Author |
Message |
Lurknomore
Member
07-07-2001
| Tuesday, July 13, 2010 - 10:49 pm
I haven't seen the show, and not sure I'm gonna watch it quite yet. The articles have just been killing me...not sure I can take the show yet. There's one thing I really don't understand that I haven't seen anyone mention in any of the articles I've read. From what I've understood the CM is jointly owned by Cornelia Marie Devin and Phil Harris. Someone here said the percentage was very close with CM having 51% and Phil 49%. Clearly his sons are his legal heirs, and I'd assume he has that in writing as well. So why is the boat out of commission? And what is the big deal now with trying to buy out CM? At the very least you would think they would have a short term plan to carry on with that Captain who has filled in in the past, Derrick I think his name is, and continue business as usual with profits etc divided as usual. I don't understand why this would stop and why the CM would need to come to a complete standstill. And if CM was such a dear friend of Phil's, as they have both said, I would hope she wouldn't be unfair or difficult right now. Though as I said in an earlier post, my impression of her son wasn't so great, based on how he repeated mentioned they were the boat's majority owner (in posts that info had no business being in). I just find it all confusing. Sounds like more is going on than we have any clue about. Has anyone read anything on any of this??
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Jrsbus
Member
01-16-2006
| Wednesday, July 14, 2010 - 2:11 am
probate my guess is they are considering the boat property. and all claims against phils estate have to be settled. just like a joint checking account that gets frozen when a spouse dies. but on ATC they mentioned heirs coming out of the woodwork so its locked up.
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Terolyn
Member
05-06-2004
| Wednesday, July 14, 2010 - 4:27 am
I would assume that CM has a 51% share so that when bidding for contracts the company will show as a minority woman owned which gives them an advantage.
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Roxip
Member
01-29-2004
| Wednesday, July 14, 2010 - 5:37 am
The CM wasn't out of commission...they sent it out during Phil's illness with a substitute captain. They've mentioned him once or twice on the show. I just don't think they filmed on the CM though because that film crew went with Phil to Anchorage. The CM works year-round, doing other kinds of fishing besides crab. The crew has to work no matter what so they couldn't afford to leave it lying around. Josh did say that they were going king crab fishing this season but would probably miss opi because the CM needs a complete refurbishing.
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Roxip
Member
01-29-2004
| Wednesday, July 14, 2010 - 5:44 am
Okay, I just read the article, so I could have misunderstood what Josh said last night. I do know the boat used to belong to Cornelia Marie and her husband and Phil, and when Cornelia Marie got divorced she got the boat (and presumably Phil) in the divorce. Probably a great deal for her!
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Mack
Member
07-22-2002
| Wednesday, July 14, 2010 - 7:21 am
What's not explained is the terms of the partnership/corporation that owned and ran the CM. The boys could very well not get 49% of the CM or the company just because they were Phil's surviving children. Had a dear friend who died a number of years ago under very similar circumstances in the sense that he owned a company with another fellow. They were mutually insured through the company to in essence pay the surviving family their share of the value of the company. In fact, my friend's three adult children worked for the company and after the father's death they really were nothing more than employees with no ownership interest. Yep, they and their mother got the money but no part of the company. Not saying that's the case here as there are more ways to set up a company than could ever be explained here.
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Roxip
Member
01-29-2004
| Wednesday, July 14, 2010 - 8:04 am
That makes sense, but from what the boys have said I get the sense that the Cornelia Marie was the boys' legacy, and as such I doubt they didn't get an ownership interest. Interesting, isn't it, that the fate of these young men who live so far away and such different lives from us is so fascinating...?
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Terolyn
Member
05-06-2004
| Wednesday, July 14, 2010 - 9:51 am
I think a lot of corporations have life insurance policies on partnerships. The company I work for does. Should on partner die, there is life insurance in place that pays the surviving spouse current stock value of the deceased partners shares and the remaining partner gets full ownership. This way they do not have to worry about a) a non-productive person having 1/2 of the company or b) selling their shares to someone they have no say in. Maybe that is why Josh was saying they needed 2m to buy out CMD.
