(photo courtesy of Scot Surbeck)

Forming the 12 Meter Syndicate

Names of all Sydnciate Members below.

In August 2006, Manhattan Sailing Club was approaching the 600 member mark and it's 20th Anniversary.  Commodore Fortenbaugh sent out the first email proposing to form a Syndicate of Members to acquire a piece of yachting history - a 12 Meter.

----- Original Message -----
Sent: Sunday, August 06, 2006 10:49 AM
Subject: 12 meter syndicate for club
 
Dear Members -
 
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.
 
What's next?  Maybe a 12 meter.
 
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.
 
I hope you are enjoying the great sailing season.
 
- 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

This idea had been brewing for several years.  And during the Commodore's trip to Monaco in June, he finally saw "Tuiga," Yacht Club de Monaco's flagship.  Also on this trip, he saw three 12 Meters in Antibes, one which was for sale.

In August, the email was sent.  Many members responded with interest and enthusiasm.  A meeting was held to discuss specifics and about 14 members attended.

Over the next few weeks, momentum grew and there seemed to be enough support to make this vision a reality.

Therefore, the Commodore drafted the Syndicate Document which is reprinted below.  And on the occasion of the October Full Moon Party, members were invited to come out into the harbor and sign this document to become part of the club's Twelve Meter Syndicate. 

We, the undersigned Members

of the Manhattan Yacht Club,
inspired by the Sea Breezes and the Beauty
of New York Harbor,
which used to be the sailing capital of our country
and which is experiencing a recreational renaissance again,
do hereby come together
to form a Syndicate of Members
each of Whom will contribute
the sum of Ten Thousand Dollars
 to purchase

a 12-Meter Sailboat,

the class which embodies the spirit and tradition
of American yachting,
 and to operate said boat
in said harbor
as flagship of said club.

Signed this Sixth day of October, 2006.

In the end, 21 members initially joined the Syndicate.  With the money raised, we negotiated the purchase of "America II" (US 46).

She is the ideal boat for our club.  She was built in 1986 and sailed in Australia in 1987.  Our club was founded in 1986 and began sailing in 1987, the exact same years.  Both boat and club would be celebrating their 20th Anniversaries together in 2007.  America II also represented New York City in the 1987 Louis Vuitton Cup.  So this would be a homecoming for her.  She would at last come to her city and become a great flagship.

Our 12 Meter Syndicate

These are the visionary Syndicate Members who came together to live the greatest dream of any yachtsman - owning a 12 Meter sailboat.

  Name, club title (year joined club)
  Julia Dalton (2001 & Clubhouse Member)
Thomas J Dalton (1995)
Michael Wall Fortenbaugh, Commodore (1987 & Clubhouse Member)

We are given a gift called "life."  What you do with your life is your choice and opportunity.  Sailing has always given me great pleasure.  It has allowed my spirit to soar.  Through sailing, I have met great people, seen the world and made so many memorable experiences.   When I first came to Manhattan after college in 1985, there was no organized sailing in New York Harbor.  I set about to change that and created the Manhattan Sailing Club.  Recreational sailing was returned to New York Harbor which used to be the sailing capital of our country.  In fact, the first America's Cup Races were held right here in New York Harbor from 1870 to 1929.  I love this city, I love the people, I love the culture, diversity and energy.  And I love to dream.  So as our club approached the 600 member mark and our 20th Anniversary, I began to think about the "what ifs."   As you move forward with the renaissance of New York Harbor, I felt we needed a flagship, a yacht of great character and style.  This is why we focused on the 12-Meter class which embodies the history and tradition of American yachting.  When the opportunity to acquire "America II" (US-46) presented itself, we were ready and the dream came true.  Now we have entered our next phase - stewards of history.  It is a great privilege to steer America II, but we recognize this is not about us, it is about this great yacht.  I hope we are up to the task and can increase this boat's quality and history.  If we can leave behind something better for the next generation, we will have succeeded.
  Austin Fragomen (2000)
Michael Hehir (2006)

My first sailing experience was in Biscayne Bay, FL on a Pearson Ensign.  I was hooked.  I sailed this boat in and out of the marina without an engine.  I learned quickly on adjusting sails to dock it.  This led to my buying a Pearson 26 that I sailed on LI Sound out of Northport harbor for many years.  Business travel made sailing time very limited, and the boat was sold. My next experiences were bare boat charters in the BVI's - a terrific vacation.  This continued my joy of sailing.  I joined the sailing club last year to get back to sailing.  I will be trying to qualify as a skipper this season...  The proposal to bring America II to NY Harbor was too good for me to pass up.  I am looking forward to participating with this great boat as it takes its place in NY with all of the other harbor developments that are being completed.  It is an exciting time to be involved with the harbor.
Jessica Jamieson (2004)
  John LaGrassa, Vice Commodore (1994 & Clubhouse Member)
  Patricia Lizarraga (2003)
James Lowden (2006)
David Nicholas (1995)
Jean-Yves Noblet (1995 & Clubhouse Member)
  Edouard Ruelle (2004)
Thomas J. Shea III (2001)
William D. Stewart (2005)
Kinya Tago (1988 & Clubhouse Member)
Lisa Mercedes Tech (1991 & Clubhouse Member)
Peter Wechter (2004)

 

 

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