Irwin Jacobs Explains What Happened-- and What He is Doing About It

Irwin Jacobs, CEO of Genmar, a 30-year marine industry veteran says he is “humbled and embarrassed” at having to file Chapter 11, but that he will come back with pride and his reputation intact.

Genmar holdings is the second largest boat builder in the U.S. with annual sales
over a billion dollars in a decent year. But the world-wide financial meltdown that
began with the fall of Lehman Brothers last September hit the boating industry harder
than any single sector of the American economy. Since that time both Genmar and
#1 boat builder Brunswick both saw their revenues drop by over half in a few short
months. Much of the rest of the industry was down even more. Last winter for weeks
at a time there was virtually no cash flow in much of the boating economy.



Last Friday we interviewed Jacobs to find out what happened, if warranties are going
to be paid, will dealers be discontinued, will some boat brands be dropped, how
much will creditors be paid on the dollar, was Genmar over leveraged, and what consumers
should expect from Genmar brands and its dealers in the future. Jacobs announced
during the interview that Genmar factories all over the country would be starting
up again on July 6th. To get answers to your questions and find out what happened --