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Lurknomore
Member
07-07-2001
| Wednesday, July 14, 2010 - 10:00 am
Interesting points. Wonder which are at play here. The one reason I tend to think (or hope) that Phil set it up differently is that he often said how the boat is the boy's legacy & future, and how much he wants them to continue on, as Roxip accurately mentioned. If that was his plan/dream/intent for them, I would hope he structured the legalities in a way that made that a possibiity. I would HOPE the boys at least get a choice of which option they want. There does seem to be at least some gray area, because if they were automatically bought out they wouldn't be looking for enough $$$ to buy out CM nor would that be an option, I'd think. Granted, I am sure there is MUCH more than we all know, etc. But I guess I just don't understand why Phil's son's can't work out some short term deal with CM to continue on handing the fishing/boat aspect and her doing the business end, as I take it things have been. And if they need a Captain short term, I say borrow Jonathan Hillstram. His brother Andy can handle their boat, and right now I think the boys not only need a Captain, but they need a mentor, and he has shown he will be there for the boyz. I think it's a perfect short term solution...well based on my limited knowledge of the facts and all that lol. Plus I think it's something the TV audience wouldn't have any trouble accepting, and even though that probably shouldn't factor in, given the business value of this show, it actually probably should.
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Seamonkey
Moderator
09-07-2000
| Wednesday, July 14, 2010 - 10:01 am
In one of the clips, Josh mentioned that there were claims from people that they were "heirs".. so I'm sure they are having to deal with that. They have to settle the estate and perhaps sell portions and they do hope, or did at that time of the article, to buy out the rest of the interst in the CM and continue to crab and employ those on the boat.. It sure would behoove ALL current partners to continue and continue with the show, I'd think.
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Lurknomore
Member
07-07-2001
| Wednesday, July 14, 2010 - 10:07 am
Oh, one more thing. Not only have I heard the boys mention the boat is their legacy, I am certain I've heard Phil mention it quite a few times. Sometimes good, and sometimes when he wanted to make sure they were learning how to do it right, since it WAS their future. Either way, I think Phil himself made it clear. I think part of my concern refers back to a post I made a bit ago about CM's son, and how I just had a bad feeling about how he kept repeatedly stating his Mom was the majority owner (in posts that nothing to do with boat ownership). I sensed an agenda from HIM and that worried me then. Guess it still worries me!
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Lurknomore
Member
07-07-2001
| Wednesday, July 14, 2010 - 11:04 am
I just found an interesting thread on another DC forum. While I don't feel Discovery should buy the boys the boat, some interesting questions were asked; http://www.deadliestcatchfan.com/forum/topics/i-hope-discovery-would-buy-the Also, a few posters said that CM wants to retire. If they know what they are talking about, I hope that means she won't just leave the boys hanging. Plus we really didn't consider things like life insurance, savings, I'd say investments but now is a lousy time to sell if Phil had any, and so on. Plus I would think if Josh could raise a good portion of the cash he could get a loan for the rest if need be. So maybe we are worrying about nothing. I hope...
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Willsfan
Member
09-04-2000
| Wednesday, July 14, 2010 - 2:10 pm
<< I think part of my concern refers back to a post I made a bit ago about CM's son, and how I just had a bad feeling about how he kept repeatedly stating his Mom was the majority owner (in posts that nothing to do with boat ownership). I sensed an agenda from HIM and that worried me then.>> Me too Lurk. Sounds like there could be some major legal woes there. I read that it would cost the boys 2 million to take over the CM and if they can get all the legal work done and perhaps sell one of Capt. Phil's companies/investments then maybe it will be all theirs. (or get a loan as someone above posted) I sure wouldn't want them to sell everything though. The old policy of waiting at least a year before getting rid of assets, homes, cars, etc. is a good one. When my husband died everyone told me to sell the house. I didn't listen, I am still living in my home and never regretted it.) It takes time to sort things out and collect insurance money, and it is stressful, stressful, stressful waiting and wondering what to do. Running a crab boat would be a big burden for such young guys to shoulder. They can do it though.
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Queenie
Member
07-09-2007
| Wednesday, July 14, 2010 - 2:17 pm
I wonder how much editing was done to the last episode? Was the storm out in the sea around the same time as Phil's passing or was it a few weeks before? It made me think that it was Phil out there playing once again in the sea with his crabbing friends, tossing them about once more. Delicately done by discovery. I need a tissue again.
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Lurknomore
Member
07-07-2001
| Wednesday, July 14, 2010 - 3:06 pm
Queenie on one of the shows where the Captains were chatting they definately said that when Phil was in the hospital the seas were RAGING, then as soon as he passed (their words) it stopped as was as flat and calm as anyone can recall. I know it wasn't the last After the Catch, but it had at least 2 Captains. I recall Jonathan Hillstram saying he believed in his being around and it being a sign and others cross talking making it hard to hear. If I can recall exactly what it was I'll post that. But I feel confident confirming that the seas were indeed raging when Phil was in the hospital fighting for his life. Was there a specific CM After the Catch with the crew talking this year? Even though I haven't been able to bring myself to watch the show yet, I just downloaded the ATC and having no willpower I was watching it about 30 seconds after the dl was done lol. Some of it was amazing (Can I tell you all how much I want one of Phil's birdhouses?!!), but too many of the stories were ones that were recenty said. I wonder why they asked the same things when there obviously was SOOO much more/new. BTW Josh talked about selling Phil's motocycle for charity, and implied they didn't need the money and had more than enough. So maybe things are in better shape than we are worrying about. ITA about the not selling stuff right away though. Wonder why they are doing it, esp if they don't need to.
