Sailnet, RIP
 

From one of the mailing lists:

Financial troubles sink SailNet
Dot-com has filed for bankruptcy, will liquidate business
Published on 07/28/05
BY JOHN P. MCDERMOTT
Of The Post and Courier Staff

SailNet, an online shopping site for boating enthusiasts that expanded
quickly during the dot-com boom, has declared bankruptcy and will be
sold off.

The North Charleston-based company and its affiliates, all operating
under the umbrella of MarineNet Inc., sought protection from creditors
earlier this week in Columbia.

The once-high-flying company, which recently ceased operations, will
not be reorganized. "Everything will be liquidated," said Ivan N.
Nossokoff, the company's bankruptcy attorney.

SailNet listed nearly $1.4 million in debts and $211,000 in assets,
mostly office equipment, inventory and unpaid invoices.

The decision to close and liquidate the business "was simply a matter
of just not having enough money to continue to operate," Nossokoff said
Wednesday. "It's just that plain and simple."

The bankruptcy filing shows that revenue at SailNet sank by $1.2
million last year, or 20 percent, to $4.7 million. Sales to date this
year have totaled slightly more than $2 million.

The company listed its biggest creditor as Larry French, a Florida
resident who sold his St. Petersburg-based sail-making business to
SailNet about five years ago. He is owed about $420,000, according to a
court filing.

Other major creditors include National Bank of South Carolina, which is
owed $350,000, and the owners of SailNet's former and current corporate
offices in Mount Pleasant and North Charleston, respectively. The
landlords are owed a combined $131,809.

The company is scheduled to meet with creditors Aug. 24 at a hearing in
Charleston.

SailNet sought bankruptcy protection several days after The Post and
Courier reported the online retailer had stopped taking orders and that
its Leeds Avenue offices had been closed for at least several weeks.
Customers who said they have been overcharged or have not received
their orders have been posting complaints about the company on Internet
message boards.

_/) SailNet and Airforce Sails

"Skip Gundlach" wrote in
ps.com:

Of The Post and Courier Staff


Wonder if Sailnet will sue the newspaper, too?

--
Larry