Nordhavn PAE Pacific Asian Enterprises Do not provide unsecured deposits with this company so they can finish someone else's yacht. You have no security. Dana Point California
As noted in other Ripoff Reports, there are many alarming factors when it comes to PAE. However, what is most staggering, is that as a PAE customer, once you provide a deposit and progress payments on the construction of your Nordhavn yacht, you are in effect giving unsecured loans to a company that is unable to borrow funds in a conventional manner. Some people, rightfully so, call this using other people's money. When a situation like this takes place with PAE, the main issue and problem that occurs results from the flow of new deposits slowing down the build out of your vessel.
In other words, PAE already spent the profit they will make on the construction of your vessel. At that moment, PAE owns your partially completed vessel in China and is contractually obligated to complete your Nordhavn yacht. In spite of this obligation, however, since PAE already spent the money, they lack the resources to complete the build out of your vessel. This leaves many customers afraid to "blow the whistle" on PAE, leaving many people silent and waiting for PAE to find another buyer/investor so they can finish your vessel.
My purpose with this post is to simply encourage every potential PAE client that wants a Nordhavn vessel to establish if there is any secure method the company will follow to build the yacht. Furthermore, I welcome any fact to be challenged in any formal manner. However, with that said, I have volumes of depositions on video and volumes of evidence from my trial that will refute any claims advanced by PAE. All of my information is in the public record and has been identified and admitted into the court file by individuals of PAE. Through my experience with PAE, in most cases, Dan Streech was advanced as the person most qualified and served as the top representative of PAE.
2 Updates & Rebuttals
Robert
Vancouver,British Columbia,
Canada
Robert Conconi Response
#3Author of original report
Fri, November 30, 2018
I was once a loyal PAE customer, having enjoyed 4 other Nordhavn's that I bought in the past. However, I did not enjoy the process of purchasing my latest Nordhavn through PAE, as the company did not complete the Vessel as promised.
When I advanced sufficient funds to complete the manufacturing of my latest vessel with Nordhavn - the Aurora - and the vessel was not completed or finished, I found it necessary to highlight this situation. I placed my trust in PAE, otherwise, I would not have provided PAE with $16,000,000.
However, PAE refused to complete the Aurora, leaving me with major expenses as well as a partially completed boat. Furthermore, PAE did not contribute or compensate for the work that had to be performed to fix the vessel.
I complied with the contract, as I should have, while PAE failed to perform and complete the vessel, possibly because they had insufficient funds to pay for the necessary labor and materials to complete the build out of the N120. Regardless of my situation, the main goal of this post is to simply warn consumers of what could happen if a purchaser prepays significantly more than the cost to complete their vessel.
If this can happen to me, someone who was once a dedicated customer to PAE, it can happen to you.
Nordhavn
Dana Point,California,
United States
PAE/Nordhavn response
#3REBUTTAL Owner of company
Thu, November 29, 2018
PAE had to sue Robert Conconi to pay the final payment of $760,000 on his Nordhavn 120 which he refused to do. After filing against him Mr. Conconi counter sued PAE on the claims he outlined in his “Lessons Learned” memorandum.
After an exhaustive seven week trial the jury found that none of his claims were true. PAE was awarded every dollar it claimed. Robert Conconi appealed the case without success and PAE’s award, including its costs and attorney fees, a total of $1,427.644, was finally paid.
Aurora has gone on to a new and better life under the command of Captain Jake Rouch and his capable crew. Over the past two years Aurora has cruised from the Gulf of Alaska southward along the North American coast, within Mexico and points south. She’s transited the Panama Canal twice and extensively cruised the Caribbean, the East Coast of North America as Far North as Newfoundland.