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from the Charleston newspaper
Last week, [Kevin Campbell]''s office sold the sail-making unit of the business for $26,000 to Cheryl Boyle, a former chief executive officer of MarineNet, and Samuel Levin, an area real estate agent who is listed as both a creditor and a shareholder in MarineNet bankruptcy filings. Boyle and Levin outbid William "Squeaky" James, a former salesman for AirForce sails.
[John Rublaitus] told Campbell''s office Thursday that MarineNet was in a shambles when he showed up. According to Rublaitus, MarineNet had not filed corporate tax returns in years, and vendors had not been paid in months and had stopped shipping products. Rublaitus also said the bank had pulled MarineNet''s line of credit, and there was no record of financial statements or corporate meeting minutes. There was also no evidence that MarineNet had ever employed a trained accountant, he said.
Rublaitus said the company sold between $4 million and $6 million worth of goods a year since 2000. Investors poured another $20 million into the business in that time. But the company only has $211,000 in assets, according to bankruptcy filings, which Campbell is trying to stretch over $1.4 million in debt. He said the value of MarineNet drops every day that it is not handling orders. First in line for any proceeds from the liquidation are a handful of companies that leased MarineNet office equipment and software. Customers who have not received goods they paid for also go to the top of the list.