Wrinkleface
Founding Member
Just heard the Government is in there, NOW!!! Anybody ?????
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Lake Cumberland Marine????
- Thread starter Wrinkleface
- Start date
ChiefApache
Contributor
Yep, heard that over the weekend that come Monday, bye bye.
TexasChopper
New member
Does this mean that 32 Skater with the 710's and 6's is gonna go cheap ?
:drool5:I have been watching that boat for the last year or so as well.
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.
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
New member
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
New member
Does this mean that 32 Skater with the 710's and 6's is gonna go cheap ?
already sold...sweet boat
Shanghied Again
Charter Member
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
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
Contributor
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
Charter Member
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.
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
Founding Member - E Dock
waterboy222
New member
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!
Charter Member
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.
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