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Kookliebird
Member
08-04-2005
| Wednesday, July 14, 2010 - 3:21 pm
It has been 4 months, so maybe they were able to make some decisions about what to do with certain items of Phil's property. It is also possible that he had left some specific instructions for some of his possessions after his earlier hospital stay.
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Lurknomore
Member
07-07-2001
| Wednesday, July 14, 2010 - 4:13 pm
The 4 months could def be a factor. As for the bike, I'm not so sure that was Phil's decision or I think they would have promoted it as such, since it would increase the value of it. Plus they all are pretty straight shooters about such things and since they said they decided to sell it, I think I'll take that at face value. Not sure if you saw ATC yet, but I think it was Josh that said "they decided." I mean heck, with all the other stuff they have been dead on honest about, no reason to doubt them now IMHO! Of course I could see Phil saying something like "he'd like stuff the boys don't want to be sold for charity." Pure speculation of course. Meant to say before I enjoyed the fan video on You Tube (I posted the link up thread) to the Phil Jazz funeral/second line more than the TV version. I think they caught more of the fun with the Captains and the overall feel of the event! So glad they posted it.
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Queenie
Member
07-09-2007
| Wednesday, July 14, 2010 - 4:31 pm
Thanks Lurk. It definitely makes sence to me that it was like Phil's fury out in the sea. I wish I could get to see ATC. Why do we get so emotionly attached to strangers? I literally went through 1/2 box of tissues. RIP Phil 
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Sandra
Member
07-05-2004
| Friday, July 16, 2010 - 3:49 am
http://www.youtube.com/watch?v=h3C7TWNVYto&feature=related Nice clips of Capt. Phil
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Queenie
Member
07-09-2007
| Friday, July 16, 2010 - 5:59 am
Thanks for that Lurk. What a great send off! Wonderful to see the guys dancing in the streets! I am such a blubberhead though, shed a few more tears...... Seeing Mike again..... yummy!
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Hukdonreality
Member
09-29-2003
| Tuesday, July 20, 2010 - 7:26 pm
2 hours with a lump in my throat has done me in for the night. The 1 hour special on Captain Phil's life was so interesting, too.
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Bluejaxrock
Member
04-23-2004
| Tuesday, July 20, 2010 - 8:21 pm
I loved Keith's send-off/memorial to Cap'n Phil-a full pot with a buoy inside asking anyone who pulls this pot to reset it in honor of Phil. The Hillstrand's goodbye was typical Hillstrand-fireworks. Perfect! Celebrating his life. I missed what Sig said about the gull sitting on his bow-something about fishermen believing gulls are the souls of fishermen lost? Hope to catch it on the repeat. I'd almost kept it together until I saw Edgar crying. Wow, was he ever loved by his fellow fishemen. The tribute after was very well done. No wonder I loved Phil-I dated the exact type in high school! (And after...lol) I hope the boys can keep their share of the CM, and keep fishing on her, but DC will never be the same for me. For someone I never met, other than Tuesday nites, I'll miss him very much.
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Terolyn
Member
05-06-2004
| Wednesday, July 21, 2010 - 5:46 am
Sig's segment when he found out was hard to watch. He was laughing about what the old man would say and then you could feel the bad news coming. Wondered why they did not show the Wizard or Kodiak hearing the news. Very sad, heartbreaking time. I agree with BlueJax... for someone I have never met.. I will miss him very much.
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Roxip
Member
01-29-2004
| Wednesday, July 21, 2010 - 6:28 am
What a wonderful sendoff to a truly unique man. He didn't try to hide his many flaws and yet he was such a lovable person...he deserved the respect that he has been shown these last shows. Perhaps the other captains requested that the cameras now show their grief.
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Frogichik
Member
06-11-2002
| Wednesday, July 21, 2010 - 7:18 am
It's been hard for me to even post here the last few weeks. It's crazy how attached you can become to someone you watch on TV. I think the Phil special was great. Who knew he was such a hottie when he was younger! I am very anti facial hair so seeing him clean shaven was a treat.
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