Intercoastal files for Chapter 7 bankruptcy


Intercoastal Inc., distributors of Apex Inflatable Boats, filed for Chapter 7 bankruptcy protection in U.S. Bankruptcy Court in Maryland. Additionally, two of the principals of the company - Georges and Roger Dherlin - filed for Chapter 7 bankruptcy as well.

According to court documents, the filings took place Dec. 31.

Annapolis, Md.-based Intercoastal has less than 50 creditors. It has estimated assets of under $50,000 and estimated liabilities between $100,000 and $500,000.

The debtor estimates that after "any exempt property is excluded and administrative expenses paid, there will be no funds available for distribution to unsecured creditors.

A representative for Apex said in an e-mail that Apex did not file for bankruptcy.

"We did well in 2009 despite the worldwide economic crisis that we all felt," the company said in a statement. "The reason being our continuous focusing on quality as well as institutional business. We may be the only boat company that did not let go any employees. In fact, we are working overtime since last November and we're not afraid to start hiring more people for 2010."

Doug Armstrong, of Armco Manufacturing, which manufactured hulls and other products, told Soundings Trade Only the bankruptcy filing followed three years of litigation between his company and the Dherlin brothers.

At a trial held Jan. 4-5 in Broward Co., Fla., the Dherlins' manufacturing company, Yacht de Costa Rica, was found to have committed fraud, theft by conversion and deceptive and unfair business practices under Florida law, Armstrong said.

He said he was awarded slightly less than $1 million from Yacht de Costa Rica.

"As soon as we get relief from stay we will go right back against the other three entities," Armstrong added.

"They stole my manufacturing company. I had an agreement with them that they were going to build product for me and I sent my entire factory [to them]," Armstrong said this morning. "I closed my factory in Fort Lauderdale and shipped everything to Costa Rica because they were going to do it, plus I paid for all of the freight and I sent them additional money and they just never did anything."


Sea Tow Saves Cold-Stunned Turtles

Its Corpus Christi outfit is rescuing turtles that were affected by the deep freeze in Texas.

Southern Marinas Sells Portfolio

The group had made six acquisitions last year and had a total of 12 properties under its umbrella.

2020 Neptune Award Winners Named

The annual marketing awards drew 129 entries in 20 categories.

‘A Great Start to 2021’

An onslaught of new and returning customers kept dealers busy in what is typically a slower time of year.

Nautique Names VP of Sales

Rick Skinner joins the Correct Craft subsidiary after 30-plus years with water-sports equipment manufacturer HO Sports.

MarineMax Expands Territories for Cruisers, MJM

The dealership will offer the brands at several of its locations, including Boston, Baltimore, Jacksonville and Charleston.

Groupe Beneteau Hacked

The breach was detected last week, resulting in a full network shutdown and production stoppage at several locations.

How is Your Inventory?

This month’s Pulse Report survey asks dealers to weigh in on product levels and strategies for restocking.