Monday, 7 May 2012

Short Memory erased as GE awaits a buyer

The Sea Ray formerly known as Short Memory.
Photo: SiN Images 
IT'S unlikely that Short Memory, a vessel formerly stabled with late marine czar Andrew Short, is far from the recollection of the credit and risk specialists at GE commercial lending.

The finance house repossessed its vessel back in September 2011, a month before Andrew Short Marine went into liquidation.

And since GE recovered the Sea Ray 585, it's been racking up berthing and other fees at the exclusive d'Albora Marina at Cabarita on Sydney Harbour.

d'Albora is part of Ardent Leisure, formerly Macquarie Leisure. Macquarie no longer operates the group but SiN imagines Ardent's attitude to fees is no less enthusiastic.

While there was a maxi skirt of weed garlanding her hull, the Sea Ray looked in good nick when SiN cast an eye over her recently. Despite this, auctioneer Pickles has not yet been able to lure a buyer at the asking price of $625,000 including GST.

SiN also noticed that the name Short Memory has been erased from her stern. (Image from Pickles website: Stern view of Short Memory.)

The boat was originally provided to Andrew Short Marine under a normal "floor plan" financing arrangement. Floor plan deals involve vessels being transferred to the dealer's showroom or marina so they can be sold to retail buyers. The dealer keeps whatever they can get over the wholesale price.

GE's Sea Ray 585 at Cabarita.
Photo: SiN Images
But GE removed $7 million worth of luxury boats from Andrew Short Marine in September 2011 and the move may have helped trigger secured creditor NAB's decision to install BRI Ferrier as receivers the following month.

The plight of Short Memory is just part of the sad story that began with the tragic deaths of Andrew Short and navigator Sally Gordon during a Sydney to Flinders Island race in 2009.

Last month, Andrew Short's widow Kylie Short put a for-sale sign on her business at Fergusons Boatshed at The Spit.

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