yacht salvage cooper capital

Ronald F Milardo

Ronald f. milardo - founder of cooper capital specialty salvage.

A resident of Lyme, Connecticut, Ronald F. Milardo has owned and operated Cooper Capital Specialty Salvage, LLC, since 1996. In his leadership position with the marine salvage management business, he has helped recover thousands of assets following natural catastrophes nationwide. In addition to facilitating the recovery of items, he has overseen their transport, marketing, and sale. Over the past 28 yeas, Ronald F. Milardo has managed the recovery of more than 30,000 assets.

Mr. Milardo holds a bachelor of arts in political science from Brown University, where he was a member of the varsity hockey team. For more than 30 years, he drew on his hockey experience to coach youth teams in Middlesex County.

Ronald Milardo is a long-time supporter of community organizations such as the Boys and Girls Club of Newport County and the Connecticut Cancer Foundation. An avid boater and fisherman, he maintains membership in the New York Yacht Club, the Fort Lauderdale Mariners Club, and the Essex Yacht Club.

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Hundreds of damaged boats up for auction at salvage yard along burnt store road.

One man’s trash is another man’s treasure, and there are many boats to choose from.

The salvage yard’s hours, where the boats are held, are Thursday through Saturday, 11 a.m. to 4 p.m.

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Russian oligarch's seized yacht costs $7 million a year to maintain, US says

By Luc Cohen

NEW YORK (Reuters) - The U.S. government said it is spending more than $7 million a year to maintain a superyacht it seized from a sanctioned Russian oligarch, and urged a judge to let it auction the vessel before a dispute over its ownership is resolved.

Authorities in Fiji seized the 348-foot (106-meter), $300 million Amadea in May 2022, pursuant to a U.S. warrant alleging it was owned by Suleiman Kerimov, a multibillionaire sanctioned by the U.S. Treasury Department in 2014 and 2018 in response to Russia's activities in Syria and Ukraine.

Efforts to auction the yacht are being challenged by Eduard Khudainatov, who led Russian state oil and gas company Rosneft from 2010 to 2013.

Khudainatov claims ownership of the Amadea, and has said it cannot not be forfeited because he has not been sanctioned.

In a court filing late on Friday, federal prosecutors in Manhattan told U.S. District Judge Dale Ho that the $600,000 average monthly maintenance bill for the Amadea has been "excessive," justifying an auction. They also said talks to have Khudainatov pay for the yacht's upkeep have broken down.

Prosecutors have said in previous court filings that Khudainatov is acting as the Amadea's "straw owner" to disguise Kerimov's role, and that maintenance payments are essential to preserving a yacht's value.

Khudainatov has until Feb. 23 to reply to prosecutors' request. In a statement, his lawyers said the motion to sell the vessel was "premature" and urged Ho to deny it until he "determines whether the seizure was unconstitutional."

The seizure came as Washington ramped up sanctions enforcement against people close to Russian President Vladimir Putin to pressure Moscow to halt its war against Ukraine.

If the U.S. government succeeded in auctioning the yacht, it would likely eventually transfer sale proceeds to Ukraine.

Prosecutors have said Kerimov violated U.S. sanctions by making more than $1 million in maintenance payments for the Amadea through the U.S. financial system, making the vessel now docked in San Diego subject to forfeiture.

Kerimov and his family are worth $10.7 billion, according to Forbes magazine. He amassed his fortune through Russian gold miner Polyus, though he is no longer a shareholder.

(Reporting by Luc Cohen in New York; editing by Jonathan Oatis)

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Building Relationships, Not Transactions.

In 1994, Cooper Capital Specialty Salvage, LLC (CCSS, LLC) created the first non-auto pool marketplace for specialty salvage assets nationwide. CCSS, LLC's salvage management program provided the insurance industry with another forum for buyers and sellers to find specialty assets without visiting the various auto pools. We specialize in the management of assets that have unique characteristics, whether afloat or on land. When boats, motorhomes, construction equipment , heavy duty trucks, etc. are involved in casualty, CCSS, LLC' s staff is there to coordinate the salvage operation and prepare the asset for the marketplace, where the buyers and sellers enjoy a fair and open arena. CCSS, LLC has no boundaries and has successfully managed unique salvage assignments worldwide.

Mailing address:

COOPER CAPITAL SPECIALTY SALVAGE, LLC Post Office Box 349 Old Saybrook, Connecticut 06475-0349

Telephone: Voice: 860-395-4745 Fax: 860-395-4746

E-Mail: [email protected]

The Original Boat Salvage Company

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