Elizabeth City: November News from the Chamber!
Elizabeth City sits at the southern terminus of the Dismal Swamp Canal and has the well-earned reputation of being a transient-friendly town with free dockage for 72 hours.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Elizabeth City sits at the southern terminus of the Dismal Swamp Canal and has the well-earned reputation of being a transient-friendly town with free dockage for 72 hours.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
The Cruisers Net team is deeply saddened to announce that our editor, Larry Dorminy, has passed away.
Larry was a long-time member of the Cruisers Net team and will be sorely missed. He was passionate about boaters and making sure they had the most up-to-date information. Larry was beloved by the cruising community that he had dedicated his retirement years to supporting.

Here is a link to his obituary: https://www.meyersfh.com/obituaries/wendell-dorminy
Cruisers Net publishes Loose Cannon articles with Captain Swanson’s permission in hopes that mariners with saltwater in their veins will subscribe. $7 per month or $56 for the year; you may cancel at any time.
When all else fails, try journalism. This is a text exchange with Michael Reardon that happened after I asked him to comment on today’s main story, Michael Reardon’s Year of Living Dangerously. Loose Cannon: Michael, Peter Swanson here. I’m writing a story about what a bad year 2025 has been for you, and I have a few things to run by you. I have a tape on which you tell Catalina’s workers that there might be a solution their pay dilemma. You refer to the D100 tranfer to Europe: “I just delivered a 100-foot boat to France for Daedalus company. We haven’t received our final payment—as we should have—yet. A few technical issues need to be resolved on the boat.” How can you tell them you expected a final payment when there was probably a year’s worth of work to be done on that boat before it could seatrial? Michael Reardon: You only know 20 percent of a story, and have even less facts yet report it as gospel. The 100 is being fit out in France to avoid 25 percent tarrifs on European goods, i.e. all the interior and systems. You have previously reported in the worst way. Cease and desist. I am in confidentiality agreements from commenting further. L.C.: Why did you tell the folks at Catalina you would be getting a final payment for the D100? Reardon: The boat is still in construction, ergo payments incomplete. End! This is all I have left for you. Cease and desist! L.C.: With Catalina and Daedalus closed abruptly, why would anyone have the trust to put a down payment on a new Tartan? Reardon: Daedalus was not closed abruptly. It was a planned transfer. Catalina will reopen. L.C.: How? Reardon: None of your business, negative-news man. Run a positive news story on the largest export sailing yacht out of America in a decade. Then ask me for an interview in person. L.C.: Ex-Daedulus workers say the Muffs (Reardon’s financial backers) pulled out because you started a fight on the factory floor. Is that true? Reardon: $2.5 million savings on systems is the reason. Bye, bye now. L.C.: The part about the fight is true though. It’s on video. Reardon: You have only a portion. You don’t see the preemptive, where a worker is fired, then pushes me to the floor. You only see my reaction after. Again negative sell. Run a positive price, then we can have a news story L.C.: Just curious. Why did prosecutors drop the charges after you ran from local police in your car? Reardon: There was no run. I pulled in at the closest safe point on the two-lane road with no shoulder. Hence, charges dismissed. LOOSE CANNON covers hard news, technical issues and nautical history. Sometimes he tries to be funny. Subscribe for free to support the work. If you’ve been reading for a while—and you like it—consider upgrading to paid. You’re currently a free subscriber to LOOSE CANNON. For the full experience, upgrade your subscription. © 2025 |
From our friends at South Florida Sun Sentinel.
Cruisers Net publishes Loose Cannon articles with Captain Swanson’s permission in hopes that mariners with saltwater in their veins will subscribe. $7 per month or $56 for the year; you may cancel at any time.
When all else fails, try journalism. Michael Reardon’s Year of Living DangerouslyCatalina Yachts and Daedalus Close Doors. Can Tartan Survive?
