Genmar - Ranger - To be sold/liquidated

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Greg Meyer

Greg Meyer

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What will be next?



From BassFan today







In a bankruptcy court motion today, Genmar Holdings, Inc. requested permission to move forward with a sale of its assets and effectively abandon its effort toward a financial restructuring.







The news was announced to Genmar dealers in a letter from Genmar president and CEO Roger Cloutier.



The legal motion notes that both bankruptcy strategies
 
They could sell some of the brands from within the Chapter 11 without liquidating. Instead, it appears they've decided to walk away from dealer and warranty obligations.
 
I've been following this for a while, hoping the higher moral road would have been taken. I had heard that Forrest Wood and Hank Parker were delving into the fiscal possibility of purchasing the Ranger brand/line. This looks like it may or may not happen. :(



All I can say is OMG, it's OMC all over again!! That will not set well with the legions of loyal customers built through the decades. What a shame...... :(
 
Carlos,...you have mail!! If I were you,..I'd keep your current 520.....DON'T sell it now,..and DONT try to buy a new boat until this Genmar stuff settles down...just my opinion anyway!!;)



Unreal....I hope Forrest and Randy and the employees can get it back!! That would be awesome!!:rolleyes:
 
What does this mean for current or potential Ranger owners? Poking around in the used market right now.
 
Teri, assuming they are able to sell the Ranger brand, the warranty for current owners won't be honored unless the acquiring entity decides to honor them as a matter of goodwill. I'd say there is a small chance that will happen with the Ranger brand. A smart acquirer would want to protect the value of the brand, which, in the case of Ranger, is based somewhat on a perception of service quality and brand reliability.



The other Genmar brands I am less optimistic about. I own a Larson bowrider. It came with a lifetime hull warranty. I expect that warranty is going to be worthless. I doubt the Larson brand name will survive. :(



In addition to the extreme economic pressures of the current boat marketplace, Ranger dealers may further discount whatever inventory they've got, knowing that factory support is very much at risk.
 
P.S. Remember all the crap Nitro and Tracker owners took from various owners of "high end" bass boat brands over the years at places like BFHP? It's the reason this web site exists. If you've got a long memory and were being fed insults from Ranger owners back in the day, because they claimed nobody would stand behind your Nitro or Tracker...it pays to remember that revenge is a dish best served cold.



:)
 
Touche' Rich!!!!



I got plastered over there just before I foud this place :) I dont even go back there anymore.....and to be honest....the other place is just as bad (but not so much from Ranger owners....they kinda get treated like Nitro owners!)
 
"revenge is a dish best served cold."



It may be too early to guess the ultimate outcome, but the signs are certainly there that all is not going to be smooth down the road. A lot will depend on who buys what. If Irwin Jacobs buys the assets of Ranger and does not honor the warranties without skipping a beat he will have killed off the FLW. If Bombardier buys the brand and the assets look for the "past" to be the past and only future boats will be covered. That will be somewhat short sighted, but economically a safe bet. In that scenario, dealers will get the brunt end of the anger from buyers... not deserved but I bet it happens. Other buyers, who knows what. And, I can see the new owner "selling" a warranty package for old owners and/or working out a percentage based on age... Lots of possibilities. Johnny Morris should buy it and fold it in... Talk about a smooth move... Lincoln and Ford of Boats... Now that would be the sweetest of revenge...:D

 
This could be bad news for alot of people. Now here's a question if Bombardier buys the Ranger brand, will Ranger pull out of the FLW? Hasn't there been a split between Bombardier and FLW??
 
Yes there has been a split. Over sposor dollars that FLW claims that BRP didnt pay for. FLW was/is suing BRP over said amt.



If BRP buys them, it almost insures that FLW will not have Ranger. Unless all the other monies are setlled. Ranger owes over $3.5 million in outstanding debt.....



It will be interesting for sure.



I for one do NOT want to see an engine manufacturer buy them. It will almost certainly result in one engine only on the transom and that is not good for anyone except the shareholders of that engine company.
 
From what I have been told It's a very strong possibility that forest Is going to get It..
 
Mini...



My information (and the disclaimer is that it is not verified) is that Bombardier does owe a large chunk of change to the FLW... HOWEVER!!!! Ranger, et al (Genmar) owes a much bigger chunk of change to Bombardier for motors siting in the factory or already hanging off some transoms... Now, I know all of the complexities... But, "leverage" is a big thing in negotiations.



