This is my 35th year as a rep and I have seen many tough times in the marine industry with lots of dealers going under.. He may put more dealers out of  business than  OMC did in the late 80's.

In response to JB, you should notice that the list of creditors in the filing is a list  of unsecured claims, not all creditors.  The list only includes lawyers and other service providers.   The  main creditors , if listed, would start with the engine companies, composites distributors, resin & glass suppliers, then cascade down to other main suppliers. These are the people and businesses that Mr. Jacobs is harming and they will not get their money, even though they have shipped product.

Despite the letters and statements from Genmar, they have no intention of paying these suppliers, and the suppliers know this.    I only hope when this is all over  the press treats this with honesty instead of the praise bestowd upon Genmar in the past.

I have been in the boating industry for 28 years, I have never seen anything like this before. Irregardless of you opinion of Irwin, his filing further confirms how far the boat buisness has fallen. What it does not foretell is how much further it WILL fall. There are many manufactures that, for all intents, are bankrupt now. They are just zombie companies that the bank, nor the creditors, have dared to pull the plug.

This industry is in for a very long, very hard, fundamental further restructuring. Anyone that does not see this is blind to the stark reality facing us. Take your worst forecast and cut it by 40% and maybe it is conservative enough, just maybe. If you don't have a plan B and C your in big trouble. Interest rates have to rise in the next 12 months, As demand increases, so will fuel prices. Our current administration is setting us up for a huge fall killing the  expansion of oil exploration and it's added supply. This is intentional, they want $5 gas to "change our habits". Wake up, look around; prepare.Become active, tell you legislators how you feel and what this is doing to your buisness, get involved now or someone like me may be writing about your company next week..

HAS EVERYONE FORGOTTEN WHAT THIS MAN, IRWIN JACOBS HAS DONE!

Mr. Jacobs has rescued more failed boat companies than anyone in the history of the marine industry; no else is even close! This man has spent over 30 years building boat companies and dealers all over the country. And, some of you have the opinion that this is a planned and calculated manuver.Well, the facts speak for themselves; I didn't see anyone perdicting the current chain of events that this terrible economy has created.

My advice is to wish Irwin Jacobs and his companies full and complete recovery as fast as possible. If Genmar doesn't recover, I can assure you  many more will fall much harder.... and remember the "bigger they are the harder they fall" 

Best of luck to Irwin Jacobs and all of the companies and dealers that are struggling through these most difficult times.

Mr. Reimel is correct.  This is a maneuver to get out of his obligations to GE, Textron, Engine companies, and a host of other suppliers.  Many will be harmed and the marine industry recovery slowed by these actions.  I have spoken to many colleagues today who are owed substatial amounts by Genmar and they will likely receive nothing and their businesses are in jeopardy.

I hope the court refuses the Debtor In Possession funding plan on Thursday and Mr. Jacobs has to reach into his own wallet like the rest of us hard working Americans.

I guess the plans to enter the aluminum fishing market are set aside.