Hundreds of people turned out last weekend at Watermark Marina in Wilmington, N.C., as it auctioned off its assets, from big boats and small kayaks to furniture and equipment.
The marina, located on the Cape Fear River, filed for Chapter 11 bankruptcy protection in 2008. It was upgraded to Chapter 7 in November, meaning it must sell all assets.
"It is a tough economy," bankruptcy trustee Al Butler told WWAY-TV. "I can't speak to the reasons why the marina folded. I'm not privy to all that information. We're just trying to do the best job we can to pay back as much money as we can to creditors."
Major creditors include BankFirst, of Sioux Falls, S.D., estimated to be owed more than $13 million, according to court records.