Also not a surprise. Boat companies that were healthy a couple years ago are getting closer to this state monthly. So if you haven't produced or sold anything for 3-4 years, this is to be expected in our current economy. Timing really sucked on this deal.

Yep that does sucks!
Rumor has it that Sunsation has also layed off all their workers because of no boat orders and are closed for now.
hopefully it all works out for them!

hopefully the information I got is correct and I'm not starting any false rumors.

The deal may have been untimely, however, in Phil's case the experience required to build a boat and lead a business were mutually exclusive.

I wonder if the bank will liquidate via public auction? I had left several messages to pic up a few things but never would get a return phone call. Really to bad but we all knew it was coming.

Does it say on the notice who the bank or financial institution is?

I'll try to post a picture of the notice tomorrow. The creditor is a bank in Indiana if I recall correctly.

http://img34.imageshack.us/img34/2963/pq1l.jpghttp://img34.imageshack.us/img34/pq1l.jpg/1/w1600.png

http://img8.imageshack.us/img8/9500/pq2m.jpghttp://img8.imageshack.us/img8/pq2m.jpg/1/w1600.png

So, the actual debt numbers are real.. Thats a shame, it's just the tip of the iceburg.

Phil's disaster path looks like a catagory 5 tornado.

RIP Powerquest.

Tom

PS- Jamie, this is my user name :)

Don, Is this you?

Tom

The facility was officially seized today. Several police officials and locksmiths were on the premises.