# Queen Mary cash crisis



## Pompeyfan (Aug 9, 2005)

The Queen Mary is reported to be faced with another cash crisis. When the development company 'Save the Queen' took over operation of Queen Mary in November 2007, it was hailed as the ship's saviour promising to invest six million dollars in refurbishing her. But a year later, 'Save the Queen', is according to reports from California, facing financial difficulties and could be forced to relinquish its stake in the ship.

An advertisement for sale of 'Save the Queen' interest in the ship's lease has been placed in the Wall Street Journal newspaper by the companies primary partner Garrison Investment Group. The sale is scheduled to take place this coming week on Wednesday 28th January 2009.

Save the Queen bought the Queen Mary lease in 2007 for $43 million dollars after the previous operator went bankrupt. Falling visitor numbers in the present economic downturn are said to have contributed to Save the Queen's financial woes but development plans for the 55 acres of land that surround Queen Mary are still set to go ahead. 

Beset by problems over the decades Queen Mary has been operated by a number of different companies although the ship remains the property of the Long Beach city authority. 

David


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## Paul UK (Jun 13, 2005)

David

So the development of the surrounding area will still go ahead, I suppose that is more profitable than doing work on the QM.

Oh I am so cynical.

Paul


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## Pompeyfan (Aug 9, 2005)

Paul

That is what it said in the Southampton Echo.

David


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## billyboy (Jul 6, 2005)

What a shame she cant end her days in Southampton as a hotel/tourist attraction


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## sfgray (Apr 17, 2008)

If she could be moved, it would be far better for her to be in Southampton, or nearly any place besides Long Beach. She's never been accorded the proper care that she needs to survive. (I say this as both a resident of Long Beach and one who has worked as a director of a museum, consultant, and author on the subject.)

From my personal experience over the year plus of Save the Queen's "stewardship," the current problems stem as much from greed, bad management, and simply bad people being involved as they do from any economic downturn. For far too long, the Queen Mary has been seen as a potential golden goose for developers, promoters, and assorted other scoundrels. And the city has failed utterly in its responsibility as trustee of the ship.

She deserves so much better.

Scott in Long Beach.


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## Pompeyfan (Aug 9, 2005)

Sfgray

Many thanks for your input. Great to have somebody living there with first hand information. She should have never gone there in the first place as many of us has said from day one. I went aboard her in 1972 when aboard Canberra docked in San Pedro, and was not impressed then as to how she was being looked after. Other crew agreed. Even if a wealthy buyer could bring her back to the UK I doubt if she would make the long journey.

David


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## David Menzies (Dec 15, 2008)

Sadly, once the Americans buy something & cart it across the pond that is often it. The last Liverpool tram suffered the same fate in 1957 where it now rusts in the open at the Seashore Museum. A great shame. 
Dave Menzies.


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