Genmar Corp. Bankruptcy :: Ranger, Carver,Triumph,Windsor Craft, etc

[davslyn]

This post concerns the Genmar Corp. Bankruptcy. Anyone who owns a boat manufactured by any Genmar company needs to read this and take appropriate steps to protect your purchase, warranty work, future warranty work, defects, or any issue that arises concerning a Genmar product or purchase.  There is a chance some boats could be taken or repoed depending on financing.

Take the time to file one are both documents to be sure. Each takes less than 5 minutes. Good Luck.


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.







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.




Below are the links for forms that can be used to file a claim against Genmar, Ranger, and any other Genmar companies.

http://www.uscourts.gov/bkforms/bankruptcy_forms.html




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_Forms_Pending_2008/B_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_Forms_09_Official/Form_16D_Caption_Adversary_Proc_INSTRUCTIONS_0509.pdf




FORM




http://www.uscourts.gov/bkforms/official/b16d.pdf










ALL CLAIMS FORMAS AND ADVERSARY PROCEEDING FORMS MUST BE MAILED TO THE BANKRUPTCY COURT CLERK BY 11/18/2009










Mail completed forms to:




Bankruptcy clerks office

301 U.S. Courthouse

300 South Fourth Street

Minneapolis MN 55415





U.S. Trustee

Sarah J Wencil

300 South Fourth Street

Suite 1015

Minneapolis, Mn 55415




Debtor Attorney

James Baillie

200 South Sixth Street

Suite 4000

Minneapolis MN 55415




Companies and associated case numbers::




Genmar Holdings,09-43537 // Carver Industries 09-43538 // Carver Italia 09-33773 // Carver Yachts 09-33774 // Genmar Florida 09-43539 // Genmar Industries 09-43540 // Genmar IP 09-43541 // Genmar Manufacturing Kansas 09-43542 // Genmar Michigan 09-43543 // Genmar Minnesota 09-33775 // Genmar Tennessee 09-43544 // Genmar Transportation 09-43545 // Genmar Yacht Group 09-43546 // Marine Media 09-43547 // Minstar 09-43548 // Trimuph Boats 09-43550 // VEC Leasing 09-43552 // VEC management 09-43553 // VEC Technology 09-43554 // Windsor Craft Yachts 09-43555 // Ranger Boats; Wood Manufacturing Company, Inc. 09-43556

[Fishin Dude]

Genmar's Chapter 11 has now been changed to Genmar being sold at auction. That changes things a whole lot for a lot of boat owners. 

USA. Genmar updates its dealers on Chapter 11 process

Friday, 30 October 2009

It has been awhile since our last formal communication; you are due for an update. Consistent with the U.S. Bankruptcy Court process and the obligations and timelines Genmar Holdings, Inc. (Genmar) agreed to with its senior secured lenders, a few key dates are now upon us. Without trying to engulf anyone in the details of Genmar’s commitments and the Chapter 11 process, it is important to communicate several points.

First and most importantly, thank you for your business and patience. This has been difficult for all of us, in addition to the day-to-day challenges resulting from the economic environment. We sincerely appreciate the dedication and commitment to all the Genmar brands.

Over the last several months, Genmar and its boat brands and facilities have been evaluated by numerous very well capitalized investors and there has been a very strong level of interest (including from Irwin L. Jacobs). All work by the various investors is being condensed into extremely focused efforts now that will result over the next few weeks in a much clearer direction for Genmar, and for the numerous interested parties. Necessarily, these extremely focused efforts have resulted in the conclusion that a sale of Genmar’s assets will result in the most favorable outcome for the interested parties, including our dealers. The Company is taking actions, including the filing of certain Bankruptcy Court motions that are necessary to ensure this asset sale process is effected as timely and efficiently as possible in order that Genmar and its boat businesses can continue to move forward positively.

What is fundamentally important to the entire bankruptcy process is satisfying as best as possible, the creditors affected by the Chapter 11 filing as well as operating our various boat brand business as prudently as possible. Important to all our dealers we believe is that in addition to the purchase price for the assets, all interested investors will provide the necessary capital to very effectively support the boat businesses purchased. This is very critical for both the short and long-term success of the brands and their dealers, particularly given this difficult industry economic environment.
We anticipate this process to move quickly over the next several weeks and are keenly focused on bringing resolution and closure to this process for the benefit of all the Genmar boat brands’ businesses. Additionally, we are very confident this is the best process to pursue for the benefit of the various constituencies, and very importantly, for all our dealers.

We look forward to updating you again very soon.

Very truly yours,
Roger R. Cloutier, II
President & Chief Operating Officer
RRC/jc

and

EXTRA: Genmar moves from reorganization to sale

Posted on October 30, 2009
Written by Beth Rosenberg

Genmar Holdings is now pursuing a sales process rather than a reorganization as a means to exit from Chapter 11 bankruptcy, according to court filings.

While he couldn't discuss specifics, Genmar chairman Irwin Jacobs confirmed he is a bidder for the company.

"Unfortunately, I can't give you the information for that right now because it's not public, but I plan on being a bidder for the assets and continue the business as it is," he told Soundings Trade Only.

"I tried to do the reorganization and couldn't get the cooperation of everybody necessary with which to do it," Jacobs said. "I was going down that path and, frankly, had what I thought was, in place, a transaction to do it. But there were people who weren't cooperating with it, so I had to go in a different direction."

Jacobs said he plans to bid on "primarily the company" as a whole, though he's not sure what other potential bidders are planning.

"Only the court can be the decision maker, and that's based on who pays the most for what it is. And obviously that's what my intention is, but we'll just have to wait and see," he added.

Though he couldn't go into many specifics, Jacobs said he hopes to file papers with the court next week that will make clear his position.

In papers filed with the court, Genmar says it has identified a "potential stalking horse" - "the party that has submitted the best offer to date from the standpoint of cash consideration and probability of consummation." It does not, however, identify that party, in order to "preserve the integrity of the sale process."

Though Genmar had been looking at other options, court documents say, "the potential stalking horse believes that pursuit of both strategies will be dilutive of management's efforts. Therefore, it has demanded that debtors enter into the exclusivity and expense agreement."

Genmar filed for Chapter 11 June 1.

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