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.

Knot,

Shell game ...nothing more. Pure scam. "Contract..6 months to payoff trade, selling boats they did not own, holding notes they had no right to hold" . No one PLANS to get caught. This house of cards came down.

Your honor..."I didn't mean it." These guys were no dummies..they were real good.

I feel for the manufacturers that floorplaned the boats OL,Fountain,Cig. They will have to take the inventory back.

I bet you wouldn't be so forgiving if it was your money, time or credit report at stake.

What if you went to buy a car and the guy said sure here you go. give me your money I'll pay it off in the next 6 months...huh...thats what I thought. Didn't know what was going on..please.

M

TimG OSO member just started in sales there. He left his old job to work for National. Not good.

I suspect that Skip at Cig may prove to be a pretty savvy businessman... my understanding is that Cig will not let boats leave the factory until paid in full. That may prove to be a very good thing!!! As for pending orders..... lets just say that the market may be getting even more buyer friendly.

Skip, can I have my dealership back now. Please!! I wanted it ever since I was a kid. BH

is everything okay regarding your deal w/ NM on your gladiator? hopefully it is.

jbk

Here is fact.....I purchased a boat from them and traded a boat with a zero balance. I received a check from Nat'l last week which i was just notified today by my bank....BOUNCED !!

I received a check from Nat'l for excess funds for the 29 scarab i bought from them last month. Just deposited check on thursday 8/12/2004 was notified today that check bounced $2500.00...and spoke with them 5 minutes ago and they cant issue any checks until situation rectified and they still owe me $2500 for sales tax. I was told POINT BLANK....THEY HAVE NO $$$$

This Is Fact Not Fiction, Not Here Say....