This year has been an interesting one for boatbuilder extraordinaire Michael Alexander Reardon, to put it mildly. Reardon is a native of Australia who has created an image of himself—cheered on by our slavish boating press—as a hugely successful boatbuilder with a reputation for technically wizardry. His resume, as shown below, includes employers such as Gunboat, Skagen and Greenline. As we were about to publish, Reardon replied to a text message asking for his side of the story. You can read the interview here:
2025 TimelineReardon is arrested by police on February 5 for allegedly driving his unregistered car through a stop sign and speeding away from police “carelessly and heedlessly in willful and wanton disregard of the rights and safety of others.” (For the record, the North Carolina prosecutor dropped all traffic charges against Reardon without explanation.) On April 11, witnesses say, Reardon attacks a worker on the floor at the Daedalus yacht factory. Reardon ends up on the ground when a second worker intercedes. A third worker videotapes the tussle, news of which will have an outsized effect on the future of the Edenton, North Carolina, builder. Later in April, Reardon enters into a provisional purchase agreement with the California parent company of Catalina Yachts in Largo Florida. He takes ownership of the company with a requirement to make regular payments. In late July, Reardon’s financial backer—and purchaser of the only boat under construction at Daedalus—had the vessel hauled out of the factory and put on a ship to France for completion there. There was a dramatic video on YouTube showing the move, copied here: Best known as the inventor of Google Maps, Stefan Muff is advertised as Reardon’s partner in Daedalus. That carbon-fiber 100-footer above was being built for him and his wife, who visit frequently to check on the status of their boat. According to former Daedalus employees, some of whom had formed their own relationships with the Muffs, the Swiss couple had been looking for a way to shed themselves of Reardon and Daedalus. According to the ex-employees interviewed for this article, the fight on the factory floor provides the Muffs with a “last straw,” enabling them to nullify their contract. That’s when they take their boat and go back to Europe. On August 20, the Daedalus workforce is furloughed. Owned by the Muffs, the factory itself is listed for sale for $3.5 million. At some point in August, Reardon visits Anacortes, Washington, to discuss purchase of Tartan Yachts from owner Seattle Yachts. No one remembers Reardon saying anything about Daedalus going out of business. The sale of Tartan is finalized in September; the Ohio workforce is furloughed but returns to work soon after. On September 4, Reardon visits the Catalina factory for a talk with workers who haven’t been paid in weeks. In an audio tape obtained by Loose Cannon, Reardon can be heard telling workers that he was “under huge financial stress” but there is hope because of an expected windfall:
According to ex-Daedalus people, “a few technical issues” was a bit of an understatement. The boat that had left the Edenton plant was just a carbon-fiber shell, months or maybe a year away from any seatrial that would precede delivery and any final payment from the owner. (The total cost of the finished boat had been estimated at $35 million.) On September 18, California Catalina files a lawsuit against Reardon for non-payment of rent for the Florida Catalina factory and, by default, the $1 million promised for purchase of company assets—real estate, tooling, etc.
On October 14, the president of Catalina Yachts, Patrick Turner, is videotaped assuring workers that Reardon had “done his part,” trying to find an investor to keep Catalina going. According to Turner, Reardon had been dealing with an unnamed potential money-man who asked questions but did not commit. Turner announces that Catalina was shutting down “temporarily.” On October 22, a Florida court grants California Catalina’s motion to have Reardon evicted from Largo premises, so no one except the family of late Catalina founder Frank Butler, or a successor company chosen by them, can reopen the plant. In the accompanying Q&A, Reardon says the plant will reopen but doesn’t specify how. Meanwhile, the question has to be: With this kind of public record, who would ever be convinced to put a downpayment on a new Tartan? Reardon avoids answering that question in the accompanying Q&A with him. Ken Bauer of the Catalina Owners Association has his own take on Reardon’s track record:
LOOSE CANNON covers hard news, technical issues and nautical history. Sometimes he tries to be funny. Subscribe for free to support the work. If you’ve been reading for a while—and you like it—consider upgrading to paid. You’re currently a free subscriber to LOOSE CANNON. For the full experience, upgrade your subscription. © 2025 |
Phil Friedman publishes “For Yacht Builders, Buyers, and Owners”. FYBBO is a reader-supported publication. To receive new posts delivered directly to your email inbox, subscribe for free, or for the full experience, consider becoming a paid subscriber.
Are the Few Remaining U.S. Sailing Yacht Brands Circling the Drain?THE RECENT ELEVENTH-HOUR DEAL TO KEEP CATALINA YACHTS ALIVE FOUNDERS AFTER JUST A FEW MONTHS …
The Loose Cannon piece, coupled with all the industry hoopla at the recent Fort Lauderdale International Boat Show, got me to thinking what can only be described (politely) as a “general lack of financial transparency” in the boat and yacht building sector. More on that in a moment. But first, as the annual series of South Florida boat shows kicked off last week with FLIBS, the current state of the U.S. economy, tariffs and, specifically, the yacht manufacturing sector, lead me to ponder the danger signals that indicate a boat builder or manufacturer may be facing an imminent business failure. This is especially important to potential boat buyers, because boat buyers who order a new boat for construction and delivery at a later date almost always end up in the position of being unsecured creditors of the seller, with their deposits and any “progress” payments they’ve paid to date at exceedingly high risk in the event of a financial failure of the builder. The same also applies to any marketing entity (dealer, etc.) who may stand contractually sales chain between the buyer and the manufacturer in question.
