BassFan has some new stuff about Genmar this morning.
from Wackoman  
11/4/2009 6:58:00 AM

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BYM news cornered IJ and he said he is going get the assets back. Also said he would build smaller boats when he does.

Then in the next piece Textron(folks that IJ owes the most)has filed some sort of objection. Looks like they know IJ pretty well and suspect he is pulling a fast one.

It's interesting stuff for a layman like myself.

I won't post it here cause the Bassfan guys deserve the hits this morning. y'all check it out please. www.bassfan.com

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   lawyers from MikeF  11/4/2009 8:51:41 AM
 All the major companies that he's trying to stiff have attorneys; they're being paid to make sure he's not trying to pull a fast one. What goes around comes around...

   That seems a bit from minner  11/4/2009 9:20:41 AM
 "gray"......I wonder how much time he's going to have to spend in court.

   Big Dollars = Big Risk from Brett M  11/4/2009 9:56:04 AM
 Nothing that pays big,(doing bussiness with Genmar during the boom) comes without risk. Irwin re-obataining the assets would probably be the best thing for this situation. Irwin will definetly see more value in the companies at stake than any outsider-- unless they were "Bomb", Textron, or a like company just trying to drive up the bid. Textron doenst want it,, they just want the floorplan paid and If Bomb wants to pay what it takes to buy it,, SOLD.

My point is , if you forget who IJ is, he is still going to be the high bidder and that is how it works-IF he doesnt benifit from the purchase someone else will benifit even greater and the payout to the creditors will likely be less.

   I agree Brett. The company would probably be better off in IJ's hands but from Wackoman  11/4/2009 10:17:34 AM
 
risk or not if you are Textron you want to know who this bullchit stalking horse is and what they are worth.

At least I as a creditor would want to know that and I sure want the bankruptcy court to know it.

   IJ's Comment from Papafins  11/4/2009 12:04:52 PM
 His comment about building smaller boats is interesting, I guess he is smart enough to know when they have reached the maximum in size.

The wasy the industry is going we have seen (and may see) a 25' bass boat with a 350 motor. That is insane and whats more insane is they would sell the darn things.

I know you need a big boat on places like Erie and some others but where does the size matters race stop?

IJ is a crafty corporate pirate and he is planning on getting the good companies by hook or crook.
Now the question is who has the best lawyers?

   I'm just glad from MikeF  11/4/2009 12:16:22 PM
 I'm just glad I'm not on that long list of people he owes money to. I don't think they're on the list of people he's concerned about; IMHO that list only has one entry.

   Textron from Brett M  11/4/2009 6:24:47 PM
 Has been scaling back and tighting up for years-- way before crash days. Sometimes companies get too big for Floor Plan sources to control. They set the guidlines for growth, the company meet it and raises there lines. If they dont,, another company will and they loose a company that supports a major portion of THEIR budget. When others won't take on the companies line, only then is Textron in a position to say no., A bottle neck occurs and cash is crunched. Textron's Overall pull back was a contributing cause. They demanded money that they knew Genmar didnt have and instead of allowing Genmar to participate in the sell off of defaulted dealer floored assets while Textron ate the interest they pushed for curtailments/payment. You can only sqeeze a fat cat so much. When you sqeeze it too hard it will let you know-- Squalling, clawing and trying to get away. If you dont loosen the grip you are bound to get bit, scratched, and peed on, Hinse we have a bankruptcy.

I wouldn't be so fast to kick IJ here, he is just doing what he has to do to survive.

Lenders love you and will kiss you feet when you don't really need them. When you really could use there leadway is when they want to tighten the screws. I have seen the good and the bad of both sides. LENDERS cause more avoidable bankruptcys by just being hard asres than they would ever want the public to be aware of by only applying the written fine print in the contract and not a little common sense. The ME FIRST mindset America has cultured.

   Very nice Brett..... from ButchT  11/4/2009 6:52:38 PM
 Very well said and no doubt you know what you are talking about. How this whole thing shakes out may be a lesson for generations to come. It's certainly unprecedented.

But it's refreshing to see people like Irwin Jacobs, Warren Buffet and a few others stepping up and investing, or reinvesting, depends on how you look at it I guess. Any effort to move this economy forward should be appreciated, not ridiculed. No one predicted this situation to profit from, no one.

Bottom line is our whole economy is in a tail spin that is affecting everyone from the bottom up and the top down. I've personally never seen so many different segments of small business affected at one time as we've seen in the past two years. It's now simply trying to preserve what we have on all levels.

Called "Survival"...

And let's vote for "Change" in 2010,,,some already did, yesterday. Hopefully we can follow their lead.

   Brett,,your last comment... from ButchT  11/4/2009 6:56:46 PM
  "Me First" mindset...see my post above regarding Trace Adkins song.

Edited 11/4/2009 6:58:57 PM