Oday 322 history

Status
Not open for further replies.
Feb 25, 2013
12
Balboa 27 Lake Travis
I'm looking at a 1990 model 322, but why did Oday only make the 322 for 3 years? Were there problems with the design?

The Balboa 27 I have now was only made for a few years, because it had design problems. So I don't want to make that mistake again.

:confused:
 
Jan 27, 2008
3,086
ODay 35 Beaufort, NC
The Japanese bought the design rights and produced a few of the O'Day models. I am not sure if the 322 was one of them but I think it might be. Try a search on the net to see. O'Day went through several owners in the 1980's, Bangor Punta owned them and Smith and Wesson at the same time for a while. They built something like 80,000 boats before going belly up. The Daysailor was a classic design. Here's some info from the archive:
ODay Japan information
Top

After reading Josh's recent posting, I requested information from ODay Japan. I got a lengthy reply from the owner (I think). Let me summarize the response. Mr. Akira Takayama (e-mail: odayjapan@aol.com) indicated the following: He had been an exchange student working at the ODay plant in the Fall River plant in 1965. He bought the molds to the O'Day 322, 302 and 272 when ODay USA stopped production. The ODay Japan boats are not production boats. Rather, they are made to order. They are currently making the 302 and 322. They do not currently make the ODay 272 but will make one if there is an order. Some specifics: Comparing the ODay Japan boats with the ODay USA boats, Mr. Takayama indicated that the the ODay Japan boat is hand made. They use 5% more resin and roving cloth made of fiber-glass and three dimentional fiber-glass core in lieu of the balsa wood core on the deck. They do not use any core on the hull and they use solid lamination of the fiber-glass mat and roving cloth. They also use high tech material on the rudder post. They do not use simple plastic cover around the cabin window. They use solid teak wood and three times more screws, bolts and nuts. He notes that they spend considerable time in the production of each boat (3 months for the 302). He indicated that his goal was to make a better boat keeping the quality of the O'Day USA tradition and its heritage as family boats. The price of O'Day 302 would be US$85,000. The price of O'Day 272 would be $65,000. Shipping expenses were not included in the overall price. The e-mail didn't indicate what the expense of the 322 was. Please note that for the sake of brevity, I did not include all of the details that Mr. Takayama provided. In any case, if anyone is interested, they can contact ODay Japan directly at the e-mail address above. I hope this sheds a little light on this issue. Dave
 

Pat

.
Jun 7, 2004
1,250
Oday 272LE Ninnescah Yacht Club, Wichita, Ks.
O'Day was part of a leveraged buy-out, which included their own president. There is a paper available on the web detailing the lawsuits that were a result of the underhanded
deal w/ the owners and Meritor Bank. Type in O'Day Corporation lawsuit and begin scrolling down, reading the results. It was too bad....they were having good years but the company was evidently overvalued for the sales they had and the owners were able to take out loans because of their over-valuing the company..something like that...The O'Day 272 was the most popular boat in the history of the company...we've had ours
for 26 years and I think sailing it has kept us young. pc
 

Pat

.
Jun 7, 2004
1,250
Oday 272LE Ninnescah Yacht Club, Wichita, Ks.
I am going to go back, but I think Meritor Bank was the one filing the lawsuit as they were the ones giving the loans based on fradulent information from the owners.
 
Jan 27, 2008
3,086
ODay 35 Beaufort, NC
History
It was founded in 1958 by George O'Day, the American Olympic and World champion sailor.[1] [2]
George O'Day sold the company to Bangor Punta Corporation in 1966. Bangor Punta also acquired other boat builders around that time including Cal Yachts and Starcraft Marine. Bangor Punta was later acquired by Lear Siegler. O'Day went out of business in 1989.[
 
Jan 27, 2008
3,086
ODay 35 Beaufort, NC
In the 1980's a luxury tax was levied againts large yacht purchases and forced multiple companies out of business. O'Day had changed their manufacturing strategy building increasingly larger and I assume higher margin boats putting their lineup smack in that zone where the high taxes kick in. They were also competing heads up across their product line with Catalina who was rapidly gaining market share.
 
Jun 8, 2009
9
Oday 322 North Fort Myers
Only 228 of these were made so you might have a great opportunity to be in such a limited group of owners.
 
