ESPN reports that Latrell Sprewell's $1.5 million yacht, Milwaukee's Best, has been repossessed.
The bank intends to put the yacht up for auction. Potential buyers include Gavin McLeod and Fred Smoot. In the interest of feeding his family, Spree has offered his services as First Mate.
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Comments
anyone else think it's weird that Spree's yacht's port of origin is listed as Wilmington, DE?
Posted Aug. 22, 2007 at 10:49 am by SeelyI noticed that, too. Are Yachts cheaper if you buy them from Delaware?
Posted Aug. 22, 2007 at 12:13 pm by Keith MalloyThe article said that the boat is technically owned by "LSF Marine Holdings, a company run by Sprewell." My guess is that it incorporated in Delaware, like many corporations do.
Posted Aug. 22, 2007 at 12:22 pm by DamonOkay, to that end, am I correct in assuming Delaware has some sort of crazy-Libertarian tax structure, ala the Cayman Islands?
Posted Aug. 22, 2007 at 3:21 pm by SeelyWell, there's no corporate income tax, so that must be a boost. And supposedly the Court of Chancery that handles corporate matters is good, and has a nice history of case law for predictability. But this is way out of my area of expertise.
Posted Aug. 22, 2007 at 4:34 pm by Damon