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LCM files chapt 11

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Old 07-21-2009, 01:50 PM
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Default Lake Cumberland Marine

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Old 07-21-2009, 02:05 PM
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Default Lake Cumberland Marine working through economic tsunami!

PRESS RELEASE

Marine Retailer Seeks Reorganization

Somerset, KY (July 19, 2009) – Lake Cumberland Marine, LLC , one of the World’s largest Marine retailers, reacted to ongoing floor plan and banking difficulties by filing a voluntary petition under Chapter 11 of the Bankruptcy Code on July 19, 2009, in the U.S. Bankruptcy Court , Eastern District of Kentucky. Given the havoc that has gripped our global economy, banks have made a major exodus from the recreational lending arena at a staggering rate. The company’s cash position was severely affected by the loss of these credit lines. It is against this economic backdrop and unprecedented credit crisis that Lake Cumberland Marine has encountered a need to file for Chapter 11 reorganization. The company sees protection under the court petition as the most viable option to continue to confidently provide its customers with the same high level of sales and service that they have come to expect.


Incorporated in 1995, Lake Cumberland Marine, LLC quickly developed a niche for high quality watercraft and high performance boats. From 1995 through 2009, Lake Cumberland Marine, LLC has diversified its inventory to include even the most exotic powerboats and mega yachts. Through all the years of hard work, dedication to quality and exemplary customer service, Lake Cumberland Marine has developed a reputation for providing the highest quality to a vast clientele list all over the world.


Lake Cumberland Marine has retained L.S. Associates, a highly reputable management team from Louisville, KY, to develop a reorganization plan that will enable LCM to preserve its product offerings, current vendor and customer relationships. While working through this process, Randy and Von Hartmann, Managing Members, stated that the company’s clients can confidently anticipate a continued guarantee of quality products and superior sales and service as Lake Cumberland Marine, LLC moves forward. Sales and service operations remain at the same location, 105 Collins Avenue Somerset, KY. The company will be represented in these proceedings by Taft A. McKinstry of Fowler, Measel & Bell, LLP in Lexington, Kentucky.



Please contact Randy Hartmann if you have any questions. You may also want to visit our website at www.lakecumberlandmarine.com . As normal, we have a great selection of new and pre-owned powerboats.
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Old 07-21-2009, 02:07 PM
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Randy- sorry to hear about this. Good luck with your efforts to turn this around!

Chris
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Old 07-21-2009, 02:56 PM
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Best of luck with the reorgination Randy. This economic downturn won't last forever.

Robert
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Old 07-21-2009, 02:59 PM
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I also say good luck... Randy Hartman was great to deal with when I bought a boat off him.
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Old 07-21-2009, 03:10 PM
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Good luck on making it through this Randy/LCM.

If you look through the post history of the original thread starter, you can see he/she has a history of Geraldo type reporting.
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Old 07-21-2009, 03:26 PM
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Randy Sad news sorry to hear about this. Good luck to an economic recovery to turn this all around
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Old 07-21-2009, 08:01 PM
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Sorry to hear this Randy, hope all will set itself up right. You run a great dealership and have always neem straight up in all our dealings.

GL
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Old 07-21-2009, 08:28 PM
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Randy and Vonn -hope all works out well for both of you. GARY
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Old 07-21-2009, 10:00 PM
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Randy, I hope this all works out. You were great to deal with.

Jason
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