SailNet Community - Reply to Topic

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > General Interest > General Discussion (sailing related) > Hauled Out & Marina Closes, What Happens?
 Not a Member? 


Thread: Hauled Out & Marina Closes, What Happens? Reply to Thread
Title:
  

By choosing to post the reply below you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Message:
Trackback:
Send Trackbacks to (Separate multiple URLs with spaces) :
Post Icons
You may choose an icon for your message from the following list:
 

Register Now

In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



Click here to view the posting rules you are bound to when clicking the
'Submit Reply' button below


Additional Options
Miscellaneous Options

Click here to view the posting rules you are bound to when clicking the
'Submit Reply' button below


Topic Review (Newest First)
10-26-2012 06:39 PM
SloopJonB
Re: Hauled Out & Marina Closes, What Happens?

Quote:
Originally Posted by paulk View Post
I'd keep my eyes open, put the cover on, and wait until Spring. The Bank won't want to alienate potential customers (either marina or Bank) by making you sue them to get access to your property. It would be bad for business.
Between my wife & I we have more than 1/2 century of experience working for banks. Trust me, the ONLY thing they care about is getting the maximum return they can on the bankruptcy. The effect on the customers, boatowners etc. never enters into their thinking.

Illogical I know, but true.
10-26-2012 04:08 PM
IslanderGuy
Re: Hauled Out & Marina Closes, What Happens?

Quote:
Originally Posted by JimMcGee View Post


Guys I think this thread has run its course and we're beating a dead horse now.

Not that that would ever happen on Sailnet
WHAT! It's only 3 pages, shouldn't you wait 'til page 10 to say that?
10-26-2012 04:06 PM
IslanderGuy
Re: Hauled Out & Marina Closes, What Happens?

Quote:
Originally Posted by JimMcGee View Post
Lou no rumors, but a couple of unrelated conversations that taken together make you start thinking what-if...
Just one more thought, "what if" the other marina is actually worse off financially then this one and you just don't know because your not around there?

If your going to jump based on a speculation, just be sure you know where your going to land is actually better

Quote:
Of course there are now rumors, and perhaps people will extrapolate who you are talking about, avoid them and that will push them over the financial cliff thus causing said bankruptcy. Self fulfilling prophecy.
Or worse, they think he's talking about the marina he's moving too, and that one goes belly up instead, while the one he left is flush with the new business
10-26-2012 02:26 PM
JimMcGee
Re: Hauled Out & Marina Closes, What Happens?



Guys I think this thread has run its course and we're beating a dead horse now.

Not that that would ever happen on Sailnet
10-26-2012 02:19 PM
miatapaul
Re: Hauled Out & Marina Closes, What Happens?

Quote:
Originally Posted by JimMcGee View Post
Lou no rumors, but a couple of unrelated conversations that taken together make you start thinking what-if...

I threw out a what-if question to figure out where I would stand if the what-if happened.
Of course there are now rumors, and perhaps people will extrapolate who you are talking about, avoid them and that will push them over the financial cliff thus causing said bankruptcy. Self fulfilling prophecy.

See all it takes is a rumor, they can start a run on a bank, or in this case a marina.

I still think if it happens, the banks have no interest in making it easy to get your boat out, and I doubt they would operate the property as a marina, as that is not there expertise. Beyond that the property is likely worth more as a development site. It is likely to be sold to a developer to make into condos. All of the foreclosures I have seen lately have shown banks don't seem to care at all about the properties value. They often don't even do proper winterization and cutting the grass is a luxury.
10-26-2012 01:55 PM
smurphny
Re: Hauled Out & Marina Closes, What Happens?

I think the best advice above is to ask the owner directly. Most rumors are usually just that. If there is any hesitance or evasive answer, launch, go somewhere else and hope you can get a refund before they go under. You can also probably get financial health data on the company from independent sources as well. If their credit rating, etc. are in the tank, the handwriting may be on the wall. Getting into a situation where you'd have to seek permission to get at your boat to get someone else to move it after the gates were closed (at great cost), does not seem to be a worthwhile risk. I'd GTHO if there's any truth in it.
10-26-2012 01:14 PM
JimMcGee
Re: Hauled Out & Marina Closes, What Happens?

Quote:
Originally Posted by lillia28 View Post
Heck, if there are rumors, ask the owner/ operator what is going on.
Lou no rumors, but a couple of unrelated conversations that taken together make you start thinking what-if...

I threw out a what-if question to figure out where I would stand if the what-if happened.
10-26-2012 12:44 PM
svHyLyte
Re: Hauled Out & Marina Closes, What Happens?

Quote:
Originally Posted by JimMcGee View Post
Here's the scenario:
  • You've paid your winter storage and your boat is hauled out and sitting on stands in the yard.
  • The marina goes bankrupt. There's no one to run the travel lift and the bank has liened everthing in sight.
  • Can you get your boat out, and how many hoops do you have to jump through to do it?

Has anyone encountered this situation?

Jim
Google "New Jersey Law, Tenant's Rights in Landlord's Bankruptcy"

While New Jersey Law is arcane, at best, in normal circumstances a tenant's right to occupy a leased premises (his or her "leasehold interest") is not extinguished with the bankruptcy of, or foreclosure on, a landlord's leased property, particularly when one has paid one's rent in advance, unless he/she has explicitly agreed to such a provision in the lease agreement beforehand. Examine your lease agreement carefully.

FWIW...
10-26-2012 12:16 PM
lillia28
Re: Hauled Out & Marina Closes, What Happens?

Heck, if there are rumors, ask the owner/ operator what is going on. He may not be totally upfront, but he must be aware of the rumors. Ask him which bank holds the mortgage, I think the deed is a public document anyway. Keep or get receipts and or contracts, so you can show you don't owe any money, or that you are owed money. Call which ever state agency registers the boat and ask them. And I would make sure I had the title off the boat, just to be safe. I'd also circulate a list and get contact info from the other owners
I used to own a service station. You can execute a mechanic's lien and take possession of vehicles that owe you money, but it is a time consuming and frustrating process. At least in NJ you have to show that you made attempts to contact the owner. Took me two years to get title of a POS so I could junk it. The guy had it towed in for an estimate, and then disappeared. it Can be done, but not quickly in my opinion.
Lou
10-26-2012 11:10 AM
emoney
Re: Hauled Out & Marina Closes, What Happens?

If the bank were to take the business over, or it was shuttered due to a Chapter 11 filing, there are normally reps on site within a couple of days to handle the returning of boat owner's property. As mentioned, the cost to launch may be on the owner, as it's not a lot different than an auto repair place closing overnight, where the receiver wouldn't pay to have the cars towed to another location.
This thread has more than 10 replies. Click here to review the whole thread.

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On


All times are GMT -4. The time now is 09:09 AM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.