We all know now of the genmar bankruptcy, remeber everyone that ranger was facing banruptcy when genmar bought it, due to randy hopper taking over and destroying and customer trust!!! Everyone send your complaint to the bankruptcy court in minneapolis requesting the be forced to liquidate.
Congrats everyone! Or online protest and complaints made just enough people wary, and scared enough to shy away from purchasing from them, to drop their sales and force bankruptcy.
We should all be proud of what we accomplished, and maybe next time they will "take proper care of a customer"
I want to give a special thanks to the texas man who has protested and warned customers about ranger specifically and genmar for 20 yrs now. He started this way before the online forums were even around.
He made alot of people think before they bought, and saved hundreds from making bad choices and purchasing a ranger. He caused this bankruptcy! And he deserves a round of applause! Your the man!
BELOW IS SOME OF THE PRESS RELASES AND WEB COMPLAINTS FROM GENMARS ON DEALERS (the dealers couldn't even get warranty work, Jacobs is a loser):
Well to dan and dave and all these other people who don't believe!
Enclosed are some press releases from irwin jacobs of genmar, and randy hopper of ranger.
FIRST, Now lets all be clear the economy is down! But there are also 100's of thousands of Co's still surviving.
As we have all stated in our complaints Genmar and Ranger could not keep screwing people and get away with it. Genmar filed for bankruptcy! Roflmao! That is just too funny. It's obvious Irwin Jacobs and Genmar did not take up the offer given to Dan, and settle any problem or one of these 'Fakes' would be on here bragging.
Now realistically the truth is any Co. That has loyal customers is NOT going to suffer from a down economy. People are still spending money but with Co.'s they trust. If Ranger and Genmar, namely Irwin Jacobs and Randy Hopper had taken care of the customer, they would have loyal consumers. Just a simple Google of them for complaints shows the sheer number of Cheated Customers. You reap what you sow! Records show they are Crooked Co.'s that employ Liars, Swindlers, Frauds and Cheats, and this post shows also Fakes! I believe they are getting what they deserve and I hope they go under.
So Dan why didn't you mention the Bankruptcy in your post?
Everyone we need to all send our complaints and any others found on the web to the Bankruptcy Judge as customers and whats called a friend of the court brief" (letter form is fine, my atty says it appropriate) and request the Judge force them into Liquidation and not allow them to continue as proof shows the Co. To be Crooks, and Liars. I will post the mailing info on here asap.
I know everyone on the web reporting the liars is what has caused the public to shy away from Ranger and Genmar. But I place all the Credit on the man who has protested them for 20 yrs now with Flyer's and Billboards. He SUCCEDED! Great respect is due you, sheer determination, and dedication to expose them for what they are. YOU SHOULD BE PROUD! You are a true giant slayer.
Irwin Jacobs in his statement (pasted below) says even up till last month he would have never guessed he would have to file for bankruptcy. HA HA HA, maybe he should have checked the web, or listened to a complaint.
FYI Ranger was facing Bankruptcy when Genmar bought them, They are good as done as well.
Too all you loyal employee's of Ranger and Genmar. You all knew what was going on. You ALL are just as Guilty. GOOD LUCK AT THE UNEMPLOYMENT OFFICE, AND SOUP KITCHEN YOU CROOKS!
Copied off the web:
GenMar Bankruptcy Filing Surprises Boating/Fishing World
Only a few months ago, Irwin Jacobs was talking about plans to start a finance group to help boat enthusiasts secure financing in a credit market so tight that good credit borrowers couldn't get a boat loan. With that financing arm, Jacobs said, Genmar would hopefully duplicate what he felt was one of the most successful units ever at General Motors - General Motors Acceptance Corporation (GMAC)- it's finance unit.
Late Monday afternoon, Jacobs' Genmar Holdings, Inc. Shocked the boating and outdoor world with a filing for protection from creditors via a Chapter 11 bankruptcy petition.
According to the filing, the continued recession and higher gasoline prices have hammered Genmar and a product line that extends from 12-foot fishing boats to luxury yachts. Sales had dipped in but had plummeted since then.
