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Old 10-31-2005
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We are still here

Gavel
falls on
Sailnet
Online retailer''s remaining assets sold in bankruptcy court

The Post and Courier - Charleston, S.C.
Author: KYLE STOCK
Date: Oct 28, 2005
Start Page: B.9
Section: BUSINESS
Text Word Count: 645


The sail-making unit of the business, AirForce Sails, was bought for $26,000 by Cheryl Boyle, who ran MarineNet with her husband, [Sam Boyle], until late 2004, and Samuel Levin, an area real estate agent who is listed as both a creditor and a shareholder in the MarineNet bankruptcy.

Randy Draftz, a former MarineNet employee, bought the rest of the company''s retail inventory for $29,350. Draftz, who handled MarineNet''s online catalog for about six years, incorporated his own company in December. He plans to sell the inventory with other sailing gear on his new Web site, www.charlestonyachting.com.

[Kevin Campbell] said his office will dig deeper into the company''s history in coming months, looking for signs of possible embezzlement or large chunks of cash going to nonoperational items. The venture capitalists who bankrolled MarineNet have hired a company to do similar research. Campbell said his office would likely question the Boyles in coming months.

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