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 Post subject: Feds are finally catching up to Windjammer
PostPosted: 11 18 10 10:08 am 
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Sea Dog
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U.S. sues Windjammer over 401(k)
South Florida Business Journal
Date: Wednesday, November 17, 2010, 2:10pm EST

The U.S. Department of Labor has sued the defunct Windjammer Barefoot Cruises and its fiduciaries to restore $24,655 to the company's 401(k) retirement plan.
The British Virgin Islands-based cruise line folded in 2007 after several years of providing unstructured cruises on tall ships. By 2008, complaints, legal judgments and claims against Windjammer piled up in local courts.
The new federal lawsuit follows a Labor Department investigation into alleged violations of the Employee Retirement Income Security Act. The department sued the company, the Burke Family Trust that owns it, and three people: Daniel Walsh, Windjammer vice president; Stephen Pallister, protector of the trust; and David Harris, director of Bujika Ltd. and trustee of the trust.
The suit alleges that the defendants withheld employee contributions and employee loan payments owed to the plan in 2006 and 2007. It also alleges that additional interest and other accruals were lost.
The cruise line had a big presence in South Florida, with offices in South Beach, and the homes of several of its owners – the family of founder Michael Burke Sr. – scattered throughout the region.
The company's major assets, sailing ships, were held at foreign ports when the company collapsed.
Some of the company’s ownership was based offshore. Most passengers flew to foreign ports such as Grenada to start their cruise.

http://www.bizjournals.com/southflorida ... a=e_du_pub

Read more: U.S. sues Windjammer over 401(k) | South Florida Business Journal

Sorry about the links - I have no clue how to make them post and work from here.


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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 18 10 10:57 am 
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$24K ????? Well, it's a start :grin

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 18 10 11:23 am 
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Sea Dog
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Maybe I could sue the 401K to get my La Mer $$ back. It's only 9K :pissed

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 18 10 1:08 pm 
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Talk about going after the tip of the iceberg!

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 18 10 1:36 pm 
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Sea Dog
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I agree - but with this started - I would hope the rest will follow

I hope they get some money back as this was the employee's money - and Lord knows all of them could use whatever they can get.


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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 19 10 8:15 am 
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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 19 10 11:04 am 
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Sea Dog
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Our speedy government at work....

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 21 10 9:12 am 
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Considering all the money they stole, the Burkes are probaly laughing but at least somebody is doing something. Maybe this will be the start of many lawsuits & other legal actions.

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 21 10 12:36 pm 
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I heard a rumor about a class action on behalf of the La Mer "investors." This struck me as strange since I was not contacted and hadn't heard anything from anyone else on the board. Anyway, I have found absolutely nothing to indicate that such an action has been filed -- and I went so far as to do an on-line search of the court databases in Florida.

:corona

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 22 10 7:53 am 
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I wasn't contacted either Dale. And I hope the ex-employees of WJ do get all or some of their money back.

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 22 10 10:30 am 
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I agree Linda :ditto

The local employment taxes and 401K stuff can't be hidden in a trust in the Isle of man.

I hope they start makin' em pay!

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 22 10 11:43 am 
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Old Salt
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I kinda feel sorry for Danny Walsh - I think he was the last of the known corporate officers. Took me about 8 clicks to find Danny on the Internet. I'll bet the family hangs him out to dry. I wonder how and where the Burke clan celebrates Thanksgiving?


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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 23 10 12:57 am 
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jjepster wrote:
............

...I wonder how and where the Burke clan celebrates Thanksgiving?


If it were up to me they'd be in orange jumpsuits eating turkey spam.

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Last edited by buddycat on 11 23 10 11:41 am, edited 1 time in total.

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 11 23 10 5:18 am 
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You know these things take time. I was involved in the whole Enron thing and it took over 5 years to start to get any money back. So hopefully things will workout for those who lost money!


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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 12 01 10 2:49 pm 
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Thanks to Enron, they upped the criminal penalties too.

It's now ten years.


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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 12 02 10 8:05 am 
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Hmmm. Maybe we should ask for a special "La Mer" deal where we get to exercise an option for an additional ten years!

:corona

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 12 03 10 6:41 am 
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Old Salt
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OK --- this is a take off on another joke, but I have to go there.

How do you introduce the entire Burke family at once?











"Will the defendants please rise?"


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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 12 03 10 7:18 am 
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Glad you went there!

:corona

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 12 03 10 10:24 am 
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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 12 03 10 6:28 pm 
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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 12 05 10 4:36 am 
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jjepster wrote:
Will the defendants please rise?


:rofl :rofl :rofl It's always great to wake up with a hearty laugh!

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 12 12 10 8:40 am 
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jjepster - Yeah, what you said! And it's more true than not.

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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 09 28 11 9:15 am 
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Regarding the 401k I was lucky to cash out my plan. Joey Burke was nice enough to speed things up. Hope those who still have theirs funds tied in the 401k and the LeMere can see some recourse.

John EXT# 1310 :freshoj

P.S. May life spare you from a water-ed down swizzle.....


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 Post subject: Re: Feds are finally catching up to Windjammer
PostPosted: 09 29 11 4:02 am 
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John, so good to see you here


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