As the man once known as "Irwin the Liquidator" for his astute purchases of bankrupt businesses said, "Even up until the last few weeks, this is something I never even dreamt was a remote possibility."
The Chapter 11 petition, filed in St. Paul, Minnesota, lists assets of $237.5 million and liabilities of $216.4 million. Omitted from the filing are more than $400 million in "intangible assets". The only secured creditors, Wells Fargo and Fifth Third Bank, are owed $75 million.
In fact, the filing credits Wells Fargo with forcing Genmar into court through its continued reduction in Genmar's credit lines. "Despite restructuring steps and infusion of significant equity, the bank reduced [credit] availability, " the bankruptcy filing states. "The bank rejected all... Proposals for making adequate capital available and continued to reduce the borrowing base."
Despite the filing, Jacobs told me yesterday that Genmar is still viable.in fact, he said, "It's a difficult thing, but I expect Genmar to come out of this situation even stronger than before."
Jacobs says Genmars's revenue for the year ending June 30 should drop by more than half, resulting in a cash operating loss of $32-35 million, compared with an operating profit of $9.7 million in 2008.
The company has taken fairly drastic steps during the downturn to minimize expenses, closing plants and cutting workforce, but continuing sales drops have trickled up from struggling dealers to now-struggling manufacturers.
According to Jacobs, Genmar has already lost nearly a quarter of its dealers to tough economic times. With a flood of repossessed boats on the market, even more dealers are, according to Jacobs, "just hanging on."
To an individual, the filing might look unusual. After all, Genmar has not missed any payments on its loans. Those loans, however, had strict capital requirements that the lagging sales had depleted. Despite an injection of more than $40 million in the last few months, the company couldn't meet the requirements in time to meet the bank's deadline.
In the Chapter 11 filing, Genmar will be given breathing room that will allow it to put together a business plan that will resolve the issue with its creditor banks.
"It's difficult, " Jacobs told me, "but we'll come out of this situation just fine."
Meanwhile, Jacobs says, anglers shouldn't have any concerns about the boats in Genmar's lines, especially Ranger. "Ranger, " he said, "will be here when you and I are gone from the earth."
That position was echoed by Ranger president Randy Hopper in a statement released yesterday afternoon: "... Reorganization is designed to allow Ranger to uphold its commitments to its outstanding dealer network and loyal customers while fulfilling the 41-year-old reputation of its product line and business operations. Going forward, Ranger has no plans to relinquish its leadership position. Our commitment to quality construction, technological innovation and service at all levels will not wane. Likewise, we remain dedicated to our long-standing involvement with so many great tournament anglers, organizations, and friends throughout the industry. While the fishing segment has not been immune to adverse economic conditions, it has not been affected to the same degree as other boating categories. I believe that our segment has hit bottom and we are seeing recent evidence of improvement."
Breaking News
Genmar Files Chapter 11
Tuesday, June 02
Genmar Holdings Inc. (parent company of boat brands Ranger, Stratos, Champion and many others) filed for Chapter 11 bankruptcy protection in Minnesota June 1st.
Ranger, Champion, Stratos, and Hydra Sports amoung companies effected when parent company Genmar fails.
In a press release about the filing, Jacobs stated the following:
"I've been in the boating industry for over 30 years, and throughout those many years, I've personally experienced several of what I thought were the worst and most difficult business conditions our industry had ever gone through. However, those conditions do not even remotely resemble anything close to what has taken place in the retail and wholesale recreational boating industry over the past approximately 12 months. If someone would have said to me as recently as even one month ago that Genmar would someday be filing for Chapter 11, I would have said it was not even a remote possibility.
"I've always looked for ways to enhance Genmar's balance sheet and felt that even though business conditions were incredibly difficult, there were alternatives available. Unfortunately, I didn't have the necessary time to complete any alternative financing acceptable to the banks. I am sure none of that is necessarily comforting to those individuals and/or companies who are being affected by Genmar's filing for Chapter 11. Although it's impossible for me to try to anticipate and/or answer in this press release all of the questions that I am sure are being asked by our Genmar dealers, vendors and employees, it is important that every interested party affected by Genmar's situation knows that we plan on successfully reorganizing and ultimately coming out of Chapter 11 as a stronger and better company with a bright and stable future ahead in the recreational boating industry.
