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My Marina is in bankruptcy

Old 01-11-2019, 03:53 AM
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Default My Marina is in bankruptcy

I just saw my Marina is in bankruptcy and will be auctioned off next month. What does this mean? What sucks is I paid to be winterized and the boat is still not wrapped. I have very little hope that will happen. I am going to wrap a tarp around the bridge at least. Will the new owner if someone buys it be responsible to launch me, the service is paid for? I hope I can even get launched if the bank takes the business. I am worried the yard is going to be looted. I am a new member so THT will not let me attach a link. Aquamarina Freeport NY

Last edited by Lazypiper; 01-11-2019 at 03:55 AM. Reason: Misspelling
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Old 01-11-2019, 04:56 AM
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If you can, I would get my boat out of there fast.
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Old 01-11-2019, 05:01 AM
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Piper: Bad situation. If boat is on a trailer get it out. DO some internet searching on this. You NEED to have paper copies of ALL the bills you paid and copies of payments made in your possesion if you go to pull the boat out. I have seen trustees try to hold assets to extract all the $ they can.
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Old 01-11-2019, 05:01 AM
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Originally Posted by ken62k View Post
If you can, I would get my boat out of there fast.
x2
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Old 01-11-2019, 05:02 AM
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Maybe a little alarmist, but getting the boat out would be my first thought too. As to the questions as to what you will or won't get, I suspect that all depends on the conditions of the auction sale - were I buying, unless the price reflected it (e.g. one of those deals where you buy it for a dollar and take on all liabilities), I would not want to take on the responsibilities left undone by the previous owner - when businesses go bankrupt, record keeping tends to get chaotic (either by design or just because of the general chaos) so you could get into a real minefield of who has paid for what. Also of course a buyer might want to buy the real estate for a purpose other than keeping it as a marina.

Last edited by Clinker; 01-11-2019 at 05:26 AM.
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Old 01-11-2019, 05:05 AM
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Totally different situation but I print magazines for a living. We printed $25,000 worth of them and contracted with a mailing company to mail them for us. Mailing company went bankrupt and all the magazines we printed were sitting on their floor.....un-mailed. My customer made me re-produce all the magazines at my cost and get them mailed ASAP. Several months went by before we could get the old ones sitting in that building but of course they had $0 value at that point.

Do everything you can to get the boat out cause if worst case happens and the place is locked down.....you won't be boating for a long time!
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Old 01-11-2019, 05:11 AM
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Not good from what I have seen of bankruptcy cases

IF I could get my boat I WOULD NOW BUT I am guessing this may be an issue
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Old 01-11-2019, 05:13 AM
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If you paid for the winterizing with a credit card, maybe you should be calling them to get your money back. Then look for a new place to put your boat before the possibility of a "Hostage situation" occurs.
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Old 01-11-2019, 05:16 AM
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Originally Posted by avalonandl View Post
Piper: Bad situation. If boat is on a trailer get it out. DO some internet searching on this. You NEED to have paper copies of ALL the bills you paid and copies of payments made in your possesion if you go to pull the boat out. I have seen trustees try to hold assets to extract all the $ they can.
How is his boat considered an asset of the marina's? I do agree with others to get your boat out ASAP.
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Old 01-11-2019, 05:25 AM
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I would not worry about wrap, launch, etc. Cut your minor losses and get your boat out of there if you can.
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Old 01-11-2019, 05:27 AM
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Originally Posted by Lazypiper View Post
I just saw my Marina is in bankruptcy and will be auctioned off next month. What does this mean? What sucks is I paid to be winterized and the boat is still not wrapped. I have very little hope that will happen. I am going to wrap a tarp around the bridge at least. Will the new owner if someone buys it be responsible to launch me, the service is paid for? I hope I can even get launched if the bank takes the business. I am worried the yard is going to be looted. I am a new member so THT will not let me attach a link. Aquamarina Freeport NY
go get your boat out of there

ask for a refund

if they dont send it or reply to you in a few days, charge it back by calling your CC company

did they winterize your boat (properly)?

if its a nice marina and you want to own a marina, this could be an opportunity, just sayin'
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Old 01-11-2019, 05:30 AM
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Originally Posted by mikee332 View Post
How is his boat considered an asset of the marina's?
Work done on it that hasn't been paid for could be.

I bet if the OP goes to the marina he will already witness a mass exodus from the marina now word of the bankruptcy has got out - and things might already be starting to look messy.
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Old 01-11-2019, 06:16 AM
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It could be considered an ENCUMBERED Asset, as Clinker stated.

Sometimes a trustee will lock down a location until he/she goes through the finances and has time to contact all those vendors owed money-sort out whose boat has work/parts for it unpaid for.

I suggest he go get it PRONTO if he can.
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Old 01-11-2019, 06:24 AM
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Looking at the satellite view, that looks like a complete shit show. Assuming your boat is blocked, I would see if you can work something out with a marina close buy.

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Old 01-11-2019, 06:25 AM
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Nov 11, 2019. A day that will live in infamy. The first day that a thread on THT has a unanimous opinion. Btw, I’d get my property outta there asap.
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Old 01-11-2019, 06:44 AM
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Originally Posted by NEBassMan View Post
Nov 11, 2019. A day that will live in infamy. The first day that a thread on THT has a unanimous opinion. Btw, I’d get my property outta there asap.
are you living 10 months in advance or am I behind?!!?

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Old 01-11-2019, 06:51 AM
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The property is being auctioned in early February 2019 ...
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Old 01-11-2019, 06:55 AM
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Originally Posted by mikee332 View Post
How is his boat considered an asset of the marina's? I do agree with others to get your boat out ASAP.
Obviously it's not....however, how quick do you think the lawyers are going to determine what is/is not an asset of the marina and then be willing to release control of assets? The legal battle could take months or more.
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Old 01-11-2019, 07:37 AM
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It is quite possible the bankruptcy court will not allow anything to be removed from the property until it can be proved that it is not an asset of the company that filed, and it may be possible that doesn’t occur until final disposition of the bankruptcy (read years).
I would definitely try to get my stuff out of there before the filing.
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Old 01-11-2019, 08:28 AM
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Spend a little money with an attorney and have them reach out to the Trustee for the BK. As soon as the petition is filed, a Trustee is appointed and all assets of the debtor are under the Trustee's control. They do not know what boats belong to the debtor versus a customer so they wont just let you take a boat. You'll need to show the Trustee that a certain boat is yours, not the marina's. The Trustee will let you have it. If they are picky about things, you'll need to file a Motion in the BK case to have the stay lifted as it pertains to your boat. This will alert the Court and all creditors that you own that boat and are taking possession back. Probably wont come to that but it may and that is why it would be a good idea to consult with an attorney before doing anything. Just my $ .02..... Good luck.
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