If it looks like a red flag and waves like a red flag…Ironically, the single most telling sign of an impending financial failure is a backlog of multiple pre-sold or deposit-paid units sitting unfinished on the builder’s shop floor. Never mind that the common wisdom is that a bunch of builds in process are an indication of a thriving business. This is because a backlog of unfinished units, without any visible significant progress being made toward completing them for delivery to their buyers, signals that the manufacturer is out of working capital. Which is a condition no company can survive for any serious length of time. In such cases, if there is to be any chance of effecting a turnaround, without resort to bankruptcy filings, it’s essential to structure a creative financial plan that includes eliciting the agreement of secured and unsecured financial and commercial creditors, as well as the agreement and cooperation of the workforce (which is frequently owed back wages), plus buy-in from any existing dealers (who may be awaiting delivery of boats), as well as the consent of any boat buyers involved. Even then, a successful turnaround generally requires fresh, but significantly experienced, management that can run lean with the short-term goal in mind, namely, the completion and delivery of all pending unfinished builds and the generation of necessary cash flow which that brings with it. Anything less sets up a turnaround effort for almost certain failure. A reasonable level of caution and common sense…If you’re a potential (or actual) boat buyer, what does all this mean for you? If you’re contracting to have a boat or yacht to be built for you to order with, say, 10% down and the balance upon delivery of the finished vessel, then read no further. From a buyer’s standpoint, that is about as good as it gets. True, few buyers would be elated over losing $10K on a $100K, and even less so losing $100K on an unfulfilled million dollar contract. But to put 10% at risk is usually manageable for someone in a position to “afford” the full-ticket sale price of a discretionary luxury purchase, in the first place. However, if you, as a buyer, are required to put up more than that as a deposit, or if you’re required to make periodic “progress” payments during the build, you have to be particularly careful when buying a built-to-order boat or yacht. First and foremost, you must have a clear written agreement as to delivered price, all included options and features, and a firm final delivery date (often called a “drop dead date”), after which you have the option of cancelling the order and receiving a full refund of all monies paid to date. Note that I said you should have “the option”. This is because you may ultimately decide that, even though the builder is far behind schedule on completion and delivery, you really want the boat and are prepared to wait, just not forever. The drop-dead date in the sales contract assures that you won’t have to wait ad infinitum for your boat because the manufacturer just can’t get it done. And if you think that can’t happen, just take a look at the history of builders like Catalina which end up stalled with a dozen or more partially completed boats on their workshop floor — boats being built on contracts with significant payments outstanding to collect when those units are completed and delivered. Again, more on that later. There are also several important additional steps you can (and should) take to protect your interests, under the Uniform Commercial Code (UCC), which has been adopted, in part or in whole, by most states in the U.S. These steps are straightforward and focus on establishing a preferred first security interest in the boat during the period of time it is still in-process and could otherwise potentially fall subject to claims of creditors, should the builder fail financially. This security interest will extend to all monies paid to date by you, the buyer, in the form of deposits and progress payments. And will grant you a first secured mortgage on the vessel, which lien will have to be “perfected” (properly filed) with the state where the builder is registered to do business. Of course, you will not only have to bear the added cost(s) of proceeding under the UCC, you will generally have to push hard to gain the necessary cooperation from the dealer and/or the manufacturer involved. Consequently, you will need to gain agreement to cooperate from the dealer and the manufacturer before you place the order and pay your initial deposit. With a preferred first security interest and a perfected lien, you will stand ahead of unsecured creditors for satisfaction of your claim in the event that a company is liquidated in bankruptcy or the company assets are sold in liquidation for the benefit of creditors. Except, of course, for the bankruptcy lawyers and court costs. Which means you would have to be paid out before any of the proceeds of liquidation went to satisfy unsecured claims, for example, those for materials and fittings supplied by vendors to the boat manufacturer. Nothing in life is completely without some risk…Admittedly, it’s not a perfect solution, as there might not be sufficient value in liquidation to pay you out 100%. And it certainly won’t get you a completed boat. The most it would do is preserver you investment to date, but you’d then need to take possession and find a way to get the build completed. Still, it’s better than the alternative which, for unsecured creditors, is usually losing everything they’ve invested. Whether what you stand to get, in the instance, would be worth the effort and hard costs of establishing a preferred first security interest in the boat you’ve ordered and partially paid for, is worth it, depends on how much in dollars is at stake. And that depends on your net worth and resources. If you’re in a position to sustain, say, a five hundred thousand dollar loss without much noticing it, then perhaps the extra time and dollar cost of obtaining a preferred first secured interest isn’t worth the extra cost and effort. Understand that it’s entirely your call. Just don’t delude yourself into thinking a business failure will never overtake the firm manufacturing your boat. It never happens… until it does. And nobody ever loses money in a boat deal gone bad… until they do. — Phil Friedman Copyright © 2025 by Phil Friedman and Port Royal Group — All Rights Reserved Thanks for reading For Yacht Builders, Buyers, and Owners. FYBBO is a reader-supported publication. To receive new posts delivered directly to your email inbox, subscribe free or for the full experience, consider becoming a paid subscriber.
