the mold.

[Tribute]

I heard at the Annapolis boat show that Outbound took at least one order for a 56. They must be pretty sure of the situation to do that.

[joel]

An update:  Jackney has withdrawn his motion to approve the settlement.  His testimony made it unclear if the mold was sold before the bankruptcy (even though he owned 1/2 of it).  Also, the Maryland address he used was that of a friend.  The case may be transferred to Massachusetts or dismissed.  No idea what will happen to the mold.
Joel

[joel]

David,

Sorry for your plight!  I  reviewed the court papers after seeing your post, and you are correct. (I practice in the court)  Hylas (Jackney) and QL co-owned the molds for the 56, 63 and 70 according to the court papers.  The total value of the 3 molds is stated to be $80,000.  There was nasty litigation between the parties pending in Boston prior to the bankruptcy filing.  This will resolve all claims, but it has not been approved yet.  Creditors can object if they wish.  The judge assigned to the case is very thorough and will nit-pick the details.

Joel

[David Comroe]

I am unfortunately involved in this as I am a secured creditor to Hylas Yachts, Inc (HYI).  My understanding, and as shown in the court papers filed, in order to resolve issues between HYI and QL a settlement was reached in July, 2018 giving the 56 mold to HYI and the rest of the molds to QL.  HYI was given the right to market that boat and to use pictures of other 56's as long as it was noted that the boat pictured was made by another manufacturer (QL).  HYI filed Chapter 11 Bankruptcy in September, 2018 in Maryland bankruptcy court.  HYI wants to sell the 56 sailboat mold together with a 56 powerboat mold ( which I am involved in) to a group of investors named OIG, LLC.  The Debtor is attempting to obtain bankruptcy court  approval, after the fact, of the settlement.  Apparently, HYI is treating the agreement as a given (which it is not, without Court approval)., and both molds are already in the possession of Outbound Yachts in China.  Outbound has, I think, jumped the gun in its advertisement.  Kyle Jackney is working as a Broker for Outbound.  What a surprise.

[jay]

I do understand, in the last +- five years the 56 was their best seller (what I heard anyway). Also, I heard a rumor that Kyle now has the 56 mold. That being said, QL still has the 56 on their web site.  One would think that QL would explain, especially for us that own a 56, and everyone that has or thinking of committing to purchase one.  I showed another couple my boat that is interested, but my response was, to wait and see what is going on. Thanks for your question Merrill. Some clarity by QL, would be nice.
Jay Hy56 #12

[Ambition]

I am a little confused and anxious to understand how a Hylas 56 is being sold as an Outbound 56 - https://outboundyachts.com/outbound56/.
Does anyone have the back office story on this change?
Merrill
S/V Ambition H46 #40