SoCal Jet Boats
Discussion => The No Wake Zone => Topic started by: bkplesh on September 09, 2010, 08:07:35 PM
-
Thursday, 09 September 2010 17:25
This is, far and away, the saddest piece of industry news I’ve ever had to report. Eliminator Boats, the perennial leader in the West Coast Custom performance-boat market, is filing for Chapter 11 Restructuring. That means, for those who might not understand the shorthand of restructuring, bankruptcy.
“It’s not anything we like doing, but on the other hand the option not to it is fatal,” said Bob Leach, the owner and founder of the Perris Valley, Calif., company, which in its best years produced more than 300 boats. “I would rather pay everybody every dollar we owe, but it’s just not in the cards at the moment.
“Believe me, if I had my choice I would pay everybody,” Leach continued. “But I don’t have it. I have liquidated everything I own personally to maintain us and get to where we are.”
Leach, who added that simply going out of business was “not even on the table at this point,” said his restructuring plan will be reviewed by the court next week. There is a strong chance that the company will return to its former headquarters in nearby Mira Loma.
According to Leach, outside investment in the company remains “a distinct possibility.”
“There’s a lot of interest in our new 27 Speedster, and we’ll be looking at building some other new models as well,” said Leach. “I ‘interview’ everyone who comes through the door, and 80 percent of them are saying their businesses are picking up. So that’s the good news.”
-
just readed that they are filing chapter 11 bankruotcy?
-
If you just readed it, it must be true :beer: :beer: :beer:
-
that suxxxx.. eliminator is a bad ass boat company...
-
If you just readed it, it must be true :beer: :beer: :beer:
readed it on another site, just seeing if it true, And Yes the pain pills are working goooood! :beer:
-
Crazy. Fountain filed earlier this year. Big expensive boats that people can't get financing for right now. Too bad. Hopefully they come out leaner and profitable. Chapter 11 is definitely NOT the end of the world. You would be amazed at how many places you drive by everyday have been through it.
-
I am by no means any kind of business expert...Nor do I want to be.
But I believe Eliminators filing shows a great deal of responsibility on Bob Leach's part. I have met Bob at a boat show many many moons ago, he has a passion for boats and the business and I think will continue to be a real powerhouse when it comes to being a manufacturer...
On a side note, I was in the marine industry for a very large part of my life and can tell you that it is a very tough way to make a living. You have to be creative financially and need a very good psychic to do it very well, I had neither and lost everything in the last recession... :thumbdown:
As the economy continues to "lag", I find myself in a very good position for the very first time in my life financially, but still struggling to "get ahead". I am finally headed in the right direction and it feels a little strange not being a part of the marine industry, but to be honest, am very glad I am not....
Eliminator is definitely not alone and are among some very elite company, I don't think they are gong anywhere any time soon....
Just remember when it comes to buying a new boat if you ever get to that point, who did what to get where they are....New boat companies pop up every so often, not saying they are all "bad", but many come to the scene, buy from every supplier they can, then stiff them by closing their doors never to be heard from again...It has happened literally hundreds of times over the years. Trust me, I could name names in the dozens (but won't).
Eliminator is taking the high road as far as I am concerned, doing what needs to be done to survive. There are no bailouts for this type of industry, period. If I had some money to invest, it would be in someone with the Leach's character.
Galaxy boats did something similar some years ago, literally putting everything on the line including mortgaging their homes and personal property just for another chance for survival, the marine industry is a strange thing, it gets in your blood like oxygen, but can leave you penniless and heartbroken in an instant...
Sorry for the verbal vomit, this just hits a little close to home for me. I wish nothing but good things for the Eliminator family... :thumbup:
GT (formerly TMS and with Valcraft Marine)