The future of all of these companies does not depend on the future of the FLW. In fact, it is my opinion that the future of the FLW will depend on the eventual future/demise of these companies. Oh, and the anglers... well they are at the end of the tail...
 
As much as I'd love to (no offense to ya Mac) be able to laugh at the guys in our local tourney's who are mortgaged to the hilt in their $50k Z21's and their $40k trucks they can't afford, and let them know my boat brand is still in business - I doubt with the cache' that Ranger holds in the upper stratosphere of boat brands, that they'll just kick to the side existing warranties (I could be very wrong though), and Greg - Yeah buddy, If Johnny bought Ranger that would be sweet!!!



Now we were talking at the dinner table, and we have no idea of the background, but if Forest made a killing selling Ranger to Genmar, and then swoops in to buy it back pennies on the dollar, and honors the warranties to his loyal buyers, he'd come out looking SWEET!
 
Mac, roger that and thanks.



This should be an intrestering ride....



I do find it odd that people that are mortgaged to the hilt have their noses in the air? The folks I hang with do not resemble that remark, but I can see how that perception maybe out there from other posts/board.



Mini agree with you on the BFHP, nothing for me there at all....



Rich I am surely glad that you started and continue to run this site, muchly appreciated.
 
Carlos - I probably should have said anyone who is mortgaged to the hilt running any bass boat they can't afford, and i have met some realy nice Ranger guys, but on any of the high brow/cost brands you'll run into folks with their noses in the air - Noah and I just watched the Fast and the Furious, and remember the scene where the Supra comes to the line against a black Ferrari - Vin says "Nice car. How much is the retail on one of those?" Ferrari guys says "More than you can afford buddy; Ferrari." To which Vin says "Smoke him"!!! LOL



And i missed Toxic when he was in Atlanta as I was in Amsterdam, hope to get back up your way and finally fish with the rest of the Virgina Mafia some day.

 
Trep, no prob man, I understand. Bummer you missed Hammer, I have never seen him when he was wearing a tie!!!!
 
Now that Jacob's has resigned from Genmar,....what's next??..Just a move on his part to avoid any conflict of interest issues while his other company from California does the "bidding" to obtain the Genmar boat lines for pennies on the dollar?? WOW,..what a mess,....I wonder what it's going to do to the sport as a whole...there's a TON of Pro's out there who are shaking in their boots right now...you can bet on that!! Just think of all the companies and sponsor's who are really 2nd guessing their desire to sponsor professional fishing. Look for payouts and fields to be significantly smaller in the years ahead, IMHO.



 
Mac,

Agree with you there...maybe that is why Wal Mart and some of the other non fishing sponsors are pulling out???



It is definitely putting my boat plans on hold too!
 
Mac, Carlos and others....



Nobody knows "squat" for sure... But, the rumor-mongers are having a field day. Factory supported pros are are in limbo and scared, I am sure. Even dealer supported pros (and the dealers) have little info to work with. Warranties? Memos?



The "NEW" Mercury sponsorship guidelines are sort of available. EVERYBODY has been asked to reapply and be ready for an adjustment of the "deal". Am I glad (you bet I am) that I am not sitting on a handful of maybes and hope-sos. The walleye world in running around like Alice in Wonderland.



And, my best analysis is that this is not the final picture, just the first roun d of adjustments.



When you think your day is a mess... Think about one of my friends sitting on last years "sponsor boat" and taking delivery of a new one (ordered). Oh, and he has a "prize" boat for sale as well.:D
 
Greg,

You are right, lots of rumor going around, but rumors spawn when there is a lack of official information.



Your buddy needs to unload a boat or two it looks like....I hope he has someone lined up or that he can sell for a good price and move them. I sure would not want to be in his shoes right now.....
 
Oh Boy... Does it get juicy... Jacobs is no longer the "Honcho" at Genmar... He is now running only the FLW and trying to buy the Genmar assets. Then, we find out the FLW/Bombardier sponsorship contract terms... 234 Engines... That is big money! And, we find out that there are some points of friction between Jacobs, the FLW and the boat companies... Not to forget the lawsuit between the FLW and Bombardier... More twists than a daytime soap opera... Sit back, this may be the only thing to watch is 2010...
 
You know, this thing smells of insider like trading or something.... not good for the industry or the companys that guy represents or repsented as CEO.....



What a mess man.....
 
Irwin made most of his money this way.....but they were hostile takeovers. I know things arent good in the marine industry, but I can say that Irwin will come out of this a richer man
 
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