Postscript: Read the latest update on the Catalina Yachts saga, from Peter Swanson and the Loose Cannon newsletter: If you’re interested in the subject of transparency in the boat and yacht building sector worldwide, you might also want to look at the Loose Cannon article on the suit that’s recently been filed against Bering Yachts (Turkey) by two YouTube boat reviewers”: Read about the Bering Yachts suit Author’s Notes: 1) The author of this article (namely, yours truly) was an active consultant in the acquisition of the assets of Tartan/Legacy Yachts by Seattle Northwest Yachts LLC in 2020, and later oversaw the completion and delivery of nineteen new yachts that, at the time of that acquisition, sat in various stages of in-completion, as Tartan/Legacy Yachts circled the drain. 2) Nothing in this article is presented as legal advice, but rather is purely the expression of personal opinion based on more than 40 years experience in the recreational marine industry. Anyone placing a substantial deposit or other payment with a boat dealer or manufacturer for building a boat to order, with a future delivery date, is advised to first review the potential issues and suggested remedies delineated here with a lawyer who has the necessary and appropriate experience. — PLF Copyright © 2025 by Phil Friedman and Port Royal Group — All Rights Reserved Thanks for reading For Yacht Builders, Buyers, and Owners. FYBBO is a reader-supported publication. To receive new posts delivered directly to your email inbox, subscribe free or for the full experience, consider becoming a paid subscriber. Thanks for reading For Yacht Builders, Buyers, and Owners! This post is public so feel free to share it.
© 2025 Phil Friedman |
Here is an informative newsletter to which you may subscribe. Its abundant harbor information will be useful as you travel the East Coast this fall, by boat or by car.
Cruisers Net publishes Loose Cannon articles with Captain Swanson’s permission in hopes that mariners with saltwater in their veins will subscribe. $7 per month or $56 for the year; you may cancel at any time.
When all else fails, try journalism. The author is a postdoctoral researcher at the NOAA Hurricane Research Division, University of Colorado-Boulder. This October 29, 2025 article first appeared in The Conversation and is reprinted here with permission. By ETHAN MURRAYHurricane Melissa grew into one of the most powerful Atlantic tropical cyclones in recorded history on Oct. 28, 2025, hitting western Jamaica with 185 mph sustained winds. The Category 5 hurricane blew roofs off buildings and knocked down power lines, its torrential rainfall generated mudslides and flash flooding, and its storm surge inundated coastal areas. Melissa had been wobbling south of the island for days, quickly gaining strength over the hot Caribbean Sea, before taking a sharp turn to the northeast that morning.
As a hurricane researcher, I work with colleagues at NOAA’s Atlantic Oceanographic and Meteorological Laboratory to improve predictions of hurricanes’ tracks and strengths. Accurate forecasts of Melissa’s turn to the northeast gave many people across Jamaica, Cuba and the eastern Bahamas extra time to evacuate to safer areas before the hurricane headed their way. Throughout 2025, most hurricanes similarly veered off toward the open Atlantic, sparing the U.S. mainland. To understand the forces that shaped these storms and their paths, let’s take a closer look at Melissa and the 2025 hurricane season. OriginsBefore they evolve into powerful hurricanes, storm systems start out as jumbled clusters of clouds over the open ocean. Many of 2025’s Atlantic tropical cyclones began life far from the U.S. coastline in the warm waters west of Africa, near the Cape Verde islands. These Cape Verde hurricanes are consistently blown toward the United States, especially during peak hurricane season.
