No Whining on the Yacht
Post Marine Co. Inc., a yacht maker based in Mays Landing, New Jersey, has recently filed for Chapter 7 bankruptcy protection. The company, which has been building luxury watercraft since 1957 lists $1.4 million in assets including valuable property and $150,000 worth of boat-making machines, equipment and material. Court documents show Post-Marine has $5.4 million in liabilities.Just ten years ago, Post-Marine was one of Atlantic County’s larger private employers, employing 85 people. According to Brian Lanieri reporting for www.boattest.com, company CEO William Schell has declined to comment on the bankruptcy filing.In a possibly-related legal action, co-plaintiffs Post Marine and Viking Yacht Co. unsuccessfully sued Composites One LLC, a company that makes a specific gel coat for the outer layer of boats used as a finish and protective barrier, alleging that the gel finish was prone to cracking. If you are contemplating filing for a Chapter 7 or Chapter 13 personal bankruptcy, do not proceed without an experienced and knowledgeable bankruptcy attorney from Legal Helpers at your side.
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