primetime49 Posted November 10, 2009 Share Posted November 10, 2009 just briefly read in my this mornings trade newsthis is to enable sale of boat company holdingsnot time to put more in but i am sure we will hear lots more being this is a Minnesota based company Quote Link to comment Share on other sites More sharing options...
TR21 Posted November 10, 2009 Share Posted November 10, 2009 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. Quote Link to comment Share on other sites More sharing options...
marine_man Posted November 10, 2009 Share Posted November 10, 2009 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 resignsmarine_man Quote Link to comment Share on other sites More sharing options...
CJH Posted November 10, 2009 Share Posted November 10, 2009 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) Quote Link to comment Share on other sites More sharing options...
primetime49 Posted November 11, 2009 Author Share Posted November 11, 2009 today I also read that a boat car truck repo company just made it onto the FORTUNE 500our livelyhoods are all effected when these vehicles being taken from persons are now one of the top industry's in the nationI have walked sports show floors with Irwin and got a lot of tidbits from him and he probally is setting up for some majorallotment's and making repurchasesone of my neighbors retired from a lifetime of Jacobs trading and i would love to pick his brain,but like CJH says herewhat other companies do you think he will go after during these hard times other than ones he already is rolling up for purchase or saleI 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 Quote Link to comment Share on other sites More sharing options...
bassNspear Posted November 12, 2009 Share Posted November 12, 2009 thank god, hope he dont get it back! Quote Link to comment Share on other sites More sharing options...
gregg52 Posted November 13, 2009 Share Posted November 13, 2009 i heard on the news hes testifing in the pedders trail tomorrow jacobs i'm talkin bout Quote Link to comment Share on other sites More sharing options...
bassNspear Posted November 13, 2009 Share Posted November 13, 2009 why? Quote Link to comment Share on other sites More sharing options...
delcecchi Posted November 13, 2009 Share Posted November 13, 2009 You mean the Petters trial? As in Tom Petters? Quote Link to comment Share on other sites More sharing options...
bassNspear Posted November 13, 2009 Share Posted November 13, 2009 Yeap! Quote Link to comment Share on other sites More sharing options...
gregg52 Posted November 13, 2009 Share Posted November 13, 2009 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 Quote Link to comment Share on other sites More sharing options...
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