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Old 06-07-2009, 10:35 AM
bigmac bigmac is offline
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Trouble in the ski-boat biz...

Interesting thread over at the Malibu forums here. It started as a discussion about the "departure" of John Sisson (VP Operations) and the really recent "separation" of Bob Alkema (President), the complete cessation of production in California, and the thread has now been deflected to the imminent failure of MasterCraft due to bankruptcy imposed by Penske group's default on the bond they used to buy in.

Fact or fantasy, it's difficult times we live in.
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Old 06-07-2009, 11:02 AM
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Originally Posted by bigmac View Post
Interesting thread over at the Malibu forums here. It started as a discussion about the "departure" of John Sisson (VP Operations) and the really recent "separation" of Bob Alkema (President), the complete cessation of production in California, and the thread has now been deflected to the imminent failure of MasterCraft due to bankruptcy imposed by Penske group's default on the bond they used to buy in.

Fact or fantasy, it's difficult times we live in.
I saw that yesterday and this is what made me laugh, I even commented on the thread.

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Old 06-07-2009, 11:05 AM
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Patrick Hardy Patrick Hardy is offline
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Fact or fantasy? I do not know, but in todays world of wall street financing, anything is possible. It does not surprise my if all is true, the boat market is getting hammered right now. I know that the Penske Group has a good investment history, but I could not see them defaulting on a bond right now, especially with them trying to secure great rates and ratings to buy up Saturn Automobile Company. IMHO it would be beyond foolish to miss his payment and then try to secure capital to buy Saturn with. My 2 cents worth.
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Old 06-07-2009, 11:07 AM
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I thought "They do service and warranty on both Malibu and MasterCraft. I talked to them tonight and they said "Malibu has been desperately trying to discredit MasterCraft for months with misinformation"." was an interesting comment.
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Old 06-07-2009, 11:11 AM
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Fact or fantasy? I do not know, but in todays world of wall street financing, anything is possible. It does not surprise my if all is true, the boat market is getting hammered right now. I know that the Penske Group has a good investment history, but I could not see them defaulting on a bond right now, especially with them trying to secure great rates and ratings to buy up Saturn Automobile Company. IMHO it would be beyond foolish to miss his payment and then try to secure capital to buy Saturn with. My 2 cents worth.
Here's another http://www.newsobserver.com/sports/story/1554553.html

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MINNEAPOLIS -- Minneapolis-based boat manufacturer Genmar Holdings Inc., maker of Ranger boats and 12 other boat brands, filed for Chapter 11 bankruptcy protection Monday, citing decreased sales because of the credit crisis and weakened economy.
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Old 06-07-2009, 11:16 AM
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Yeh. Their home plant is about 25 miles south of here in Little Falls, MN.
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Old 06-07-2009, 11:25 AM
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It is sorry to hear of another manufacturer going down that road. When Olympic Boat Company went out of business on the west coast it took out a lot of good high paying jobs. It hit the Seattle area real good. It will be interesting to see how many boat companies / lines are still around when this economy is done with its burn rate.
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Old 06-07-2009, 11:31 AM
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Originally Posted by Patrick Hardy View Post
It is sorry to hear of another manufacturer going down that road. When Olympic Boat Company went out of business on the west coast it took out a lot of good high paying jobs. It hit the Seattle area real good. It will be interesting to see how many boat companies / lines are still around when this economy is done with its burn rate.
Would that be the Olympic boats in Calif. too? They sold Bayliners & Maxums
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Old 06-07-2009, 11:41 AM
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Would that be the Olympic boats in Calif. too? They sold Bayliners & Maxums
Bayliner and Maxum are made by Brunswick. IIUC, Olympic Boat Company, which made boats, is different than Olympic Boat Centers, which sold boats. Brunswick bought out their inventory when they went TU and got rights to the name.
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Last edited by bigmac; 06-07-2009 at 11:43 AM.
  #10  
Old 06-07-2009, 01:10 PM
Jorski Jorski is offline
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Lets add a few financial facts to this discussion so as to seperate fact from fiction:

1) if you default on a bond, or loan as a corporation, that corporation goes automatically into technical default on all other debt. You are in fact bankrupt.

2) there is no news, and I mean nothing, that I can find about Penske defaulting on any bond or loan or being bankrupt in any company that they have an interest in.

3) what I can find is that Penske is buying Saturn...how could they raise the capital for that if they were bankrupt??? Answer: they couldn't

4) Never, ever, get your financial information from a website dedicated to boating.
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