Frank Jakubaitis, in his shareholder letters, denied spending hundreds of thousands of dollars on luxury yachts but lets take a look at the facts. Jakubaitis didnt purchase one yacht; he actually purchased 2 different yachts AND a 500 SL MERCEDES BENZ! The first one was a 52 Hatteras named Fast Bottom (SEE ATTACHED PHOTO) for which he paid $345,000. After breaching the contract and failing to pay the Vianas for Fast Bottom, the Vianas repossessed the yacht from Jakubaitis. He had previously—and may I say, deviously—placed a Mechanics Lien on the yacht for $110,000 which he claimed he spent on repairs so he either spent that much or he lied to the court and didnt but either way, the Vianas sued Jakubaitis stating that he cant put a Mechanics Lien on a vessel that he purchased and they were correct.
See first three pages of lawsuit below which is public record—the full lawsuit may be viewed by visiting: occourts.
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