Post Marine files for Chapter 7 bankruptcy

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Boatbuilder Post Marine Co., of Mays Landing, N.J., filed last month for Chapter 7 bankruptcy.

Post Marine, which had been building yachts since 1957, has $5.4 million in liabilities, according to documents filed March 18 in U.S. Bankruptcy Court in New Jersey, The Press of Atlantic City reported.

Meanwhile, the boatbuilder has $1.4 million in assets, and its most valuable asset is the $1.2 million property at 100 Post Road, bankruptcy documents say.

The documents also show that the company has about $150,000 worth of boatbuilding machines, equipment and materials.

The property is shuttered and a chain-link gate at the entrance is locked, the newspaper reported. Post Marine CEO William Schell declined to comment to the newspaper about the bankruptcy filing.

Post Marine was a party to a federal lawsuit against a company that made a gelcoat that was used as a finish and protective barrier for the outer layer of boats.

Post Marine, which had partnered with the Viking Yacht Co., of Bass River Township, N.J., in that lawsuit, lost the case against Composites One LLC, federal court records show.

The records say the boatbuilders sought damages, alleging that the gelcoat finish was prone to cracking.

The U.S. District Court of Appeals for the Third Circuit denied an appeal last year.

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Comments

9 comments on “Post Marine files for Chapter 7 bankruptcy

  1. David Marlow

    Very sad news. Fine people.
    I visited with them last fall for a day speaking of old times and the Jersey boating industry.
    Bill Schell and Ken Jensen welcomed me despite no notice and I enjoyed the scenic area surrounding Post at Mays Landing. They have fought a good fight, built some wonderful products and conducted business with dignity.
    I wish them all well and that there were more of similar character.

  2. jeff

    While the drastic shutdown of the marine boat industry has eased and leveled off there are still waves of pent of destruction affecting the industry. Unfortunatey the weaknesses of the industry that were hidden by a good economy stand out starkly in a downturn. This will not be the last of fallen giants.
    Hopefully the brand will survive in another incarnation having served the industry and boaters so well over the years.

  3. Pete Loy

    As an owner of a 50′ post built in 1999-2000 which was previously owned by several others prior to my buying it, i can say that ken and his crew were excellent to deal with.  i contacted them several times every year to ask questions or seek advice about the constrcution or enginneering.  they always took time to talk me through my situation and would even send over diagrams, etc.  by the way, their products were well designed and constructed.  the gel coat issue is sad.  i wish them well.

  4. Bob Hersh

    Having owned a 46 Post, I can say that the design and perfection of craftsmanship was impeccable. They will be truly missed in a new world of Euro-designed trash!

  5. Art Mercurio

    Bill, Ken and the staff there were always the best. I did business with them for many years and they always had the highest standards.
    A shame American industy is suffering as it is today. The marine manufactures are one of the few that still are mostly all American made.
    Maybe the people in DC will look at this and see where the tax money really comes from………….AMERICAN WORKERS !!

  6. William Emilius

    Saddest news so far about the downturn in the industry, POST was truly one of if not the best. There marque will be sadly missed.

  7. Danielle Williams

    Bill Schell is my grandfather,as I grew up I watched him work hard, love his company, his employees, friends and family. I also watched him make some tough decisions in the recent past. I am honored to have such a wonderful, hard working, loving person to look up to all my life. My frequent visits to Post as a child to see my dad and grandpa will always be great memories. The company is a huge part of grandpops life, dad’s life, and my life. I’m so proud of my grandpa and dad for all their hard work over the years. Its sad it had to end.

  8. P Driscoll

    Post boats has moved to Worton Creek Marina in Chestertown, MD.
    They will build their first Post as soon as they get an order.
    Post is not dead in the water!

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