Oct 3, 2010
130
oday 31 noank
better research

O'Day was part of a leveraged buy-out, which included their own president. There is a paper available on the web detailing the lawsuits that were a result of the underhanded
deal w/ the owners and Meritor Bank. Type in O'Day Corporation lawsuit and begin scrolling down, reading the results. It was too bad....they were having good years but the company was evidently overvalued for the sales they had and the owners were able to take out loans because of their over-valuing the company..something like that...The O'Day 272 was the most popular boat in the history of the company...we've had ours
for 26 years and I think sailing it has kept us young. pc
pat...IMO you need to do some better rsearch. The president of O'day was in no way involved in the demmise of the company. He was left holding the bag by Lear Siegler. You are slandering a good man. Check with Rudy at D&R. maybe he will let you in on what really happened there
 

Pat

.
Jun 7, 2004
1,250
Oday 272LE Ninnescah Yacht Club, Wichita, Ks.
Re: better research

You may be correct. I down loaded the information I have from the internet and should be aware that not everything on the internet is true. It was a long, difficult to understand written history of the proceedings of the lawsuits which took place after O'Day had closed.

I apologize if I am slandering anyone. That is not my intent...I only offer an explanation as to why the company went down. I merely offer the information to
explain what happened, or may have happened to O'Day Corp. I've had three O'Days and get a little testy when people put the later models down as my experience has been relatively good with the 272. I again apologize...I'll go back and re-read the document. Pat
 

Pat

.
Jun 7, 2004
1,250
Oday 272LE Ninnescah Yacht Club, Wichita, Ks.
Re: better research

I have spent 3 hours today researching the final history and it appears to me that the bank that financed the leveraged buyout foreclosed on the group that took the company private, i.e. their own client. The bank was held responsibie for payment of creditors because they had complete knowledge of the financial status of the new/private corporation before they financed the buy-out. They could have kept O'day from foreclosure but wanted their money back..this kept O'Day from paying their creditors and their employees as the time went by. Too bad..I still like their last
generation of boats....There is a complete accurate history that can be found on Google ..go to " O'Day Corporation" Then scroll to: "Solvency Compendium, A Summary of Court Cases"...scroll a long way.....this is interesting reading.
reading.
 
Oct 3, 2010
130
oday 31 noank
my brother in law was the president of O'day. i am very aware of what happened and why. i am also aware of what it did to him. i know you are only passing along what you read but there is a lot that is not written there...
 

Pat

.
Jun 7, 2004
1,250
Oday 272LE Ninnescah Yacht Club, Wichita, Ks.
Thank you for the cordial reply. We love our little O'Day 272LE and feel really bad about the demise of the company. We're still waiting for snow to melt in Wichita but hopefully you and your family will have a great spring sailing...My wife's family lives in New Canaan.
Please accept my apology for any hurt feelings. Patrick Coulter
 
Oct 3, 2010
130
oday 31 noank
pat...no need to apologize..it is i who needs to apologize to you. it was just a kneejerk reaction. my dad had an O'day franchise when i was a kid and we had a house on the water in cape cod so i grew up sailing O'day boats. My 31 is the perfect boat for me. if i won the lottery there is no other boat i would want. when they first built the 272 he had a demo boat built which had all the latest technology built into it. it was quite a boat. i spent a lot of time on it so i know why you enjoy yours so much. we are all sorry the company went down but corporate greed seems to destroy a lot of good things and people. it has no conscience. i have not read the legal accounts of what took place because i am sure it would read like fiction as compared to what really took place.
 
Jan 27, 2008
3,086
ODay 35 Beaufort, NC
Hey Noanker, are you at spicers or out in front of the shipyard or boatyard?

How about sharing your vesion of what happened? I know they were bought by bangor punta then that was bought by lear siegler. my buddies father was a pilot for Smith and Wesson, flew the company plane for the execs. so I was aware as a kid that O'Day was associated with Smith and Wesson. I never heard the intrigue involved in the banks and the demise of the company. They made some great boats.
 
Oct 3, 2010
130
oday 31 noank
welcome aboard...the o'days are wonderful boats. i'm sure you will get much enjoyment from it. those who say negative things about them have never sailed one......slainte
 
Status
Not open for further replies.