Post Marine Co. Files for Bankruptcy
Post Marine filed for chapter 7 bankruptcy last week, the latest boat builder to suffer the fallout from the Great Recession. The company had been ailing for years and never seemed to regain its footing after the devastating 10% Luxury Tax during the 1991-93 period. Nevertheless it sold new boats throughout most of the 2000s. Post was founded in 1957 and was located in Mays Landing, N.J.
 The Post 53 was one of the largest boats the New Jersey company built. |
From PressofAtlantic City.com--
By Brian Lanieri:
HAMILTON TOWNSHIP - Mays Landing-based Post Marine Co. Inc., a local yacht maker, filed for Chapter 7 bankruptcy in March. The liquidation bankruptcy means the company is selling its assets to pay its creditors.
Post Marine, which had been building yachts since 1957, is situated at the end of Post Road along a lagoon. The property includes buildings, barns and sheds used for boat building. The company has $5.4 million in liabilities, documents filed March 18 in U.S. Bankruptcy Court in New Jersey state.
Meanwhile, the boat builder has $1.4 million in assets, and its most valuable asset is the $1.2 million property at 100 Post Road, bankruptcy documents state. Additionally, those documents show the company also has about $150,000 worth of boat-making machines, equipment and materials.
The property is currently shuttered, and a chain-link gate at the entrance is locked. As of 2001, Post Marine was one of Atlantic County's larger private employers, employing 85 people, Press archives say.
Post Marine CEO William Schell, of Sicklerville, Camden County, declined to comment on the bankruptcy filing.
Post Marine was a party to a federal lawsuit that sued a company that made a specific gel coat for the outer layer of boats used as a finish and protective barrier. Post Marine, which had partnered with the Viking Yacht Co. of Bass River Township in that lawsuit, lost the suit against Composites One LLC, federal court records show.
Federal court records state the boat builders sought damages alleging the gel finish was prone to cracking. The U.S. District Court of Appeals for the Third Circuit denied an appeal last year.