Genmar Chapter 11/Anglers Marine/Ranger/Champ/Stratos

[Rick G]

Let me start by saying that the announcement we all found out about last evening was a shock to say the least. Times like this can lead to insecurity and doubt. That is not the case with the core brands at Genmar. I have been assured that once the court proceddings are started, this will have no affect on current or future boat production, or any current warranty coverage of your Genmar product. At Anglers Marine, it will be business as usual, if you have warranty issues on your Ranger, Stratos, or Champion we will honor that warranty unless told other wise. Even though I am not privy to all the details, my best guess is the reason for the filing is to protect the assets of Genmar from the "Buy Back" agreements they have with the wholesale finance companies due to the huge amount of dealer fallout. Will there be a few less Genmar brands when this is over? I have no idea. All I can say to OUR CUSTOMERS is that we will be there for you like we have been since 1981. Does every independent boat dealer in the west need your support in these tough times? Now more than ever. As I hear more facts on this subject, I will relay the important ones. But for now, feel confidant that the upper management at Genmar has a better plan for the future.

Rick Grover-Anglers Marine

[VinceH]

Here is a release from a minnesota Radio show that aired this morning. More than likely, Genmar is strickly protecting themselves and is re-structuring.

Right now we the consumer are the only ones that can get this economic machine started again. The leaner we get, the dryer the fuel tank stays. Please support your local dealers and retailers. I am sure they will do whatever it takes to build and keep loyal consumers.

Vince Hurtado


Little Falls waits for impact of Genmar bankruptcy
by Tim Nelson, Minnesota Public Radio
June 2, 2009
St. Paul, Minn. — Minneapolis-based Genmar Holdings has filed for bankruptcy protection. The company is headed by Twin Cities businessman Irwin Jacobs, and makes Glastron and Larson boats in Little Falls.

Officials there say they've seen layoffs and signs of a softening recreation market. But Little Falls Mayor Cathy VanRissegham said the town can only wait to see what's in store for the boat company.

"I guess nobody probably knows exactly what it means, except the folks that are working there and Irwin Jacobs of course," VanRissegham said. "But they've been building boats in Little Falls for many, many, many years. It's a large company, I believe they employ up to 1,000 people, and like many businesses across the nation, they're hurting."

VanRissegham said she's optimistic the company will survive the bankruptcy, and keep manufacturing operations in her city of about 9,000 people.

[Oldschool]

Rick, you provide your customers with everything they need, plus good service. Hope things turn around for you and our economy.
Tom

[William Pointing]

Karma, should of let Bill fish.

[Robert F]

Karma, should of let Bill fish.

That's funny right there I don't care who you are. BP brings it down on a big scale.

[keithcant]

Although, not covered in the press release, Irwin specifically spoke about if just one guy would have saved the few cents from the "extra,extra cheese and extra meat"- that same gut (ooops, spelling error:"guy") could have bought a Genmar product and not the alternative brand .....AND accountants have led him to believe that just one more purchase would have held off the Chapter 11.

I was there....and I swear I think I heard that! Irwin did mutter off camera "it's Bill's fault"...."Grover's supposed to take care of him".

[some guy]

Karma, should of let Bill fish.

That's good stuff.