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My Marina is in bankruptcy

Old 01-12-2019, 04:55 AM
  #61  
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Originally Posted by jillybird View Post
All right guys, I checked the bankruptcy court docket. No need to panic here. This is not a recent bankruptcy filing. Rather, the owner, the debtor in possession, filed for Chapter 11 last June. Seems that he owned about $307,000 in back taxes on the property. One pesky vulture bought $305,000 of his tax liens and instituted an action to foreclose on the property. So the debtor in possession filed for Chapter 11 to get that vulture off his back, buy him some time, and have a reasonable process under the control of the bankruptcy court. The property he claims is worth about $2,000,000. It's 3 acres of waterfront with an operating marina in Freeport, NY on LI's south shore, about 3 miles from Jones Inlet. That area got completely trashed by Superstorm Sandy -- it floods easily, but the marina location is near the end of the canal. Now this is not the ritziest place to chill -- Freeport can be rather dicey -- but that is a pretty quiet spot. In any event, no one is chaining the place up tomorrow. The debtor in possession will continue to operate the place until the auction sale which has to take place by February 14. The terms of the sale are to provide the place free of tenants except for tenants who have already paid for slips or space. Those folks get to stay if a new owner takes over. So you don't have to panic. Give the marina a call in the morning or on Monday to see what's up. Get your boat out of there if you want -- I probably would. Good night.
Nice work Sherlock!
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Old 01-12-2019, 05:03 AM
  #62  
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Nice work Jilly !!! One of my boats are there and I made arrangements to take it out before the end of the month. If I had $2mill that I wasn’t using I’d be all over that. The 50x100 empty lot next to my house is on the market for $650K, the land alone would be worthwhile for development.
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Old 01-12-2019, 07:59 AM
  #63  
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Originally Posted by Sharpest View Post
Obviously not "legal" but what possible repercussions could result in cutting a chain or fence to retrieve your otherwise unencumbered boat? I

Would you consider arrest by the U.S. Marshals as a repercussion?
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Old 01-12-2019, 08:10 AM
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What would US marshalls arrest you for, Vandelizim? Hard to charge somebody with theft of their own property.

I am not suggesting take that action. But I am a strong believer that owner without lein do have rights.

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Old 01-12-2019, 08:11 AM
  #65  
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Breaking and entering......
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Old 01-12-2019, 08:25 AM
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I think that is entering a structure, barn, home, office etc. maybe inlawfull trespassing. minor issue IMHO
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Old 01-12-2019, 08:45 AM
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My boat was there? Hmm.
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Old 01-12-2019, 09:24 AM
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Originally Posted by fireisland1 View Post
Right now the most important thing is to make sure your boat was winterized. It is 22deg right now. I would do anything possible to make sure it was.
ĎNext see if you can get access and remove everything that is not bolted down
see if you can contact yard owned and remove boat, if possible. If not donít panic. The new owner will most likely contact you and set up a schedule.
right now that property is zoned for marine use. It will remain that way until someone applies for a new c.o. And that takes months if not years. So be assured it will be a marina in the spring. More the likely it will be bought up by another marine business. That is who can pay the highest bid. . I know the area well. My charter boats were at Johnsonís marine and groverís. Way back when
I was partners with Larry Johnson, my dad was partners with him and his dad , and Iím still in touch wit
h Larryís son and his wife. Larry passed away last year. I remember the marina from when I was a kid, guess it became condos ? I never asked. The family still does the best prop work that Iíve experienced
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Old 01-12-2019, 10:18 AM
  #69  
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In general when a business declares bankruptcy it means that they owe more than they have in cash or other assets that can be turned into cash. After lien holders seize any assets they have rights to, the remainder is divided up among all who are owed money. Depends on what the bankruptcy court does with the property, it could be bought by a real estate developer who will want to develop the property as a residential unit or a bunch or retail stores doing away with the marina entirely. In that case, boat owners will be allowed to come and retrieve their boats I would imagine.
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Old 01-12-2019, 12:03 PM
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Originally Posted by TTaxi View Post
VTXrider- Just asking,....
Couldn't you have simply not cashed the refund check for the Nov pre-payment and taken it back to the issuer at the county office along with a copy of your cancelled original tax payment check to prove the original prepayment was still proper , received by the county ahead of the deadline, and still in full effect to avoid the extra undeserved tax or interest assessment? No Lawyer needed..... though perhaps just for 15 minutes at the county office for a little extra bureaucratic attention?
One check was sent back to the closing agent on the sale and properly cashed, the other payment was electronically refunded to the escrow company. Maybe 15 minutes to rectify something in your county but not Miami-Dade. I've never spent less than 4 hours in a county office so even with that amount of time (not to mention another hour there and back during traffic time) you have to weigh the value of your time versus the cost.
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Old 01-12-2019, 12:08 PM
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Originally Posted by mystery View Post
love when folks suggest running to an attorney...

