Bad Girl

Coastal Marine in Port Clinton, Ohio was just put into receivership by its creditors. That means the creditors had the court appoint someone to manage it and liquidate it for the benefit of its creditors. Previous owners are no longer in control.

There are 14 acres plus the marina. A friend of mine is the attorney for the receiver. The marina is for sale. If any one is interested, I can put you in contact with the folks in charge.

wannabe

That's the real question for this group.

Wannabe

enticer

Depending on what Chapter was filed. But Iwould only think it would be Chapter 11...restructuring of the business to keep the creditors at bay until things get on their feet.
BUT probably have sales on the inventory they already have. I was in Port Clinton the end of March to pick a boat trailer from Loadmaster and stopped buy. Everything looked normal, but slow....it was the end of March and cold still.

Bad Girl

Right now its in receivership, not bankruptcy. State court process vs. federal court - less restrictive a process but doesn't mean it won't get put into bankruptcy. I am not personally familiar with this business, not aware of what all the assets are other than what I was told and posted. I assume they will first look to sell the whole business as a going concern before liquidating at auction.

I will suggest to them that if business assets do go to auction that they advertise the auction on OSO. Then the pertinent info will reach those who may be interested on this site.

BCW

Hello to all of our loyal customers out there reading the "BUZ" on Coastal Marine, we are still here and doing well! I thought I would try to clear up some of the rumor mill after reading the last few Forum reports on Coastal Marine. We are not in Bankruptcy and do not plan to be, so there will be no "auction" on equiptment or boats as member # 5512 had asked. Its business as usual for the service, parts, and marina operations. The new boats do not belong to BCW but to another company that was occupying our building from Janurary 1st to May 16th. They and their brood vacated the property May 16th. I will follow up on more details for you as we proceed. For those of you in the area, we invite you to stop in to see us for a welcome home greeting!

Respectfully Submitted,

BCW

IDRPSTF

I just about hit the floor when I saw this. I would like to boldly state THIS IS NOT COASTAL MARINE IN CALIFORNIA that this thread is about. COASTAL MARINE YACHT AND SHIP BROKERS in SAN CLEMENTE CALIFORNIA is a seporate company than the COASTAL MARINE in Ohio. We: COASTAL MARINE in CALIFORNIA are doing what we do best. Representing Buyers of Offshore powerboats, Yachts, Fishing Boats, and Cruisers. Please pass the word that there are two seperate COASTAL MARINE companies. I just spent some quality coin at the SCOPE POKER RUN as a sponser and have put more money into advertising this summer than any summer of the past. This thread cannot help. Again, COASTAL MARINE of SAN Clemente California is being run by the same people that have always run the company, and always will. We are Licenced, Bonded, CYBA accredited members that are having a banner year. If you have any questions please contact me directly 949-212-7275. Steve, Please keep this thread up so others can see this correction. I have already recieved phone calls asking why I am out of a job. Thank you. And I hope those in Ohio pull through there hard times. Matthew W.DeLisio Coastal Marine (West Coast)