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Pretty much confirmed they’re gone, and have been gone
storm2006
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I am not entirely sure how this works for a small company that size but considering their supposed funding of $20-30MM and "recent" valuation of $66MM, after what he might owe his creditors, I doubt the company is very liquid even if they dipped into his private assets which I am not sure they can.
aepps20
might be able to provide more insight into the legality of it all. However, on my professional experience dealing with matters such as this, I would probably but the realistic expectation, if the money is there at a max of $1.5MM per family, no more than $2MM.
He's not quite random, though. As I previously mentioned, he has the background that would make you think he has the requisite technical knowledge, he "spoke a good game" and I believe he has gone on this voyage over 20 times before this. He had enough to point to give him credibility to those who aren't informed in submersibles, engineering, technology or manufacturing.
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I feel like if you signed that waiver you can't sue. The waiver apparently mentions death multiple times on one page. They knew the risks they were taking.
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Imagine this was like the ending of The Mist. Last second they decide to off themselves one by one til the last man is there, ready to choke himself out cause they out of food and water and an almost no air left. And then the camera starts panning away from him to the view from the viewing glass and you suddenly see lights from another submersible ready to tow them up.
storm2006
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You are probably right and I hate to say this but let's be real here...Hamish is a billionaire and I assume the other passengers were very wealthy as well. There heirs are sweating $1-2MM in compensation. They probably just want the bodies to be found for closure and I wouldn't be surprised if some of them (maybe Hamish's family) spend hundreds of thousands, if not millions, searching for the bodies when the Coast Guard calls this off.
elpablo21
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Don't think those waivers are bulletproof. Especially if everything wrong with the tin can probably wasn't fully disclosed as they made it out to be
aepps20
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The waivers are probably open for legal challenges but the only thing you can go after is the company assets unless you can prove that the real owners of the company used company assets like their own (piercing the corporate veil)
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Those waivers typically don’t hold up. My friend is an attorney representing one of those giant trampoline park chains and they get sued all the time and pay out settlements constantly despite the waivers parents sign before entering.
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But technically this company has no assets, right?
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I don't know how peaceful that would be. They would have known what was happening and were probably terrified and panicking.
aepps20
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That I don’t know. They could have patents or other property that could be sold off if need be to satisfy a judgment
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There was a couple suing because OceanGate wouldn’t give them a refund after making them pay for a trip they got cancelled on like 3-4 times.
The company is broke.
In an interview they asked if they were making money and CEO said no. They spend over $1mil in gasoline alone to make a trip. Charging $250k isn’t even profitable.
The company is broke.
In an interview they asked if they were making money and CEO said no. They spend over $1mil in gasoline alone to make a trip. Charging $250k isn’t even profitable.
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storm2006
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They might have real estate or large tooling that they could sell (I doubt it) so it's probably just any cash they had which I can't imagine would be much.
But again, the families of airplane crash victims usually get less than the price of a ticket for this voyage. The most I have seen is ~$1.5MM. I don't think the surviving families compensation will be a major follow-on story but who know sin 2023.
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I follow this page and had just watched this a couple weeks ago about Subs and even then, it was only a fraction of where the Titanic sits. Doesn't sound peaceful but I suppose at least the death is quick.
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Not that I would ever contemplate going on that thing but if I did, at first glance when you see this
It’s a hell tf no. Lack of options in an emergency. 1 control no backup anything and literally 1 button in the whole thing. I can’t understand how he’s went this far unchecked with this death contraption.
If dude showed me this after paying 250k I’d laugh and be like very funny now show me the real sub.
It’s a hell tf no. Lack of options in an emergency. 1 control no backup anything and literally 1 button in the whole thing. I can’t understand how he’s went this far unchecked with this death contraption.
If dude showed me this after paying 250k I’d laugh and be like very funny now show me the real sub.
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bruhhhhhhh thanks for sharing
its crazy how people legit their dream was to go see a ship wreckage
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I get it, though. With less that 15% of the ocean discovered, it is intriguing to explore there.
But in a sub that looks like that? Nah man. That monitor didn't even look 1080p.
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storm2006
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Not that I would ever contemplate going on that thing but if I did, at first glance when you see this
It’s a hell tf no. Lack of options in an emergency. 1 control no backup anything and literally 1 button in the whole thing. I can’t understand how he’s went this far unchecked with this death contraption.
If dude showed me this after paying 250k I’d laugh and be like very funny now show me the real sub.
I mentioned this earlier but the submersible industry is largely unregulated and the OceanGate owner circumvented many regulations and international guidelines that would have required by law a more thorough examination of the vessel. It's not like this is an automobile, locomotive or aircraft. He exploited just about every loophole he could to avoid adherence to safety standards. That was his "thing".
Even with the aforementioned "safe" industries you would not believe how "easy" it is for things to slip past regulators.
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ngl if i had billions and was bored of life i'd do it, in that submarine tho? idk i'd prolly like to review their whole backup plan and backup backup plan
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Yeah that but I was just referring to just the actual passing part.
storm2006
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Again, this is easy to say in retrospect but he would surely point to his background, the other successful voyages and other high net worth individuals who successfully traveled with him. They probably even did talk to former passengers who gave their accounts of a successful trip. That is going to be enough for a lot of folks, billionaires or not.
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as a person who is not white i would not trust a yt man just based off his words
but i get what u are saying and he been doin this a while so his formula works
