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  1. #31
    Join Date
    Jan 2009
    Location
    Stratford on Avon
    Posts
    11,180

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by BruceK View Post
    I dont deny it. But given the choice I'll stay the way I am. Happy if ignorant.
    I meant myself Bruce

  2. #32
    Join Date
    Feb 2015
    Location
    Conwy
    Posts
    4,072

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by rafiki_ View Post
    I meant myself Bruce
    Me too I can appreciate the value of a good lawyer if it takes away the stress or niggling worries in a complex entanglement. I just want to know my exact stand point and let others do the worrying. Worth every penny then.

  3. #33
    Join Date
    May 2007
    Posts
    37,714

    Default Re: Syndicate Agreement Legal Question

    I know a few people who have been through owning sailing boats in syndicates, for racing.

    I think the principle is something like: you buy a boat, you can easily lose 1/3 of the value if you decide to sell at the wrong time.
    Plus it's a money pit in maintenance.
    So if you only buy a third in the first place, anything you get back is almost profit.
    It works if you get your value from using the boat, not by viewing it as a capital asset.

  4. #34
    Join Date
    May 2001
    Location
    Jersey/Antibes
    Posts
    22,545

    Default Re: Syndicate Agreement Legal Question

    Pete I think Bjb (who is a proper high end lawyer) is in same place as me, but being more eloquent and polite as ever. That RYA document is truly awful.

    Here’s another illustration. I think you are in a 3 way syndicate. If C wants to leave while A and B stay, you don’t want to terminate the agreement, obviously. You want it to continue as respects A&B and for C to have certain rights and obligations ended. To achieve that you would never talk of the agreement being “terminated”. Unless you’re RYA.

    So my point is that why don’t the three of you create an amended and restated agreement, and ditch the RYA thing? You can do it yourself and post here for comment and mark up. You’ll then have a nice agreement ready for D (the new C) to sign up to.
    Last edited by jfm; 03-09-19 at 10:20.

  5. #35
    Join Date
    May 2007
    Posts
    37,714

    Default Re: Syndicate Agreement Legal Question

    To be blunt, you have to allow for the situation where C wishes to leave because A&B have turned out not to be great people to be in a syndicate with. His share is unsaleable because buyer D realises this. A&B don't wish to buy out C's share.
    There may be other situations where the best way for C to get his capital out is to wind up the syndicate, forcing a sale.
    Nohing to stop A&B creating a new syndicate at that point. With or without other members.

  6. #36
    Join Date
    May 2001
    Location
    Jersey/Antibes
    Posts
    22,545

    Default Re: Syndicate Agreement Legal Question

    Exactly.
    Forced sale might be something you want, as opposed to something you suffer.

  7. #37
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    16,321

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by lw395 View Post
    To be blunt, you have to allow for the situation where C wishes to leave because A&B have turned out not to be great people to be in a syndicate with. His share is unsaleable because buyer D realises this. A&B don't wish to buy out C's share.
    There may be other situations where the best way for C to get his capital out is to wind up the syndicate, forcing a sale.
    Nohing to stop A&B creating a new syndicate at that point. With or without other members.
    Thanks, makes perfect sense.

  8. #38
    Join Date
    May 2001
    Location
    ation, Loc: ation, Loc: ation.
    Posts
    16,321

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by jfm View Post
    Pete I think Bjb (who is a proper high end lawyer) is in same place as me, but being more eloquent and polite as ever. That RYA document is truly awful.

    Here’s another illustration. I think you are in a 3 way syndicate. If C wants to leave while A and B stay, you don’t want to terminate the agreement, obviously. You want it to continue as respects A&B and for C to have certain rights and obligations ended. To achieve that you would never talk of the agreement being “terminated”. Unless you’re RYA.

    So my point is that why don’t the three of you create an amended and restated agreement, and ditch the RYA thing? You can do it yourself and post here for comment and mark up. You’ll then have a nice agreement ready for D (the new C) to sign up to.
    Thanks that's very generous of you and could be useful for others.

    Will put something up for review as soon as I get time.

  9. #39
    Join Date
    Jul 2004
    Posts
    31

    Default Re: Syndicate Agreement Legal Question

    On the plus side, should things go wrong.


    I am looking forward to the new purchase thread!


    Tongue firmly in cheek.

  10. #40
    Join Date
    Apr 2011
    Location
    Boat- Western Med
    Posts
    5,205

    Default Re: Syndicate Agreement Legal Question

    Quote Originally Posted by lw395 View Post
    To be blunt, you have to allow for the situation where C wishes to leave because A&B have turned out not to be great people to be in a syndicate with. His share is unsaleable because buyer D realises this. A&B don't wish to buy out C's share.
    There may be other situations where the best way for C to get his capital out is to wind up the syndicate, forcing a sale.
    Nohing to stop A&B creating a new syndicate at that point. With or without other members.
    Which is what I twigged in post #4 .

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