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Irwin Jacobs' Genmar files for Chapter 11 bankruptcy

By Susan Feyder, Minneapolis Star Tribune

Genmar Holdings Inc., the Minneapolis-based boat manufacturer founded and
headed by Twin Cities businessman Irwin Jacobs, today filed for protection
from its creditors under federal bankruptcy laws.

The company’s Chapter 11 petition filed in U.S. Bankruptcy Court in
Minnesota listed assets of $237.5 million and liabilities of $216.5
million. Jacobs said the bankruptcy petition does not include more than
$400 million in intangible assets, whose value were determined recently by
Wells Fargo & Co., its lead banke r. Wells Fargo and Fifth Third bank are
the only secured creditors, owed $75 million.

Obama isn't going to bail them out.

But at least they didn't operate the company into a criminal level of debt
like GM/Wagoner did.