your example could have been handled by yourself you dont need an attorney and an attorney charging 10-15 hours for that? LOL
If you reread my post, I'm suggesting the OP speak to an attorney regarding what I assume is a valuable boat held in a bankrupt marina, I think that's worth what you probably spend on 1/2 a fishing trip.

I asked my real estate attorney about what he thought in my instance during a conversation on a closing he was already handling separately. If you read what I said he told me what I would have to do and estimated how long it would take me or him knowing the shit show that is Miami-Dade county government. He said he couldn't help because of the cost of his offices time versus the value and told me to decide if the value of my time was worth proving a point and getting back about $350.
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Old 01-12-2019, 01:38 PM
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Op was a one hit wonder. See Ya
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Old 01-12-2019, 02:07 PM
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Originally Posted by fireisland1 View Post
Op was a one hit wonder. See Ya
I was thinkin' the same thing, but he might be planning (or has planned/executed) a "mission" so he's not sayin' anything!
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Old 01-12-2019, 02:40 PM
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Originally Posted by THT MOD 14 View Post
Soon to be waterfront Condos starting at 1.5 mil.
Yep! Same thing happening at my dry stack...only itís going to be luxury apartments. Gave lots of notice. And another dry stack nearby also going to developers. Not so much notice. Bad news all around!
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Old 01-12-2019, 06:17 PM
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Originally Posted by party marty View Post


hi sorry about your dilemma. Where did you here about the auction because I'm interested.
can you message me the link. Thank you

DEEP WATER MARINA - Maltz Auctions
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Old 01-12-2019, 06:39 PM
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Originally Posted by jillybird View Post
All right guys, I checked the bankruptcy court docket. No need to panic here. This is not a recent bankruptcy filing. Rather, the owner, the debtor in possession, filed for Chapter 11 last June. Seems that he owned about $307,000 in back taxes on the property. One pesky vulture bought $305,000 of his tax liens and instituted an action to foreclose on the property. So the debtor in possession filed for Chapter 11 to get that vulture off his back, buy him some time, and have a reasonable process under the control of the bankruptcy court. The property he claims is worth about $2,000,000. It's 3 acres of waterfront with an operating marina in Freeport, NY on LI's south shore, about 3 miles from Jones Inlet. That area got completely trashed by Superstorm Sandy -- it floods easily, but the marina location is near the end of the canal. Now this is not the ritziest place to chill -- Freeport can be rather dicey -- but that is a pretty quiet spot. In any event, no one is chaining the place up tomorrow. The debtor in possession will continue to operate the place until the auction sale which has to take place by February 14. The terms of the sale are to provide the place free of tenants except for tenants who have already paid for slips or space. Those folks get to stay if a new owner takes over. So you don't have to panic. Give the marina a call in the morning or on Monday to see what's up. Get your boat out of there if you want -- I probably would. Good night.
3 acres of waterfront in Long Island is worth way more then 2mil even if its in a shit hole like Freeport.
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Old 01-12-2019, 06:45 PM
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Originally Posted by fireisland1 View Post
Op was a one hit wonder. See Ya
perhaps heís a poster under a different user name and wanted to remain a bit anonymous.
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Old 02-04-2019, 03:42 PM
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Luckily no issues, picked up my boat this past weekend
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Old 02-04-2019, 03:52 PM
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nice
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Old 02-04-2019, 06:44 PM
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If it was any substantial amount of money that you are owed I would try to find a way to get my name on the list of debt holders. Maybe some sort of mechanics lien? If you had a way to contact others owed at the marina maybe you could file something class action like to keep costs per individual down.
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