----- Original Message -----

Sent: Sunday, August 06, 2006 10:49 AM

Subject: 12 meter syndicate for club

Our club has been very fortunate over the years to grow and prosper and to make sailing available to more and more New Yorkers. Lots of great people have been involved along the way. Together, we have begun to build an important sailing institution.

The success of our clubhouse in the harbor, the quality of our new Admiral's Launch and our recent invitation to race in Monaco are some of the milestones. Then there is the fact that we now manage North Cove and our membership is about to pass the 600 mark.

While in Monaco, I was impressed with their devotion to the "classic spirit of yachting." A group of their club members acquired the classic racing yacht Tuiga. Now she represents YCM in many of the grand regattas in the Mediterranean.

I began to think what is our equivalent here in the United States? What type of yacht embodies our American yachting history?

I believe the answer is a 12 meter. They represent a great yachting history. They are the classic spirit of American yachting.

As we approach the 600 member mark, I wonder if we have enough members with the vision to make a project of this magnitude possible.

Therefore, at this mid-way point in our 2006 season, and in light of the fact that next year will be our club's 20th anniversary, I am putting out this call to all members who might be interested in joining a syndicate to buy a 12 meter, a significant piece of yachting history.

If there are enough members, we will form a "12-Meter Syndicate" within our club. This syndicate would provide the capital to purchase and operate the yacht.

The amount provided by each syndicate member would depend on how many people are involved. If there are 10 members, participation would probably be $40,000. If there are 20, participation would probably be $20,000.

Our goal with money invested would be capital preservation. Syndicate members would own a piece of the 12 meter. This piece could be resold to other members or, if the boat itself were sold, the value would be redistributed among the syndicate.

In addition to the purchase price, yearly operating costs would probably be around $75K. To generate operating revenue for the boat, we would make her available for corporate charters from North Cove. We would also explore sponsorships and advertising revenue.

It is my feeling that this is a unique and once-in-a-lifetime opportunity. My email today is a request for interest.

If enough members are interested, we will go the next step to study financials and also establish a selection process for inviting members into this 12-Meter Syndicate.

- Michael W. Fortenbaugh
Commodore
Manhattan Sailing Club (212) 786-3323 www.myc.org
Manhattan Sailing School (212) 786-0400 www.sailmanhattan.com
The North Cove (212) 786-1200 www.TheNorthCove.com