"Surely it's going to be very difficult for most people to understand and/or anticipate the stressful days, weeks, and months ahead. I know I can speak for everyone within Genmar, including myself, that we are fully committed not only to getting through the very difficult and stressful times that are ahead of us, but we're committed to attempting to do everything humanly possible throughout the Chapter 11 proceedings in trying to help each Genmar dealer, vendor and employee as best we can. I have every reason to believe that GE Finance will continue their Genmar dealer floor plan financing program subject to the Court's approval, which will take place over the next few days."
Jacobs further stated, "We believe that Genmar will have access to sufficient cash and has current assets available to support our ongoing businesses to service and build dealer boat orders and pay our vendor suppliers on future purchases promptly. Genmar has received a commitment for Debtor-in-Possession (DIP) financing proposal from the Wells Fargo and Fifth Third banks that will be submitted for approval to the bankruptcy court in the first bankruptcy hearing scheduled to take place within the next few days. Additionally in the first court hearing, Genmar will be asking the bankruptcy court for approval to allow Genmar to pay appropriate dealer warranty and rebate claims.
"Genmar currently has over $100 million of current assets as well as substantial additional fixed assets and intangible assets that we believe will allow Genmar to come through and exit the Chapter 11 proceedings as a financially stable and strong company with a great future ahead of it in the boating industry. Further, Genmar will be submitting an overall reorganization plan for approval to the bankruptcy court as soon as possible, which will include the necessary details for all interested parties to better understand Genmar's short and long-term plans and objectives in ultimately successfully exiting the Chapter 11 proceedings.
"It's our intention to do everything we can to protect and support our valuable Genmar brands which will ultimately allow Genmar to exit Chapter 11 and continue to be a leader in the recreational boating industry
Too dave and dan and all who can't seem to find the other complaints
below are just a few comments i pulled off the web today
26 June, 03 07:46 AM By D. Williams
Mr. Jacobs sure knows how to play the media! I was a vendor for many years and knew how he played the game. Year after year of coming back to the vendors and asking for concessions, beating them down with competitors quotes, etc. I feel for all of the current vendors who have to deal with this in already trying times. Did not expect this bankruptcy but yet not surprised.
25 June, 02 04:52 PM By capt dave
Although this is a bad day for the boating industry i feel no compasionfor Jacobs. I was also a large Wellcraft dealer that was owed thousands of dollars in warranty and never got paid. I was also forced out of business by having to keep so much inventory on hand and most of that had problems from the factory as well. Jacobs never thought of his dealers unless they were the few mega dealers that he touted. He will come out and all the suppliers and little guys will take the hit for him. It is a shame the industry is in this bad way.
24 June, 02 04:43 PM By George
I don't feel a bit sorry for this egotistical creep, but its too bad for all the employees and suppliers. When I was a Lund dealer this guy did absolutely nothing to help me when business went souer; only went and gave the dealership to a competitor down the road, and then some more competitors when the succeeding dealers dropped of the map.
When I asked him about warranty isses at MRAA, he sternly put his hand on my shoulder in a dramatic way and said 'Son, let me tell you...' At 40 years old I did not appreciate his banter, reared back and asked him 'Who the hell do you think you're talking to?' End of conversation.
After being in bankruptcy and experiencing it first-hand, anything can happen in and out of the courtroom. I hope he goes in there and puts on his cocky act. No federal judge or trustee could care less about him.
If any dealer is contimplating bankruptcy, my advice is don't do it for many reasons. Work it out in another fashion as the lawers will deceive and drain you of your last dime
22 June, 02 01:41 PM By Former Genmar insider
I am Happy for Mr. Jacobs. What goes around comes around. Unfortunately he will come out of it better. As another post said he will stick all his vendors with his debt and force them out of business. Vendors that he already put the screws to to be a vendor.
