Lake Cumberland Marine????

[Wrinkleface]

Just heard the Government is in there, NOW!!! Anybody ?????

[ChiefApache]

Yep, heard that over the weekend that come Monday, bye bye.

[OldSchool]

That's been a long time a comin'!!

[DaveP]

National Marine.............The Performance Group TX................Hideaway Marina.....
And the beat goes on...............

[HTMike]

Does this mean that 32 Skater with the 710's and 6's is gonna go cheap ?

[C5Steve]

Filed Chapter 11
http://www.chapter11blog.com/chapter...hapter-11.html

[Tony]

No big supprise there.

[TexasChopper]

Does this mean that 32 Skater with the 710's and 6's is gonna go cheap ?

I have been watching that boat for the last year or so as well.

[drpete3]

they have a couple boats that I would like to see in my posession

[Chris]

Very unfortunate. The marine biz is tough when times are good. It's a shame to see someone's business fail like this.

And all those deals you're going to see at the liquidation auction? Guess who pays for that shortfall? You. Those bank guarantee dollars that are being spread around so liberally. Your taxes.

[Team Tsunami]

Does this mean that 32 Skater with the 710's and 6's is gonna go cheap ?

Cumberland never owned that boat. They were only brokering it. My buddy just bought it from the owner. The boat is awesome!!!

[cowisl]

Does this mean that 32 Skater with the 710's and 6's is gonna go cheap ?

already sold...sweet boat

[Shanghied Again]

Its Official:
Lake Cumberland Marine, LLC Files For Chapter 11
•Debtor Name: Lake Cumberland Marine, LLC
•Year Filed: 2009
•Jurisdiction: United States Bankruptcy Court / Eastern District of Kentucky
•Asset Size: 10,000,000 to 100,000,000
•Case Number: 09-61089
•Industry: Retail, Marine
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Posted on July 20, 2009 in Retailer | Permalink

[Davidmnc]

Very unfortunate. The marine biz is tough when times are good. It's a shame to see someone's business fail like this.

And all those deals you're going to see at the liquidation auction? Guess who pays for that shortfall? You. Those bank guarantee dollars that are being spread around so liberally. Your taxes.

If those are floor planned boats. My guess would be the owners have a personal guarantee on the floor plan. If so the floor plan source will go after the owner for the difference in what they owe from what they sell at auction after expenses. The owner/owners of the marina are about to have BIG problems.

[MarylandMark]

Chapter 11
If you own a business or corporation, Chapter 11 is a reorganization proceeding to consider. There are special circumstances you have to meet. Some individuals whose debts are larger than the limits of Chapter 13 may file Chapter 11. In Chapter 11, the debtor usually remains in possession of assets and continues to operate any business, subject to the oversight of the court and the creditors committee. You propose a plan of reorganization to the creditors, who vote on it. If the majority accept it, your plan is confirmed by the court and becomes binding to you and your creditors. Plans can call for repayment out of future income or sales of some or all of the assets.

[GENERAL LEE]

The owner/owners of the marina are about to have BIG problems.

[waterboy222]

Theres a couple 28 and a 32 that Id be interested in.. How will we know where all the boats end up if they are trades and not just brokered.. Will they be sent off to liquidator auctions?

[Dude! Sweet!]

Chapter 11
If you own a business or corporation, Chapter 11 is a reorganization proceeding to consider. There are special circumstances you have to meet. Some individuals whose debts are larger than the limits of Chapter 13 may file Chapter 11. In Chapter 11, the debtor usually remains in possession of assets and continues to operate any business, subject to the oversight of the court and the creditors committee. You propose a plan of reorganization to the creditors, who vote on it. If the majority accept it, your plan is confirmed by the court and becomes binding to you and your creditors. Plans can call for repayment out of future income or sales of some or all of the assets.

How about the good ol' 11/7 switch? I hope they can work it out but I'm seeing a lot of optomistic 11's right now that turn into 7s when the creditors don't want to do the deal... Good luck.

[spdchgsu]

A buddy of mine was trying to buy a boat from Randy and got strung along for 5 months. I figured it was a matter of time before they went under.

[Chris]

This is a sad event for the whole industry. Dancing on the grave of LCM serves no purpose.

We'll keep this thread open for constructive discussion.