FLW in dispute with Genmar companies over engines

Posted on 11 November 2009

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FLW Outdoors, the country's largest tournament-fishing organization, is asking the bankruptcy court for permission to pursue remedies under state law to obtain possession of 46 engines - valued at more than $450,000 - it says are now with Genmar's Ranger and Stratos boat companies, but owned by FLW Outdoors.

The engines in question are 42 Evinrude engines and four Yamaha engines.

FLW says it still holds the Manufacturer's Statement of Origins for 20 engines in Ranger's possession, with a combined value of $188,667.50 and holds the MSOs for 22 engines in Stratos' possession with a combined total value of $223,244.

It also holds the MSOs for four Yamaha engines with a combined total value of $39,846.80.

The total combined value of the engines is $451,758.30.

"Prior to filing this motion, FLW Outdoors demanded that Ranger and Stratos turn over possession of the 42 FLW Evinrude engines and the four Yamaha engines that FLW Outdoors owns ... but the debtors have refused," FLW said in court documents.

FLW said it is seeking emergency, expedited relief in the case "because, upon information and belief, Ranger and/or Stratos has purported to sell or may attempt to sell one or more of the FLW engines in direct violation of their prior agreement with FLW Outdoors," according to court filings.

"Upon information and belief, one or more of the FLW engines have been installed on boats and/or transferred to third parties without the prior permission of FLW Outdoors and is in direct contravention of FLW Outdoors' ownership interest in them," documents state. "In lieu of expedited relief, FLW Outdoors seeks an order temporarily restraining the debtors from transferring any of the FLW engines or taking any other action that could affect FLW Outdoors' ownership interest in them ..."

A hearing on this motion is set for Nov. 16.

Comments

8 Thursday, 12 November 2009 00:37

wow Irwin just gave in to be a possible 80% holder in  his company. as for stratos and ranger loosing engines oh boy.... the boat group now has to go find engines even after the ruptcy is over possibly March the boat shows are over sales for the boats will be sluggish. Now what is going to happen with a shortage of boats and large hp.  The boat package prices will climb, supply and demand.Hopefully the winning bidder will help the dealers by warranitting the current boats in stock.We need a purchaser to put forward good face and make a better communication with the people who have put up with this LOUSEY management. fix the problems and make new relationships

7 Wednesday, 11 November 2009 23:13

Is Soros his advisor?

6 Wednesday, 11 November 2009 22:36

for some interesting reading and understanding of Mr. Jacobs, google "the historyof Genmar Holdings" Genmar is not known for making a profirt and in1994, a new private company- Genmar Holdings absorbed Minstar and became parent company to 11 boat brands. Investors such as the Orlando Magic basketball team and the State of WI Investment Board contributed $165 million in new equity to finance the enterprise!!!

5 Wednesday, 11 November 2009 21:53

Just when you thought you had seen it all...this guy knows every trick in the book.  (I will bet a few more rabbits will be coming out of his hat before this is all over)?   Funny thing...if I had any rabbits of my own I would be stewing up the rascally little critters for dinner- just so I could have something to eat!!!

4 Wednesday, 11 November 2009 18:27

This is called relief from stay.  Many times secured assets can be pulled from a Chapter 11.  It is no different than that of a bank in first position.  Depends on how successfully the creditor argues and how big it is.

Been there done that.

3 Wednesday, 11 November 2009 16:45

If Jacobs is supposedly so confident that he will regain Genmar with an 80% sharehold why would he bother suing them over motors valued at $450,000.  Oh, wait.., that would offset his price by nearly half a million dollars as I'm sure he would forgive that debt as part of the agreement.  Other bidders will have to come in at least $451,000. over Jacobs bid.  Come on Platinum Equity - Call his bluff!

P.S. Love the comment J.D.!!! Can we vote him off the Island?

2 Wednesday, 11 November 2009 16:08

That rocks -- now Jacobs is suing himself! Not to diminish the hardships of dealers, vendors, and employees, but Jacobs has turned the whole situation into a reality show -- it's so absurd and comical, one has to tune into Trade Only everyday to watch! ...Now, if you'll excuse me, I need to go file court papers to get possession of my van, boat, and house back from myself!

1 Wednesday, 11 November 2009 15:54

Isn't FLW Outdoors owned by Jacobs?  Amazing .

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