Jacobs resigns as CEO Genmar

[primetime49]

just briefly read in my this mornings trade news

this is to enable sale of boat company holdings

not time to put more in but i am sure we will hear lots more being this is a Minnesota based company

[TR21]

The only reason Jacobs resigned as CEO is to eliminate any appearance of conflict of interest when he buys back the company for pennies on the dollar. Genmar will have to pay off its 2 secured parties but the hundreds of unsecured subs will most likely get very little or nothing. Nothing illegal about this but very unethical IMO. Petters, Hecker and Jacobs - 3 of a kind.

[marine_man]

That's interesting.. the St Cloud Times had this this morning:

Twin Cities entrepreneur Irwin Jacobs has been removed as chairman and chief executive officer of his bankrupt boat manufacturer, Genmar Holdings Inc.

"Been Removed" is quite a bit different that resigns

marine_man

[CJH]

True. If he has been "removed" than it is more unlikely the board would approve a sale to him. (depending on what other bidders are out there)

[primetime49]

today I also read that a boat car truck repo company just made it onto the FORTUNE 500

our livelyhoods are all effected when these vehicles being taken from persons are now one of the top industry's in the nation

I have walked sports show floors with Irwin and got a lot of tidbits from him and he probally is setting up for some major

allotment's and making repurchases

one of my neighbors retired from a lifetime of Jacobs trading and i would love to pick his brain,but like CJH says here

what other companies do you think he will go after during these hard times other than ones he already is rolling up for purchase or sale

I think Ranger is the one he will hold tightest to and whats with the Finnor line in Little Falls ??are any of you guys hurting being layed off from industry???????

we are only planning on finishing 12 hulls this year which is up from normal WHY?????we are Minnesotas smallest mfr

[bassNspear]

thank god, hope he dont get it back!

[gregg52]

i heard on the news hes testifing in the pedders trail

tomorrow

jacobs i'm talkin bout

[bassNspear]

why?

[delcecchi]

You mean the Petters trial? As in Tom Petters?

[bassNspear]

Yeap!

[gregg52]

ya thats what i meant wasnt sure if it was dd tt

they didnt say why

it will be on the news tonight i'm sure