Maybe all the companies he bought solely to keep them at bay and to extinguish his competition are a factor. If he would of just left them to prosper and supported them to help expand their business he would have had a better bottomline. He screwed many loyal customers, dealers and employees over the past few years. I for one could only hope that he looses but he wont. All I know is that since I have left the Genmar family and the brand, the brand is nearly extinct. Which was one of the only territories meeting or exceeding sales goals.
We could only hope he goes away, good riddens!
21 June, 02 12:22 PM By Ole Boat Builder
Something we all have to remember, in a chapter 11, the filer now has the opportunity to continue business while they negotiate their debt with their hundreds of suppliers who have been hit just as hard by the collapse of the boating industry.
Genmar will probably negotiate a 10-20 cents on the dollar settlement with many of their suppliers, throwing the burden on all of the suppliers to absord the hit that Genmar created.
Many of these suppliers will now either fail or have to declare bankruptcy simply to survive. The ripple effect continues on down the ladder, while Genmar, now free of a major part of its' debt comes out smelling like a rose!
Don't telll me that this hasn't been planned for a long time!
19 June, 02 11:24 AM By Lund Dealer
I've had the pleasure of dealing one-on-one with Irwin Jacobs and found him to be a heartless egomaniac, with absolutely no consideration for his dealers. I hope he develops an appetite for crow.
14 June, 02 10:20 AM By Been_there_Done_that
This is a very joyous day for my family and myself! You see, we were a large Genmar dealership that hit some hard times financially and reached out to Irwin for help. He, in turn, had me speak with Roger Cloutier. I was forced to file for Chapter 11 protection and was told, by Cloutier, that it was OUR problem and they refused to help. Soon after every vendor that we dealt with refused to sell us product, even COD! We were unable to do warranty work or even rig sold boats without the needed products. We were unable to do any repairs and were ultimately forced to file Chapter 7 and liquidate. Genmar refused to pay us warranty monies owed and wouldn't send us our earned rebates. I pray that this exact same thing happens to Genmar. I hope that both Irwin and Roger feel the pain and shame of business failure! Keep in mind, we were one of Genmar's largest dealership and they just shrugged us off. For the very first time, today I believe in karma! If Genmar showed the slightest bit of compassion, we'd probably still be in business. They didn't, and now I wish them the same exact fate!
13 June, 02 10:14 AM By A Williams
Given Irwin's lofty comments in his recent industry interview he is either completely out of touch with his business or a complete blowhard. Either way he should be the first one to go in a Chapter 11 reorg, a la Rick Wagoner at GM.
8 June, 02 09:23 AM By former genmar dealer
The day of reckoning has finally recognized Irwin Jacobs who we all know would turn his back on any dealer that he felt would become a problem. Loyalty is a word he does not understand. I hope for all the families he will affect that he becomes a little more humble and his failure is due to his inability to surround himself with the right staff and listen to them and stay remote from control
This is all the stuff dave and dan claim is not happening!!!
11 June, 04 09:59 AM
By "Ol" Dog
If anyone in this industry really believes Mr. Jacobs didn't see or know his companies were headed for bankruptcy must be sleeping under the same rock as his accountants and executive management team. Okay that was a little harsh, he was really in denial.
The bottom line is this industry has been mismanaged by greed and the thought there would always be a pot of gold at the end of the rainbow. I say "Whiskey Tango Foxtrot"!
Until manufacturers and boat dealersget on the same business page this industrywill never fully recover to its former glory days. Middleclass Americans who have been the backbone of purchasing recreational products are now relegated down the status chart to lower middleclass. The industry has priceditself out of reach for this income group.
It will be impetrative formanufacturers to reinvent a new business model that is directed to equal pricing for all.incentives to dealers should be paid when the unit is sold at retail. Move the model year introductions back, bring back IMTEC, and stop signing up dealers who don't have a snowballs chance in hell of becoming a viable and reputable dealer. The days ofa one car garage dealer who canfog amirror, write a check for 3 boats and has a shade tree for service must come to an end.
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