The driving force steering these storms is a hot, semi-permanent high-pressure air mass often found spinning above the Atlantic Ocean known as the Bermuda high or Azores high. When this high-pressure system, or subtropical ridge, is positioned farther east, closer to the Azores islands, its strong, clockwise-rotating winds typically curve tropical cyclones briskly out to sea toward their demise in the cold North Atlantic. When the high-pressure ridge is closer to the U.S. and centered over Bermuda, it can send storms crashing into the U.S. coast. Because that high-pressure system was positioned further east in summer and fall 2025, many of the season’s strongest storms, such as hurricanes Erin, Gabrielle and Humberto, swung east of the U.S. mainland. Combined with an active jet stream above the Southeast U.S., most tropical cyclones were steered away from the Atlantic coast. The clouds that eventually became Hurricane Melissa traveled farther to the south, avoiding the Bermuda high and making their way into the Caribbean Sea. Balancing ActAfter a tropical cyclone forms, its path is guided by the movement of air surrounding it, known as atmospheric steering currents. These steering currents direct the forward movement of storms in the Atlantic at speeds ranging from a sluggish 1 mph to a blistering 70 mph or more. Hurricane Melissa’s meandering track was determined by these steering currents. At first, the system was caught between winds from high-pressure systems to its northwest and southeast. This setup trapped the storm over the warm Caribbean Sea for days, just to the south of Jamaica.
As a tropical cyclone is steered by outside forces, its internal makeup also constantly evolves, changing how the storm interacts with its steering currents. When Hurricane Melissa was a weak, lopsided system, it didn’t receive much of a push from its upper-level environment. But hurricanes draw energy from warm water, and Caribbean sea surface temperatures have been rising. As Melissa gained strength from very warm ocean water below, it grew taller. Like a skyscraper reaching high into the air, major hurricanes like Melissa have towering thunderstorms and feel more of a push from upper-level winds than weaker storms do. Melissa’s center also became aligned vertically, allowing the tropical cyclone to rapidly intensify from 70 mph to a staggering 140 mph sustained winds in 24 hours, and it would continue to strengthen.
Eventually, the precarious atmospheric balancing act holding Melissa in place collapsed. A ripple in the jet stream known as an atmospheric trough steered the hurricane to the northeast and into the Jamaican coast. Melissa’s snail’s pace of about 2 mph was rare but not unheard of. Slow storms like Melissa are more common in October, as steering currents are often very weak or pushing in opposite directions, which can trap a tropical cyclone in place. Similar steering currents affected Hurricane Matthew in 2016. Tragically, stalled tropical cyclones often bring prolonged rainfall, winds, flash flooding and storm surge with them. The wind and downpours can be extreme for mountain communities, as their high topography enhances local rainfall that can trigger mudslides and flooding, as Jamaica saw from Melissa. Better ForecastingMeteorologists generally understand how atmospheric steering currents guide tropical cyclones, yet forecasting these wind patterns remains a challenge. Depending on the atmospheric setup, certain hurricanes can be harder to forecast than others, as changes to steering currents can be subtle. New approaches to hurricane track forecasting include using machine learning models, such as Google DeepMind, which outperformed many traditional models in forecasting storm tracks this hurricane season. Rather than solving a complex set of equations to make a forecast, DeepMind looks at statistics of previous hurricane tracks to infer the path of a current storm. NOAA Hurricane Hunter reconnaissance data can also accelerate progress in predicting tropical cyclone paths. Recent tests show how accounting for specific measurements from within a hurricane can improve forecasts. Certain flight patterns that Hurricane Hunters and drones fly through strong hurricanes can also improve predictions of a storm’s path. Scientists and engineers aim to further improve hurricane track and intensity forecasts through research into storm behavior and improving hurricane models to better inform the public when danger is on the way. LOOSE CANNON covers hard news, technical issues and nautical history. Every so often he tries to be funny. Subscribe for free to support the work. If you’ve been reading for a while—and you like it—consider upgrading to paid. You’re currently a free subscriber to LOOSE CANNON. For the full experience, upgrade your subscription. © 2025 |
Elizabeth City sits at the southern terminus of the Dismal Swamp Canal and has the well-earned reputation of being a transient-friendly town with free dockage for 72 hours.
|
Be the first to comment!