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is it true national marine !

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Old 08-18-2004, 01:42 PM
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Default Re: is it true national marine !

in the other thred,there's a link to the article,and some facts.
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Old 08-18-2004, 02:15 PM
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Default Re: Rumor has it that the Fed's shut down Nat'l Marine

Quote:
Originally Posted by Chris
Is this a current article? Date says Tuesday, July30, 2002.
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Old 08-18-2004, 02:18 PM
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Default Re: Rumor has it that the Fed's shut down Nat'l Marine

Quote:
Originally Posted by boatergirl38
Is this a current article? Date says Tuesday, July30, 2002.
I see that at the top of the page, but further down it says...........

"The Home Savings judgment stemmed from a $5 million promissory note the parties entered into on Oct. 24, 2003."

So it has to be from after Oct. 24, 2003!!!
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Old 08-18-2004, 02:26 PM
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Default Re: Rumor has it that the Fed's shut down Nat'l Marine

the only way I would do that is if a wood chipper was within 100ft of the dinner table
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Old 08-18-2004, 02:29 PM
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Default Re: Rumor has it that the Fed's shut down Nat'l Marine

Quote:
Originally Posted by boatergirl38
Is this a current article? Date says Tuesday, July30, 2002.

I'd say it is current as the link to the article is under the "business news" section of today's edition of the paper.
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Old 08-18-2004, 02:50 PM
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Default Re: is it true national marine !

Whats in their inventory...How many OL's, Fountains ect.....Could be a glut of VERY high priced fiberglass on the market very soon at repo #'s. Wonder if those stratospheric prices will hold up on the secondary market?...time will tell.

OSO'ers that have been caught up in these scam artist's web..I feel for you....sincerely.

Maximus
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Old 08-18-2004, 02:54 PM
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Default Re: is it true national marine !

Are they scam artists or just people who may have over-projected and had bad timing? It hurts when someone gets stung in one of these "businesses gone bad", but it doesn't mean that the owners did it on purpose.
Just a thought!
 
Old 08-18-2004, 03:47 PM
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Default Re: Rumor has it that the Fed's shut down Nat'l Marine

Quote:
Originally Posted by Playn
I'd say it is current as the link to the article is under the "business news" section of today's edition of the paper.
here...



Wednesday, August 18, 2004

Bank wins judgment against boat dealerBy LARRY RINGLER
Tribune Chronicle

VIENNA - A nearly $5 million court judgment against National Marine Inc. has prompted a well-known powerboat maker to think about future dealings with the local business, the boatmaker's president said Tuesday.
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Old 08-18-2004, 04:11 PM
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Default Re: Rumor has it that the Fed's shut down Nat'l Marine

I Talked To The Man That Did My Boat Loan With Home Saving Today, This Was The Company That Deals With National, He Said That This Issue Was Going To Get Real Ugly. I Fell Luck That National Paid My Loan Off Last Month. I Have The Paid Note In Hand. But Its Going To Bad For The Other That Are Involve With National Now. I Hope This Issue Will Be Worked Out. Sorry........................
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Old 08-18-2004, 04:11 PM
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Default Re: Rumor has it that the Fed's shut down Nat'l Marine

http://www.tribune-chronicle.com/bus...z01Boats18.asp



Bank wins judgment against boat dealerBy LARRY RINGLER

Tribune Chronicle


VIENNA - A nearly $5 million court judgment against National Marine Inc. has prompted a well-known powerboat maker to think about future dealings with the local business, the boatmaker's president said Tuesday.

''We haven't said flatly, 'No, we're not going to take any more orders,' but ... we've been looking very closely at their situation. Now, we're going to look even closer,'' said Reggie Fountain, president of Fountain Powerboat Industries Inc. in Washington, N.C., in the eastern part of the state.
Fountain said National Marine has always paid for boats it ordered, but he said he asked his manufacturing representative to visit the dealership, adding, ''He'd better get there in the next 24 hours.''

The company's boats cost as much as $800,000, with most in the $150,000 to $250,000 range, Fountain said.

National Marine is the company's second largest distributor, he added.

The Home Savings and Loan Co. of Youngstown on Friday won a judgment from Trumbull County Common Pleas Judge Andrew Logan against the dealership, President Bill J. Hionas, James Hionas and Extreme Auto & Marine Inc. for $4.9 million in principal, $36,446 in accrued interest and $1,111 in late charges, plus future interest at 5 percent above the prime rate.

The Home Savings judgment stemmed from a $5 million promissory note the parties entered into on Oct. 24, 2003.

The bank said the defendants breached the credit agreement on July 24 by failing to make the required payment; by selling six boats out of a trust for $1.6 million and by failing to produce financial statements as required by the agreement.

Vienna police officers began monitoring the entrance of the dealership at 1546 Ridge Road at midnight Friday and were still at the entrance Tuesday.

Police Chief David Ovesny said Tuesday officers are being paid to work an off-duty detail at the entrance of the dealership to monitor the company's inventory and movements of the boats for the bank.

''My only understanding is this is a property dispute between a bank and a business, and I hope it can be settled amicably,'' Ovesny said.

A township police officer, who declined to be identified, said Tuesday afternoon no reporters were allowed to go up the long drive leading to the dealership.

A woman who answered the phone at National Marine Tuesday said neither Bill Hionas nor James Hionas were available, and that the company had no comment.

Leo J. Puhalla, a lawyer for Home Savings, couldn't be reached for comment Tuesday.

National Marine occupies a building owned by Davis International Inc. abutting the Youngstown-Warren Regional Airport. No spokesperson for Davis was available for comment Tuesday.

The boat dealership previously was located on Youngstown Road S.E. in Warren before moving to Hangar 2 at the airport.

Steve Bower, interim director for the Youngstown-Warren Regional Airport, said the boat dealership occupied the hangar for 17 months before the monthly arrangement ended in May. He said National Marine paid its bills but said the airport has no contract with the business.
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