Genmar Bankruptcy - FYI

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Brian Davin
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Genmar Bankruptcy - FYI

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Just came across this on the web from 5 months ago. Just posting in case anyone missed it like me. Genmar Bankruptcy, Sale and Re-structuring of Assets January 11th, 2010 According to recent Industry (IBI) news, California-based Platinum Equity, the stalking-horse bidder in the Genmar assets auction, acquired the lion’s share of the company on Friday for a sum of $70M. After originally submitting a bid of US$55m for a portion of Genmar’s assets they emerged from the bankruptcy auction with even more than originally planned. The auction took place all day Thursday and five hours on Friday. Former Genmar chairman Irwin Jacobs told IBI magazine that Platinum Equity purchased all the assets except the Carver and Marquis brands, which he acquired separately with business partner John Paul DeJoria for US$6m. Jacobs says he has made an agreement with Platinum Equity to purchase several other Genmar brands and facilities after the deal is approved by the court, He also added that he doesn’t expect Platinum Equity to shut down any brands. “These people will do an incredible job,â€� said Jacobs. I think every factory and dealer will be happy with them.â€� The brands that Platinum Equity will own, following the bankruptcy court’s approval, include Four Winns, Ranger, Triumph, Seaswirl, Champion, Stratos, FinCraft, Larson, Wellcraft, and Glastron. Mr Jacobs’ new company will be called J&D LLC and intends to purchase the Larson, Fincraft and Seaswirl brands as well as rights to VEC technology and the VEC factory in Minnesota. He would also like to purchase the Triumph brand and its production facility in North Carolina. The new company will not have a corporate structure like Genmar, but will let the brands and factories manage themselves under a “profit-lossâ€� system. “We’re discontinuing all corporate overhead and going back to the old way of doing business,â€� said Jacobs. “I’ve complained about other companies that didn’t do a good job of managing their businesses, but we were guilty, too.â€� Jacobs said he would keep “coreâ€� management at Carver, Marquis, and the other brands he acquires. Jacobs’ new partner, John Paul Jones DeJoria, is a self-made billionaire from Los Angeles, who owns John Paul Mitchell Systems and has interests in a string of other companies that range from Ultimat Vodka to Sun King Solar. Forbes estimates he is worth US$4bn. If the US federal bankruptcy court in Minneapolis gives final approval to the assets sale on Wednesday, Genmar will cease to exist as a corporate entity on January 20. Technorati Tags: Bankruptcy, boats, Carver, Genmar, Glastron, Irwin Jacobs, Larson, Wellcraft Tags: Bankruptcy, boats, Carver, Genmar, Glastron, Irwin Jacobs, Larson, Wellcraft
Brian '90 Bertram 33' FBC Yanmar 370's "Never Say Never" '70 Bertram 24' Moppie Guilford, CT (Homeport) Kinnelon, NJ (Home)

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