Hi Everyone,
Were you an early member or investor in this venture. We recently had an update from David Hows. Just wanted to connect with people to share their experiences and how to move forward as a collective.
Its Ocean Expeditions on the web

Hi there,
Unfortunately, yes I am in an investor. I would like to connect and chat with others. Thanks

Explain "investor"
Same new thread popped up on Sailing anarchy at the same time.

and while you are at it can you explaining how an IMOCA 60 only gets 14th across the line in the Hobart in a windy reaching race instead of say 4th.

Hi
A few "investors" have set up a private Facebook group
This is the link
www.facebook.com/groups/813478507531770
If we have reasonable numbers we may be able to get some action through ASIC and possibly some media and politicians.

Regards
Jules

The whole post sounds a bit phishy to me.

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FabulousPhill said..
The whole post sounds a bit phishy to me.

phuckin phishy, phill

Hi fellow OSE shareholders I am a victim of this shambles also, and are keen to support any efforts to get a better outcome than being offerred by DH I joined in Jan 2023 to help purchase the Dove

Am I correct in thinking people have paid real money to this group? Is there more concrete information than just the website?

One of their boats, Awen (Open 60), is anchored near me at at Airlie, must be here for race week.

Quick - Last Crew position available for Hamilton Island Week - $ 7750 = Hurry !!!

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Planter said..
Quick - Last Crew position available for Hamilton Island Week - $ 7750 = Hurry !!!

I does include refreshments after racing.

If anyone has lost money to David Hows of Ocean Sailing Expeditions, please feel free to contact me at michael_wayne_elliott@yahoo.com.au or 0407936811. We are putting together a class action. I am investor who is pissed off

Feeling like a Taxpayer ? = Funding other peoples' Lifestyle ?

Did you guys see this on sailing anarchy?
forums.sailinganarchy.com/attachments/1000001880-jpg.896729/

Our Facebook group of investors has now grown to 59 people most have "invested" between $10000 and $100000.
www.facebook.com/groups/813478507531770
OSE Qld is in liquidation but has no assets
David Hows had transferred the boats out of the company we invested with to a NZ company with the same name.
He has now advertised the boats for sale as well.
www.raywhitemarine.co.nz/listing/imoca-open-60/
www.raywhitemarine.co.nz/listing/1976-wanganui-boats-don-brooke-72/

As you are probably aware. Edwin Narayan and Andrew Quinn of Mackay Goodwin are the liquidators appointed for OSE Qld. See publishednotices.asic.gov.au/browsesearch-notices/notice-details/OSE-QLD-PTY-LTD-144486108/49de5ad0-2578-41d8-bcc1-6f548d0bca47

Of possible relevance to any transfer of assets to related parties prior to liquidation (if any such transfers have occurred) is the following from worrells.net.au/resources/news/selling-transferring-assets-before-liquidation
"When a liquidator investigates an insolvent company, it's not uncommon to discover that some or all the company's assets were sold or transferred to a related party before the liquidator's appointment. Assets often include company motor vehicles being used by a director or tools of trade, intended for future ventures. Engaging in pre-appointment transfers can expose both the director who initiated the transfer and the purchaser to potential liquidator claims, including:
1. Uncommercial transactions: where the transactions are deemed to have provided inadequate benefit or result in a detriment to the company.
2. Unreasonable director-related transactions: where the asset dispositions from a company to a director or close associate do not provide a benefit or result in a detriment to the company.
3. Creditor-defeating dispositions: where transfers of property or assets were made for less than its current market value.
4. Preferential payments: where payments (or asset transfers) made to a creditor (such as a related party) exceed the dividend amount they would have received in the liquidation.
5. Offences under the Corporations Act 2001: various offences related to a director duties breaches from improper transactions. "

Our Facebook Investors group now numbers 135, with more daily.
It's a closed group for Investors, but for the curious there is an open group that someone started.
www.facebook.com/groups/2578854702480791
There is also an article in the Fairfax media by the The Age's senior crime reporter.
Here's a link to the Brisbane Times
www.brisbanetimes.com.au/national/sailing-enthusiasts-and-crew-scuppered-by-yacht-investment-scheme-20260103-p5nrco.html