Irwin Jacobs talks about Genmar bankruptcy (audio)
Source: Trade Only Today Jacobs talks about Genmar bankruptcy
June, 03 2009, 08:25 AM
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About three months ago, Genmar Holdings chairman and CEO Irwin Jacobs, along with two other individuals, put $40 million in cash into his business, a move he said would not have happened if he thought he would be filing for bankruptcy.
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"That should tell you where I thought our business was," Jacobs said yesterday in a phone interview with Soundings Trade Only. "I didn't think two or three weeks ago that this was possible, but the banks just became unreasonable, and we just couldn't deal with it."
Genmar, the nation's second-largest boatbuilder, filed Monday for Chapter 11 reorganization in U.S. Bankruptcy Court in Minnesota.
Citing unprecedented economic conditions, Jacobs said the $75 million the company owes the bank is nothing compared to the millions it owed at one point in 1989 and was able to fully pay back.
"The banks pushed us to a level that we couldn't put up with," he said, adding that Genmar has assets of $237.5 million, compared to $216.5 million in liabilities, along with more than $400 million in intangible assets.
Despite the filing, Jacobs said it's "business as usual" at Genmar's 15 boat brands, adding that he's taking steps to help his network of more than 1,000 dealers worldwide.
"What we're trying to do is prevent [dealers from going out of business]. We're not trying to make people go out of business. We're trying to make them stay in business, and we'll be in a position to hopefully support them as good, if not better, than we were before this happened," he said.
Genmar will ask the court to allow it to pay appropriate dealer warranty and rebate claims, he noted.
Hoping to come out of Chapter 11 "sooner rather than later," Jacobs said this should serve as a wake-up call for the industry that change is needed.
"This is the most unprecedented time in the history of our industry, bar none. I can't sit here and make predictions as to what the business is going to be like, but I will say this to you: There has to be a fundamental change in this industry" he said.
"Dealers cannot take the risk that they're taking on, floorplanners cannot take the risk that they're taking on, and factories cannot just produce all the boats they can produce," Jacobs added. "There's something that has to fundamentally change."
Jacobs said he could not predict what Genmar will look like after reorganization and whether he will go forward with all 15 boat lines.
"We may need to do more consolidation of our manufacturing. We're not going to sit here and have factories running at 30 percent capacity," he said. "We'll come through this thing. We'll be a more stable and, I think, a stronger company when it's done."
How to protect yourself in the Genmar / Ranger Bankruptcy
To all those who cannot afford to consult an attorney, here is all that is needed to protect yourself in the Genmar bankruptcy, i.e. warranty, future warranty, defects, fraud, etc.
owners, previous owners, any persons that attempted to purchase the following products:
RANGER, CHAMPION, HYDRA-SPORT, STRATOS, CARVER, FOUR WINNS, WELLCRAFT, WINDSOR, MARQUIS, GLASTRON, LARSON, TRIMUPH, FOUR WINNS,
HOW TO FILE AGAINST GENMAR CORPORATTION OR ANY OF ITS SUB COMPAINES BANKRUPTCY’S
TO ALL PERSONS WHO HAVE BEEN CHEATED, LIED TOO OR STOLEN FROM BY GENMAR/RANGER BOATS OR ANY OF GENMARS COMPANIES UNDER BANKRUPTCY. THIS INCLUDES ANY INDIVIDUAL, CUSTOMER, GENMAR DEALER ARE REPERSENATIVE, THAT FEELS CHEATED ARE DEFRAUDED BY ANY MEANS, INCLUDING ALL CRIMINAL OR CIVIL MATTERS, ALL PURCHASES, DEALER CONTRACTS, WARRANTY ISSUES, REPAIR ISSUES, ETC. PLEASE BE SURE TO FOLLOW THRU WITH THESE. EACH ONE TAKES LESS THAN 3-4 MINUTES TO FILL OUT. ITS TIME ALL THE CUSTOMERS CONTROLED THE OUTCOME. THANKS.
If you are owed money from any Genmar company for ANY REASON, you may file a claim in the Genmar Bankruptcy, or the Bankruptcy of that particular company. ( case numbers below) http://www.uscourts.gov/rules/BK_For...010_1208v4.pdf
If you have a cause that is not specific money related, and involves any corrupt or unscrupulous action or actions by a Genmar Company, Rep, Dealer, on a sale , warranty, etc, you can file a adversary proceeding, which starts a separate action from the bankruptcy case in the same court.
INSTRUCTIONS http://www.uscourts.gov/rules/BK_For...TIONS_0509.pdf
Jacobs said Tuesday he expects to be the high bidder for Genmar Holdings Inc., which began looking for buyers after being unable to reach an agreement with the company's unsecured creditors since filing for Chapter 11 bankruptcy in June.
It's a deal that would be appropriate for Jacobs, who made his name by buying bankrupt firms.
At the time of the bankruptcy filing, Jacobs was the largest shareholder in privately held Genmar, with about 40 percent of its stock. Jacobs said he would own about 80 percent of the company if his bid, the amount of which he declined to disclose, is accepted and approved by the bankruptcy court.
Jacobs said his plan would be to acquire essentially all of Genmar, which is the second-largest boat manufacturing company in the world, with brands that include Ranger, Larson and Glastron. He said he also would wind up owning more than 90 percent of the stock of VEC Technology, a Genmar subsidiary that has developed a high-tech process for manufacturing fiberglass boats that was not included in the bankruptcy filing.
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Irwin Jacobs talks about Genmar bankruptcy (audio)
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