by SportBoat

Back in early 2001 the Open 50 - "Pegasus" came on the brokerage market. in 2000 Phillipe Kahn had purchased the boat from Brad Van Liew when it was called "Balance Bar" and poured a shit load of money (~$700K) into the boat - new rig, new keel, new sails, new electronics, new paint job, new logo etc. This was about the same time Phillipe was going to be a major sponsor of Bruce Schwab's Made in America program. The Open 50 was purchased as a training boat. Shortly there after Phillipe realized that he had too many damn boats and several had to be sold. He also pulled his support of Bruce. He listed the boat among others including some Mumm 30's and Farr 40's with Bill Lee's Brokerage (www.fastisfun.com).

My friend SoloSailor tried to buy the Open 50 "Pegasus" in early February 2001, making an offer, but it was rejected. SoloSailor wanted the boat for local ocean racing and a run at the 2002 SSS Transpac. An offer was accepted on the boat from France, but that deal fell through after a few weeks. So in early March 2001 SoloSailor got a call back from Lee's Brokerage that his original offer would be accepted. SoloSailor had rescinded the offer and countered with an even lower amount which was ultimately accepted. SoloSailor tried to obtain financing for the boat, but had difficulty because the boat was a one off custom. Hard for the banks to access a value on it. Because he could not get independent financing SoloSailor wanted Phillipe to finance the boat for him. Understandably Phillipe did not want to do that. The offer was withdrawn in late April 2001. The months passed and the boat just sat on the market with no takers. In August of 2001 Lee's brokerage got as low $195K for the boat from a high of $275K. Eventually in late 2001 word got out that Phillipe would be donating this boat and a couple others to Stanford's sailing program.

Stanford does not use every boat that is donated to them in their sailing program. Instead they lease the boats out to generate income. The Open 50"Pegasus" was no different. So instead of buying the boat, SoloSailor would lease it from Stanford. Enter Jay Kehoe, the successful coach of the Stanford sailing team. Besides for coaching Jay is responsible for leasing the boats. I believe a job he would prefer not to have to deal with because he has made more than a few enemies.

In late November of 2001 SoloSailor began to have phone call conversations with Jay about leasing the boat.Initially they came to an agreement that SoloSailor would lease the boat for a $1000 a month for two years than have a purchase option of $80,000 and the end of the two years. SoloSailor would need to also put down a decent deposit. Jay told SoloSailor that the contract would be written up soon. While this process was taking place the boat remained berthed in Monterey. A couple weeks passed and no word of a contract. SoloSailor called Jay and left a message. A few days passed and still no word from Jay. Finally SoloSailor got a hold of Jay and was told that there were a couple other folks also interested in the boat and that i would have to go up for a bid. Also SoloSailor was told the boat would have to stay local and not compete in the 2002 Around Alone. Jay wanted to make sure that Stanford could have access to the boat as long as they gave the charterer warning. This was fine by SoloSailor. Reluctantly he submitted a bid at $1,200 a month. A week or so passed and SoloSailor called Jay. Jay told SoloSailor that he had won the bidding and that he needed to obtain a slip for the boat. SoloSailor leased a slip at Alameda Marina and pre-paid deposit and two months rental. Jay also asked if SoloSailor would be able to deliver the boat to the bay. SoloSailor enthusiastically said yes. Enter Brad Van Liew of Around Alone 1999 fame. Brad sailed the Open 50"Pegasus" when it was named "Balance Bar" in the Around Alone 2000 finishing third. This is the part of the story I don't have allot of info on, but it appears that Duncan Gladman of Canada was looking for an Open 50 for the Around Alone 2002 and his Canadian Challenge program (www.canadachallenge.com/). Duncan even considered purchasing Mike Garside's Open 50, Magellan Alpha which finished second in the 2000 Around Alone. Brad was hoping to campaign a new Andrews designed Open 60 in the 2002 Around Alone. Both Brad and Duncan knew the Open 50 "Pegasus" was up for lease. Duncan probably contacted Brad possibly through Bill Lee's brokerage and pitched the idea of him racing the Open 50 "Pegasus". In turn Brad got a hold of Jay at Stanford and sold him on the idea of Duncan racing the boat in the 2002 Around Alone. Brad ended up buying (instead of building an Andrews 60') Magellan Alpha and getting sponsorship from Hilfigger.

It's now mid December 2001. SoloSailor tried to get a hold of Jay, but to no avail for a couple weeks. Jay would not return the numerous calls that SoloSailor left. Finally he got a hold of Jay and was told that the boat was being chartered to a Canadian for the upcoming Around Alone 2002. SoloSailor asked Jay why and was told that when they checked out SoloSailors references Brad Van Liew had given him a bad review. Turns out that Brad wasn't even one of SoloSailors references. SoloSailor and Brad had only met once briefly on Bruce Scwab's Ocean Planet. SoloSailor told Jay he had pre-paid for a slip and Jay's attitude was tough luck. End of story for SoloSailor on obtaining the Open 50 "Pegasus" at least for the time being. He had wasted a bunch of time and money on this deal.

In late January of 2002 the Open 50 "Pegasus" was sailed up to San Francisco so it could be raced in the SSS Three Bridge Fiasco by Jay Kehoe. Stanford has to at least "use" the boat once in order for the donor to write off the full value of the boat. Jay tried to sign up for the race, but because they did not have a valid 2001 PHRF certificate the SSS would not let them enter. They still did the very light air race, but were not scored. The boat appeared very fast.

In February the boat was sailed up to Vancouver, Canada. One of the requirements that Phillipe Kahn gave when donating the Open 50 "Pegasus" was that the name and graphics needed to be removed. Duncan's team did this. Oddly the sails still said USA. Duncan had wanted to race the boat in the 2002 Swiftsure, but I don't think they made it. In order to participate in the Around Alone a qualifying sail must be done. Duncan chose to sail to Hawaii. On July 8th Duncan headed for Hawaii. He took it conservatively and did not get allot sleep. On July 12th he had to abandon his qualifying sail because of a failing rudder bearing. He brought the boat into San Francisco and parked it at KKMI/Point Richmond for repairs. The boat has since been repaired, but from what we hear, Duncan/Canadian Challenge is giving up his attempt at the Around Alone because time is running out and he was not able to secure a major sponsor. As such Stanford will get the boat back and guess who Jay Kehoe the Stanford sailing coach will probably be calling??? The boat will be worth significantly less because the window of opportunity for racing it in the Around Alone 2002 is gone. By 2005 when the race comes back around it will be worth even less.